Cobalt Market to Grow with a CAGR of 6.19% through 2028
Increase in the use of cobalt in medical implants and
devices and increase in the use of consumer electronics, including smartphones,
laptops, and tablets is expected to drive the Global Cobalt Market growth in
the forecast period, 2024-2028.
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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