Cobalt Market – Global Industry Analysis Outlook and Forecast (2022-2029)

The Cobalt Market demand in 2021 of 115.53 Kilo tons and the Cobalt market is grow at CAGR 9%, and it is expected to reach 230.21 Kilo tons by 2029.

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 2021 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 2021, the DRC is estimated to contribute around 69 % of mined cobalt. Cobalt MarketTo know about the Research Methodology :- Request Free Sample Report

Cobalt Market Dynamics –

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 2021, cobalt futures have gained a lot of traction, with an open interest notional value of around $100 million at the beginning of July.  Lithium-Cobalt Batteries - LCO batteries were designed as an early generation lithium-ion battery and have gained widespread adoption, especially in small portable devices. LCO has a short life period, poor temperature stability, and limited load capacity as a disadvantage (specific power). Mobile phones, tablets, laptops, and cameras are just a few examples.  Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2), often known as NMC, contains up to 15% cobalt - In comparison to LCO batteries, NMC batteries have a longer lifespan and higher specific energy. Medical gadgets, electric vehicles, and industrial uses are among the applications.  Lithium Nickel Cobalt Aluminum Oxide (LiNiCoAlO2), also known as NCA, is a ~9% Co lithium nickel cobalt aluminum oxide - NCA batteries are a more recent development than NMC batteries, and they have even better energy densities. They do, however, have shorter lifespans. Medical devices, industrial applications, and electric powertrains, particularly for Tesla vehicles, are among the applications. Demand of Cobalt – In recent years, the most important application of cobalt is in cobalt-based lithium-ion batteries. Cobalt is used in battery materials, powering EVs, Super alloys, and Catalysts. The demand for cobalt in the year 1999 was 2900 tonnes and it will reach over 70,000 tonnes in the year 2021. Registering the CAGR of 15.6 % in those 22 years. Global Cobalt MarketApplication of Cobalt 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%. The cobalt super alloys have the capacity to withstand at high temperatures greater than 6000C, high oxidizing atmosphere, and high tensile stresses. These super alloys are mainly used in aerospace is (~50%), nuclear power, automobile, etc. Cobalt is also used in magnets having unique magnetic properties. The use of magnets in Industry is mainly rotating motors or generators. 40% of cobalt is used in permanent magnetic alloys, 20% rare earth permanent magnetic material. Cobalt MarketSupply of Cobalt - By Country - 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 2021. 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. Cobalt is mostly produced from related ores, with copper and cobalt-associated ores accounting for 60%, nickel–copper–cobalt sulphide ores accounting for 23%, lateritic nickel–cobalt ores 15%, and primary cobalt ores and other 2%. As a result, primary cobalt ores account for just a small portion of global supply. Global Cobalt MarketCompanies to watch -  Cobalt Blue Holdings - Cobalt Blue Holdings is a cobalt energy Solutions Company focused on cobalt exploration and development in New South Wales, Australia. They are actively developing the Broken Hill Cobalt Project. Cobalt Blue owns the entire Broken Hill Cobalt project, which is located in the safe and stable jurisdiction of New South Wales, Australia. Broken Hill is a massive integrated mine idea that aims to produce 3,000 tonnes of cobalt metal (about 18,000 tonnes of cobalt sulphate) over the course of a 20-year mine life. The Cobalt Sulphate will be utilized to manufacture a high purity battery, and Cobalt Blue will complete a Feasibility Study in the following two years to show the metallurgical process. The Broken Hill Cobalt project is expected to start commercial production in 2022.Global Cobalt Market First Cobalt - First Cobalt is a cobalt firm based in North America that owns the country's sole approved main cobalt refinery. The Company is considering restarting the First Cobalt Refinery in Ontario, Canada, which has the capacity to generate approximately 25,000 tonnes of cobalt sulphate per year using third-party feed. The Iron Creek Cobalt Project in Idaho, USA, has an Indicated Resource of 2.2 million tonnes at 0.32 percent cobalt equivalent (0.26 percent cobalt and 0.61 percent copper) for 12.3 million pounds of contained cobalt and 29 million pounds of contained copper, as well as an Inferred Resource of 2.7 million tonnes at 0.28 percent cobalt equivalent (0.22 percent cobalt and 0.68 percent copper) for an additional 12 million pounds of contained cobalt and 29 million pounds of contained  Jervois Mining - Jervois Mining is an ASX-listed mining company that focuses on cobalt but also has nickel and copper exposure. Uganda, Australia, and the United States are all home to Jervois Mining. Jervois Mining is working to establish itself as a global supplier in the rapidly growing battery metals market. Cobalt Scrap – To balance market shortfalls, recycling cobalt will climb in parallel with pricing. Recycling now contributes c.10kt of supply and is likely to expand in the short term due to rising consumer battery demand, although used EV batteries will only become significant after 2025F. Hard metal and cemented carbide tools, as well as NiMH and Li-ion rechargeable batteries, are now utilised to recycle cobalt (used in consumer electronics). As cobalt prices climb, there is a big opportunity to increase recycling from the consumer electronics pool. However, recycling rates are still low. Only 20% of 95 million tonnes of e-waste (computers, televisions, printers, telephones, and other electronic devices) was recycled in 2021. According to the China Automotive Technology and Research Centre, the volume of used batteries in China will reach 200 kt in 2021 and 350 kt in 2025F. GEM, a prominent Chinese battery recycler, is investing $500 million to expand its recycling capacity. Apple Inc. recently announced plans to quadruple the number of sites where customers in the United States can send their iPhones to be disassembled.

Global Cobalt Market Regional Insights:

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. North America's cobalt reserves are expected to amount 285,000 tonnes, with Canada accounting for 230,000 tonnes. Despite the fact that these quantities are far lower than those found in Congo, Canada's cobalt is of the best quality; however, investors such as Bill Gates have set up a fund to explore for cobalt on the continent. The expansion of cobalt mining in North America will help to boost cobalt production competition, which will hopefully encourage ethical mining in Congo. More than 380 companies have committed to source cobalt from responsible miners as part of the Responsible Mineral Initiative, which aims to increase transparency in the industry. BMW is one of the frontrunners in this endeavor, having negotiated a $110 million arrangement to source cobalt from Morocco rather than the DRC. Other firms, such as Ford, IBM, and Tesla, are attempting to alter the cobalt mining landscape, either through the use of block chain or by hunting for alternative suppliers. The objective of the report is to present a comprehensive analysis of the global Cobalt market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. 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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Global Cobalt Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021:  115.53 Kilo tons.
Forecast Period 2022 to 2029 CAGR: 9% Market Size in 2029:  230.21 Kilo tons.
Segments Covered: by Application • Battery Chemicals • Super alloys • Ceramics and pigments • Hard metals • Magnet • Binder Materials • Life Science • Others
by Form • Metal • Chemical compound

Global Cobalt Market, by Region

• North America • Europe • Asia Pacific • The Middle East and Africa • South America

Global Cobalt Market, key player

• Glencore plc (Switzerland) • Umicore (Belgium) • Vale S.A. (Brazil) • Jinchuan Group Internation Resources Co. Ltd. (Hong Kong) • Huayou cobalt Co Ltd (China) • Freeport cobalt (Finland) • Sherrit International Corporation (Canada) • BHP (Australia) • Eramet (France) • Votorantim Metals SA (Brazil) • Sumitomo Corporation (Japan) • CMOC International • Missouri Cobalt, LLC • China Molybdenum Co., Ltd. • Norilsk Nickel • GEM Co., Ltd. • Yantai Cash Industrial Co Ltd. • Horizonte Minerals • Jervois Mining • FLEURETTE PROPERTIES LIMITED

Frequently Asked Questions:

1) What was the market size of Global Cobalt Market markets in 2021? Ans - Global Global Cobalt Market was worth 115.53 Kilo Tonnes in 2021. 2) What is the market segment of the Cobalt Market? Ans -The market segments are based on Application and Form. 3) What is the forecast period considered for Global Cobalt Market? Ans -The forecast period for Global Cobalt Market is 2022 to 2029. 4) What is the market size of Global Cobalt Market markets in 2029? Ans – Global Cobalt Market is estimated as worth 230.21 Kilo Tonnes 5) Which region is dominated in Global Cobalt Market? Ans -In 2021, the A region dominated the Global Cobalt Market.
1. Global Cobalt Market: Research Methodology 2. Global Cobalt Market: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Cobalt Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Cobalt Market: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12. COVID-19 Impact 4. Global Cobalt Market Segmentation 4.1. Global Cobalt Market, by Application (2021-2029) • Battery Chemicals • Super alloys • Ceramics and pigments • Hard metals • Magnet • Binder Materials • Life Science • Others 4.2. Global Cobalt Market, by Form (2021-2029) • Metal • Chemical compound 5. North America Cobalt Market(2021-2029) 5.1. Cobalt Market, by Application (2021-2029) • Battery Chemicals • Super alloys • Ceramics and pigments • Hard metals • Magnet • Binder Materials • Life Science • Others 5.2. Global Cobalt Market, by Form (2021-2029) • Metal • Chemical compound 5.3. North America Farm Equipment Market, by Country (2021-2029) • US • Canada • Mexico 6. European Cobalt Market (2021-2029) 6.1. European Cobalt Market, by Application (2021-2029) 6.2. European Cobalt Market, by Form (2021-2029) 6.3. North America Farm Equipment Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Cobalt Market (2021-2029) 7.1. Asia Pacific Cobalt Market, by Application (2021-2029) 7.2. Asia Pacific Cobalt Market, by Form (2021-2029) 7.3. North America Farm Equipment Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Cobalt Market (2021-2029) 8.1. Middle East and Africa Cobalt Market, by Application (2021-2029) 8.2. Middle East and Africa Cobalt Market, by Form (2021-2029) 8.3. North America Farm Equipment Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. Latin America Cobalt Market (2021-2029) 9.1. Latin America Cobalt Market, by Application (2021-2029) 9.2. Latin America Cobalt Market, by Form (2021-2029) 9.3. North America Farm Equipment Market, by Country (2021-2029) • Brazil • Argentina • Rest Of Latin America 10. Company Profile: Key players 10.1. Vale S.A 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Jinchuan Group Internation Resources Co. Ltd. (Hong Kong) 10.3. Huayou cobalt Co Ltd (China) 10.4. Freeport cobalt (Finland) 10.5. Sherrit International Corporation (Canada) 10.6. BHP (Australia) 10.7. Eramet (France) 10.8. Votorantim Metals SA (Brazil) 10.9. Sumitomo Corporation (Japan) 10.10. CMOC International 10.11. Missouri Cobalt, LLC 10.12. China Molybdenum Co., Ltd. 10.13. Norilsk Nickel 10.14. GEM Co., Ltd. 10.15. Yantai Cash Industrial Co Ltd. 10.16. Horizonte Minerals 10.17. Jervois Mining 10.18. FLEURETTE PROPERTIES LIMITED

About This Report

Report ID 83884
Category Material & Chemical
Published Date Sep 2022
Updated Date
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