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. Cobalt is a significant by-product obtained from the mining of nickel and copper ores. It is refined first before it is made available in the market. These nickel and copper mining sites are majorly found in the Democratic Republic of Congo, China, Russia, Canada, and Australia, among others. The Democratic Republic of the Congo one of the largest producers of cobalt globally. China is a major consumer of the metal. It is also a significant manufacturer of the metal. The cobalt industry in China is likely to further grow due to the rising consumption of the metal as a battery material.
The increased demand for new energy vehicle-use batteries is further aiding the growth of the cobalt industry, globally. Batteries have become an increasingly prominent end-use for cobalt, which has significantly increased recently.
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Cobalt has major applications as a battery chemical. It is also highly valued as a catalyst. It also has wide applications in the production of turbine blades for jet engines, exhaust valves, gun barrels, and permanent magnets, as well as in the production of hard facing machine parts. It is also used in implants, including orthopaedic, dental implants, and prosthetic hips and knees. Thus, based on its applications, its market can be segmented into:
- Batteries
- Alloys
- Tool Materials
- Catalysts
- Pigments
- Magnets
- Soaps
- Others
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.
Highlight of Table of Content:
· Chapter 1: Market overview
· Chapter 2: Global Cobalt Market Analysis
· Chapter 3: Regional analysis of the Global Cobalt Market
· Chapter 4: Market segmentation based on types and applications
· Chapter 5: Revenue analysis based on types and applications
· Chapter 6: Market share
· Chapter 7: Competitive Landscape
· Chapter 8: Drivers, Restraints, Challenges, and Opportunities
· Chapter 9: Gross Margin and Price Analysis
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Some of the major players covered in the report 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), and Sumitomo Corporation (Japan)
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Profound Questions Answered in this Report:
· What is the growth rate of various stages in the value chain of the industry?
· Which region has the highest growth rate and size of the emerging market by value in 2022?
· Who are the competitive players in Cobalt Market?
· Which region has the largest share and degree of competition in the industry?
· What is the CAGR of the market during the forecast period 2022 to 2029?
· Which region is expected to hold the highest market share for the market?
· What is the main driver of the Cobalt Market?
· What is sales volume, revenue, and price analysis of top players of the market?
· What are the market opportunities and threats faced by the vendors in the industry?
· What has been the impact of COVID-19 on the Cobalt Market?
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