Cobalt Market Trend, Covid-19 Outbreak, Application, Dynamics, Revenue, Application, Industry Value, Key Players and Forecast to 2027

Cobalt is also used in manufacturing several types of metal alloys such as magnetic alloys, superalloys and wear-resistant alloys. Cobalt has high-temperature resistance and a high melting point which makes it an apt material for products that incur frequent heating. Moreover, the tough nature of the material also means that cobalt-based product can endure a certain degree of rough-handling. Cobalt-based superalloys are used in gas turbines, spacecraft, rocket motors, nuclear reactors, power plants, and chemical equipment. However, the high cost of mining and refining of cobalt is likely to have an impact on investor confidence in the cobalt industry.

Global Cobalt Market: Segmental Analysis

MRFR’s report also comprises an in-depth segmental analysis of the global cobalt market based on application and form. Based on application, the market is segmented into battery chemicals, super alloys, ceramic and pigments, hard metals, magnets, binder materials, life science, and others. The battery chemicals segment currently accounts for the leading share of the market. This is primarily owing to the extensive use of cobalt in manufacturing rechargeable batteries for portable electronics devices (such as mobile phones, laptops, and tablets and e-mobility vehicles such as electric vehicles, hybrid vehicles, electric trains, and electric bikes). Sales of consumer electronic devices remains on an upward trajectory as digitization trends become more prominent. On the basis of form, the market has been segmented into metal, chemical compound, and purchased scrap. Among these, the chemical compound segment is expected to retain the top position over 2023. Cobalt based chemical compounds find widespread usage in manufacturing of rechargeable batteries. They are also used as a colorant for porcelain, glass, pottery, tiles, and enamel wear.

Global Cobalt Market: Regional Analysis

Global Cobalt Market Trend has been covered across regions such as North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA) and South America. Asia Pacific is a highly active cobalt market, with China topping the list as the most attractive investment destination. While the African nation Congo (Democratic Republic of the Congo) remains the largest producers of cobalt, China takes the lead when it comes to refining and processing of the metal. Moreover, China has also emerged as the major electronic device manufacturing hub, making it an important market for various industrial materials including cobalt.

Global Cobalt Market: Competitive Landscape

Some of the top companies currently operating in the global cobalt market include Sumitomo Corporation, Glencore, Vale, Umicore, Votorantim Metals SA, Jinchuan Group International Resources Co. Ltd, Eramet, Huayou Cobalt Co. Ltd., BHP, Freeport Cobalt and Sherritt International Corporation.

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Key Players

The prominent players in the global cobalt Umicore (Belgium), Glencore (Switzerland), Jinchuan Group International Resources Co. Ltd (Hong Kong), Huayou Cobalt Co., Ltd (China), Freeport Cobalt (Finland), Sherritt International Corporation (Canada), BHP (Australia), Eramet (France), Vale (Brazil), Votorantim Metais SA (Brazil), and Sumitomo Corporation (Japan), among others.

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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.