Cobalt Market Trends Assessment and Descriptive Analysis

Cobalt Market Growth or Demand Increase or Decrease for what contain:

The battery industry will become increasingly crucial for cobalt consumption as electric vehicle sales are expected to climb by 30% annually. Since its inception in December 2022, cobalt futures have gained a lot of traction, with an open interest notional value of around $100 million at the beginning of July.

Cobalt CAGR Estimation:

The alloys of cobalt are used in industrial applications for cutting tools, catalysts, making airbags in automobiles, etc. hard alloys of cobalt are mostly used in cutting tools. The hard alloys producing countries are the US, Russia, Sweden, and France. The largest hard alloy produces globally is china accounting for 38 % of the market share followed by Europe with 26%.

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Cobalt Market Segmentation:

by Application

Battery Chemicals
Super alloys
Ceramics and pigments
Hard metals
Magnet
Binder Materials
Life Science
Others

Cobalt is the 33rd most abundant metal in the earth’s crust, and while it is widely distributed, it is found in industrial quantities in just about 20 countries worldwide. Cobalt reserves in the Democratic Republic of Congo (DRC or Congo), Zambia, Cuba, Australia, and other countries were about 7.1 million tonnes in 2023. The Democratic Republic of the Congo was first in the world with a cobalt deposit of 3.4 million tonnes, followed by Australia and Cuba with 1.1 million tonnes and 0.5 million tonnes, respectively.
by Form

Metal
Chemical compound
by End User

Alloys
Magnets
Hard Materials
Catalyst
Inks and Dyes
Batteries
Others

Cobalt Market Overview:

Cobalt is metal that is used as a raw material for manufacturing Lithium-ion batteries, Cutting tools, magnetic materials, petrochemical catalysts etc. 98 % of cobalt is a by-product of nickel. In 2023 the cobalt world trade was US $ 4.83 Bn in that top exporter is Democratic Republic of Congo holding the market of US $ 1.91 Bn and Top Importer were China (the US $ 2.13 Bn). The ranking of Cobalt in the Product Complexity Index is 875th. The cobalt industry has been criticized for the high societal cost of upstream extraction, particularly in the Democratic Republic of Congo. In 2023, the DRC is estimated to contribute around 69 % of mined cobalt.

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Cobalt Market Growth or Demand in which regions??

The Africa region was leading the market, with the top five nations accounting for more than 80% of total production. The DRC alone supplies 71 % of the global market, demonstrating the cobalt industry’s reliance on a single country to supply and maintain this vital metal. The Democratic Republic of Congo produces around 70% of the world’s cobalt (DRC). Almost majority of it is shipped to China, which is the world’s top refiner of cobalt. With around 3.6 million tonnes of cobalt reserves, the Democratic Republic of the Congo is the world’s largest cobalt producer.

Cobalt Market Scope and Methodology:

The report also helps in understanding the global Cobalt market dynamics, structure by analyzing the market segments and projecting the global Cobalt market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Cobalt market make the report investor’s guide.

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Cobalt Market Key Players

1. Glencore plc (Switzerland)
2. Umicore (Belgium)
3. Vale S.A. (Brazil)
4. Jinchuan Group Internation Resources Co. Ltd. (Hong Kong)
5. Huayou cobalt Co Ltd (China)
6. Freeport cobalt (Finland)
7. Sherrit International Corporation (Canada)
8. BHP (Australia)
9. Eramet (France)
10. Votorantim Metals SA (Brazil)
11. Sumitomo Corporation (Japan)
12. CMOC International
13. Missouri Cobalt, LLC
14. China Molybdenum Co., Ltd.
15. Norilsk Nickel
16. GEM Co., Ltd.
17. Yantai Cash Industrial Co Ltd.
18. Horizonte Minerals
19. Jervois Mining
20. FLEURETTE PROPERTIES LIMITED

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Key questions answered in the Market are:

• What is Cobalt Market ?
• What is the growth rate of the Cobalt Market?
• Which are the factors expected to drive the Cobalt market growth?
• What are the different segments of the Cobalt Market?
• What growth strategies are the players considering to increase their presence in Cobalt ?
• What are the upcoming industry applications and trends for the Cobalt Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the Cobalt Market?
• What major challenges could the Cobalt Market face in the future?
• What segments are covered in the Cobalt Market?
• Who are the leading companies and what are their portfolios in Cobalt Market?
• What segments are covered in the Cobalt Market?
• Who are the key players in the Cobalt market?

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