Global Cobalt Market – Industry Trends and Forecast to 2029

Global Cobalt Market, By Form (Chemical Compound, Metal, Purchased Scrap), Application (Battery Chemicals, Super Alloy, Ceramic and Pigments, Hard Metals, Magnets, Life Science, Binder Material), End User (Electronics, Automotive, Aerospace, Medical) – Industry Trends and Forecast to 2029

Market Analysis and Size

Over the last few years, there has been significant growth in the cobalt industry. The rising need for new energy vehicle batteries is assisting the cobalt industry's global expansion. Batteries have become a major end-use for cobalt, which has recently expanded dramatically. The major application sector for cobalt is battery production, which uses 41% of the metal. Alloys and tool metals account for around a quarter of all product applications.

Global Cobalt Market was valued at USD 8634.52 million in 2021 and is expected to reach USD 22792.39 million by 2029, registering a CAGR of 12.90% in 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

Report Scope and Market Segmentation

Market Definition

Cobalt is a type of chemical element found in the earth's crust only in chemically combined form. It is a free element that is produced by reductive smelting. Cobalt is a by-product of copper and nickel so; most of the cobalt is produced by the production of nickel and copper. Pure metallic cobalt is a lustrous, hard, silver-gray metal and is usually used in several industrial applications counting high-temperature superalloys, stainless steels, medical prosthetics, hard-facing products and cemented carbides.

Cobalt Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Surging Utilization of Cobalt for Various Applications

The increased use of cobalt for metallurgical purposes, particularly in high-temperature alloys (superalloys), has significantly impacted market growth. Accordingly, the increased usage of cobalt in electric vehicles and the increasing demand for cobalt due to its recyclable nature is functioning as a significant influencer encouraging cobalt market expansion over the forecast period. The rapid expansion of lithium ion battery production, better energy density, cobalt's recyclability, and the strong presence of large construction businesses are all contributing to the cobalt market's growth.

The factors such as rapid urbanization and globalization as well as the rising disposable incomes, will further propel the growth rate of cobalt market. Additionally, the expansion of the end use industries are projected to bolster the market's growth.

Opportunities

• Technological Advancements and Usage of Environment Friendly Recyclable

Furthermore, rapid technological advancements further extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the commercialization of environmentally friendly recyclable cobalt will further expand the future growth of the cobalt market.

Restraints/Challenges

• Lack Of Advanced Infrastructure

The irregularity in supply occurring due to a lack of advanced infrastructure will create hindrances for the growth of the cobalt market.

• Surge in Prices

Also, the inconsistency between supply and demand can cause the prices of cobalt are probable to rise, which can challenge the growth of the cobalt market in the above mentioned forecast period.

This cobalt market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the cobalt market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Cobalt Market

The recent outbreak of coronavirus had a negative impact on the cobalt market. The severe disruptions in various manufacturing as well as the supply-chain operations due to the various precautionary lockdowns imposed by governments to curb the spread of disease led to huge financial setback for the market. The various end use industries were shut down due to the lockdowns which further led to decline in overall demand. Over the forecast period, the aforementioned determinants largely weighed on the market's revenue trajectory.

On the brighter side, the market is estimated to revive as individual regulatory bodies begin to relax these enforced lockdowns. The suspended and cancelled operations will continue and as a result the market is estimated to expand.

Recent Development

• In December 2021, Ariana Resources plc, an AIM-listed mineral exploration and development firm with joint-venture gold mining operations in Europe, has completed a primary investment for the Asgard Metals Fund as part of its exclusive Project Catalyst Strategy.

Global Cobalt Market Scope

The cobalt market is segmented on the basis of form, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Form

• Chemical Compound
• Metal
• Purchased Scrap

Application

• Battery Chemicals
• Super Alloy
• Ceramic and Pigments
• Hard Metals
• Magnets
• Life Science
• Binder Material

Application

• Electronics
• Automotive
• Aerospace
• Medical

Cobalt Market Regional Analysis/Insights

The cobalt market is analyzed and market size insights and trends are provided by country, form, application and end user as referenced above.

The countries covered in the cobalt market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to China's high demand for cobalt.

On the other hand, Europe is estimated to show lucrative growth over the forecast period of 2022-2029, due to the strict regulations pertaining to the fuel-economy standards and vehicle emissions in this particular region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Cobalt Market Share Analysis

The cobalt market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to cobalt market.

Some of the major players operating in the cobalt market are

• Dupont (U.S.)
• Dow (U.S.)
• Umicore (Belgium)
• Glencore (Switzerland)
• Jinchuan Group International Resources Co.  Ltd (China)
• Huayou Cobalt Co., Ltd (China)
• Freeport Cobalt (Finland)
• Sherritt International Corporation (Canada)
• SOLVAY (Belgium)
• DAIKIN (Japan)
• BHP (Australia)
• Eramet (France)
• Vale (Brazil)
• Votorantim Metais SA (Brazil)
• Sumitomo Corporation (Japan)