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Cobalt Market Report and Forecast 2024-2032

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    Report

  • 206 Pages
  • November 2023
  • Region: Global
  • Expert Market Research
  • ID: 5921457
According to the report, the global cobalt market is projected to grow at a CAGR of 8.90% between 2024 and 2032. Aided by the soaring demand for electric vehicles (EVs) and the broadening applications of cobalt in multiple sectors, the market is expected to grow significantly by 2032.

Cobalt, a silver-white metallic element primarily extracted as a byproduct of nickel and copper mining, has a myriad of applications, from rechargeable batteries to aircraft engines. Its high thermal stability, magnetic properties, and resistance to wear and oxidation have made it a favoured component in a variety of applications, including electronics, metallurgy, and chemical industries.

The electrification wave, particularly in the transportation sector, is at the forefront of driving the global cobalt market growth. With the world inching towards sustainability and the palpable transition from internal combustion engine vehicles to EVs, the demand for cobalt-based lithium-ion batteries has surged. These batteries, recognised for their higher energy density and prolonged life cycle, largely owe their efficiency to cobalt, an indispensable ingredient in their cathodes.

Furthermore, the realm of aerospace sees cobalt as a precious alloying element, enhancing the durability and performance of aircraft engines. The resilience cobalt offers, especially in high-stress and high-temperature environments, places it in a pivotal position in the aerospace manufacturing sector.

The electronics industry, with its ceaseless innovation, is a major generator of the global cobalt market demand. The production of semiconductors, magnetic products, and even certain types of memory storage incorporates cobalt, often in the form of thin films or minuscule components. This heavy reliance by the electronics sector, coupled with its perpetual growth, ensures a steady demand for cobalt.

Additionally, cobalt’s application isn’t confined to these sectors alone. In the chemical industry, cobalt acts as a catalyst in various processes, including Fischer-Tropsch synthesis, which aids in the production of liquid fuels from natural gas. Its properties, like its ability to speed up reactions while not being consumed, make it a valuable asset to chemical manufacturers. Hence, the growing research and development activities in the chemical sector are further increasing the cobalt market share.

Market Segmentation

The market can be divided based on application and region.

Market Breakup by Application

  • Batteries
  • Alloys
  • Tool Materials
  • Catalysts
  • Pigments
  • Magnets
  • Soaps
  • Others

Market Breakup by Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global cobalt market. Some of the major players explored in the report are as follows:
  • Glencore plc
  • Vale S.A.
  • Missouri Cobalt, LLC
  • CMOC International
  • Others

Table of Contents

1 Preface2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Cobalt Market Analysis
8.1 Key Industry Highlights
8.2 Global Cobalt Historical Market (2018-2023)
8.3 Global Cobalt Market Forecast (2024-2032)
8.4 Global Cobalt Market by Application
8.4.1 Batteries
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Alloys
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Tool Materials
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Catalysts
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Pigments
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.4.6 Magnets
8.4.6.1 Historical Trend (2018-2023)
8.4.6.2 Forecast Trend (2024-2032)
8.4.7 Soaps
8.4.7.1 Historical Trend (2018-2023)
8.4.7.2 Forecast Trend (2024-2032)
8.4.8 Others
8.5 Global Cobalt Market by Region
8.5.1 North America
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Europe
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Asia Pacific
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Latin America
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Middle East and Africa
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
9 North America Cobalt Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Cobalt Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Cobalt Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Cobalt Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Cobalt Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter's Five Forces Analysis
14.2.1 Supplier's Power
14.2.2 Buyer's Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Trade Data Analysis
16.1 Major Exporting Countries
16.1.1 By Value
16.1.2 By Volume
16.2 Major Importing Countries
16.2.1 By Value
16.2.2 By Volume
17 Price Analysis
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 Glencore plc
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 Vale S.A.
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 Missouri Cobalt, LLC
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 CMOC International
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 Others
19 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Cobalt Market: Key Industry Highlights, 2018 and 2032
2. Global Cobalt Historical Market: Breakup by Application (Kilo Tons), 2018-2023
3. Global Cobalt Market Forecast: Breakup by Application (Kilo Tons), 2024-2032
4. Global Cobalt Historical Market: Breakup by Region (Kilo Tons), 2018-2023
5. Global Cobalt Market Forecast: Breakup by Region (Kilo Tons), 2024-2032
6. North America Cobalt Historical Market: Breakup by Country (Kilo Tons), 2018-2023
7. North America Cobalt Market Forecast: Breakup by Country (Kilo Tons), 2024-2032
8. Europe Cobalt Historical Market: Breakup by Country (Kilo Tons), 2018-2023
9. Europe Cobalt Market Forecast: Breakup by Country (Kilo Tons), 2024-2032
10. Asia Pacific Cobalt Historical Market: Breakup by Country (Kilo Tons), 2018-2023
11. Asia Pacific Cobalt Market Forecast: Breakup by Country (Kilo Tons), 2024-2032
12. Latin America Cobalt Historical Market: Breakup by Country (Kilo Tons), 2018-2023
13. Latin America Cobalt Market Forecast: Breakup by Country (Kilo Tons), 2024-2032
14. Middle East and Africa Cobalt Historical Market: Breakup by Country (Kilo Tons), 2018-2023
15. Middle East and Africa Cobalt Market Forecast: Breakup by Country (Kilo Tons), 2024-2032
16. Global Cobalt Market Structure

Companies Mentioned

  • Glencore plc
  • Vale S.A.
  • Missouri Cobalt LLC
  • CMOC International

Methodology

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