According to TechSci Research report, “Cobalt Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Cobalt Market stood at USD 15.98 billion in 2022 and is anticipated to grow with a CAGR of 6.19% in the forecast period, 2024-2028. The awareness among individuals regarding Cobalt has led to favorable market conditions for the global Cobalt market. Several factors contribute to the growth of various Cobalt products. The significant catalyst for the cobalt market is the rapid expansion of the electric vehicle (EV) sector. Cobalt plays a vital role in lithium-ion batteries employed in electric vehicles. These batteries rely on cobalt in their cathodes, which enhances their energy density and overall performance. As governments worldwide actively promote electric vehicle adoption to reduce carbon emissions and address climate change, the demand for cobalt has been on a steady rise. This upward trajectory is anticipated to persist as automakers make substantial investments in electric vehicle production, ensuring a sustained growth in the cobalt market.
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Cobalt is a critical element in the manufacturing of energy storage systems, including large-scale grid batteries and home energy storage solutions. These systems are pivotal in capturing and storing renewable energy generated from wind and solar sources. With the increasing global emphasis on reducing dependence on fossil fuels, there is a growing demand for efficient and dependable energy storage solutions. Cobalt’s significance in these applications is anticipated to serve as a significant driving force for the cobalt market, especially as the capacity for renewable energy continues to grow.
In September 2023 – CMOC announced that it has signed a definitive agreement to acquire the remaining 50% stake in the Northparkes copper mine in Australia from Rio Tinto for USD2.45 billion. Numerous prominent automotive manufacturers have unveiled ambitious strategies to shift their product portfolios toward electric vehicles. These pledges signify a persistent and enduring need for cobalt as automakers expand their electric vehicle manufacturing operations. In today’s fast-paced world, Cobalt is a crucial component in the lithium-ion batteries used in electric vehicles. These batteries offer longer driving ranges, faster charging times, and improved overall performance, addressing the demand for cleaner and more efficient transportation in our rapidly changing world. In an era where smartphones, laptops, and other electronic devices are indispensable, cobalt contributes to longer battery life and quicker charging, allowing people to stay connected and productive on the go. As we transition to cleaner energy sources, grid-scale energy storage systems rely on cobalt to store and deliver renewable energy efficiently, ensuring a more sustainable and reliable power supply. Cobalt-based superalloys are integral to aircraft engines, gas turbines, and defense equipment, enabling improved performance and safety in an ever-evolving aerospace and defense sector. Cobalt is used in medical implants and devices, helping save lives and improve healthcare outcomes through advanced materials and technology. From power tools to industrial machinery, cobalt enables the development of high-performance equipment that increases efficiency in a fast-paced industrial world.
The growing consumer electronics, including smartphones, laptops, tablets, and various portable devices, have seamlessly integrated into contemporary lifestyles. They serve as essential tools for communication, entertainment, work, and productivity. In recent times, Cobalt is a key component in the cathodes of lithium-ion batteries used in electric vehicles. As the world shifts toward cleaner transportation and governments implement strict emission regulations, electric vehicles are gaining popularity. Cobalt enhances battery performance, energy density, and overall safety, making it essential for the growing EV market. With the global focus on renewable energy sources like wind and solar power, energy storage systems are essential to manage energy fluctuations and ensure a steady power supply. Cobalt is vital in lithium-ion batteries used in grid-scale energy storage solutions, helping integrate renewable energy into the power grid efficiently. In our tech-driven world, smartphones, laptops, tablets, and wearable devices have become an integral part of daily life. Cobalt plays a crucial role in extending battery life, reducing charging times, and enhancing the performance of these devices, allowing people to stay connected and productive. However, the Supply Chain Vulnerabilities may hinder market growth. Moreover, challenges related to Ethical and Environmental Concerns and Efforts to Reduce Cobalt Content may pose obstacles to the Cobalt market in the near future.
The Global Cobalt Market is segmented into product, application, regional distribution, and company. Based on its product, the Cobalt sulfate is a crucial component in the cathodes of lithium-ion batteries, which are used in numerous applications, such as electric vehicles (EVs), consumer electronics, and energy storage systems. Cobalt sulfate enhances the energy density, performance, and stability of these batteries. The rapid growth of the EV industry, coupled with the increasing demand for energy storage solutions and portable electronic devices, has led to a significant surge in the need for cobalt sulfate. This trend is expected to continue as the push for cleaner and more sustainable energy sources gains momentum. As the world transitions to electric vehicles, cobalt sulfate is a key ingredient in the lithium-ion batteries that power these cars. The growing awareness of environmental issues, coupled with government incentives and regulations, has accelerated the adoption of EVs. Cobalt sulfate’s role in prolonging battery life and increasing the range of EVs has made it an indispensable element in this market. The dominance of cobalt sulfate is further underscored by its importance in EV battery chemistry.
Based on region, Asia Pacific segment is expected to grow during the forecast period. Asia Pacific, and particularly China, is the epicenter of global electric vehicle production. China is the largest EV market in the world, and the rapid growth of the EV industry in the region has driven substantial demand for cobalt, a key component in lithium-ion batteries. This demand is expected to continue as China and other Asia Pacific nations aim to reduce carbon emissions and promote clean energy transportation. The Asia Pacific region is home to numerous cobalt refining and processing facilities. Companies in China, South Korea, and Japan are actively involved in the refinement of cobalt materials sourced from different parts of the world. This in-house processing capability allows the region to secure a stable supply of refined cobalt, reducing its reliance on cobalt from the Democratic Republic of Congo (DRC) and other potentially unstable sources. Many governments in the Asia Pacific region have introduced policies and incentives to support electric vehicle adoption and the development of the clean energy sector. These policies encourage investment in electric vehicle infrastructure, research and development, and the expansion of domestic cobalt mining and processing facilities. Such investments strengthen the region’s position in the global cobalt market.
The North American region, particularly the United States, is implementing government initiatives and incentives to promote the electric vehicle industry. These efforts aim to reduce greenhouse gas emissions and dependence on fossil fuels, which further encourages the growth of the cobalt market in the region. North America is home to several leading companies and research institutions working on battery technology innovation. This includes efforts to reduce the reliance on cobalt in batteries, focusing on alternative cathode materials and recycling solutions. These innovations are expected to shape the cobalt market dynamics in the region. There is a growing emphasis on ethical and sustainable sourcing of cobalt, which aligns with North American consumers’ and industries’ sustainability concerns. This is likely to influence the supply chain practices and source of cobalt used in the region.
Major companies operating in Global Cobalt Market are:
- China Molybdenum Co., Ltd.
- Eurasian Resources Group
- Freeport-McMoRan Inc
- Glencore Plc
- Huayou Cobalt Co. Ltd.
- Norilsk Nickel PJSC
- Sumitomo Metal Mining Co., Ltd.
- Umicore SA
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“The rapid expansion of the electric vehicle industry and The transition to renewable energy sources are key drivers of the Cobalt market. In recent years, The widespread use of consumer electronics, including smartphones, laptops, and tablets, drives the demand for cobalt in battery production. Consumers seek longer battery life and faster charging times. To meet the demands of the market, manufacturers are increasingly incorporating cutting-edge technologies with high production efficiency. Rising consumer acceptance and continuous product innovation will further ensure the growth of the Cobalt and supplements market in the coming years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Cobalt Market – Global Industry Size, Share, Trends, Opportunity, & Forecast 2018-2028 Segmented By Product (Cobalt Sulfate, Cobalt Oxide, Cobalt Metal, Others), By Application (Electric Vehicles, Other Batteries, Industrial Metals, Industrial Chemicals, Superalloys), By Region, Competition”, has evaluated the future growth potential of Global Cobalt Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Cobalt Market.
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