Cobalt Market Growth to be Driven by Technological Advancements 2024

Global Cobalt Market: Overview 

The application of cobalt in the industrial sector is in the form of a compound and it is rarely used as a free element. The key applications of cobalt are life sciences, binder materials, orthopedics, magnets, thermal spray coatings, water resistant alloys, super alloys, and reusable energy storage systems. Among all the application segments, reusable energy systems emerged dominant and are likely to retain a lead in the global cobalt market over the forecast period.

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The report presents a comprehensive overview of the factors that are likely to augment or inhibit the growth of the global cobalt market. The study further presents an evaluation of the key segments of global cobalt market along with the shares and progress of regional markets. It also assesses the prevalent trends and the prime elements at play in the global cobalt market. To provide a clear outlook of the competitive rivalry among the players operating in the market, the report utilizes Porter’s five forces analysis. The growth trajectory of the market has been thoroughly analyzed and information on the degree of barriers to entry and exit has also been offered in the report. An analysis of the shares, product portfolio, and strategies of the key players has also been presented in the study.

Global Cobalt Market: Trends and Opportunities

Cobalt-based super alloys have features such as weldability, enhanced thermal fatigue resistance, and high melting point. As a result of this, the demand for cobalt is significantly high from the electronics, automotive, and aerospace industry. The growth of the global cobalt market can be attributed to the rising demand for lightweight electric cars for combating climate change issues. Rechargeable batteries are deployed in electric vehicles, giving rise to the demand for cobalt as it is the main compound added in batteries. Owing to the use of cobalt alloys in airplane engines, the demand for cobalt is anticipated to rise from the aviation industry over the forthcoming years.

The rising application of cobalt in the medical sector is also expected to further bode well for the growth of the market. Due to features of cobalt such as corrosion resistance, strength, durability, and biocompatibility, it is used to manufacture hip and knee replacement components. It also has applications as a biomedical metal in trauma fixation dentistry, surgical instruments, and implants.

However, the demand for cobalt is likely to be hindered by the irregularity in supply occurring due to a dearth of advanced infrastructure and political instability in leading cobalt producing and exporting countries, such as the Democratic Republic of the Congo. Owing to the discrepancy between the supply and demand, the prices of cobalt are likely to rise, causing an adverse impact on its sales.

Global Cobalt Market: Regional Outlook

Region-wise, the global cobalt market is categorized into Asia Pacific, North America, Europe, and the Rest of the World. The leading producers of cobalt in the world are Australia, Zambia, China, and Canada. The U.S. and China are the leading consumers of cobalt owing to the growth of the aviation and automotive industries in these countries. The key regional segments in the global cobalt market are North America and Asia Pacific due to the high demand for cobalt from the U.S. and China.

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Companies Mentioned in the Market Research Report 

To increase their profit margin, the leading companies operating in the global cobalt market are focusing on enhancing their extraction activities and improve their production units. The key players in the market are Umicore, Jinchuan, Glencore Xstrate plc, Freeport-McMoran Copper and Gold, and Huayou Cobalt.

Major applications of cobalt:

  • Reusable energy storage systems
  • Super alloys
  • Wear-resistant alloys
  • Thermal spray coatings
  • Magnets
  • Orthopedics
  • Binder materials
  • Life sciences

Major geographies analyzed under this research report are: 

  • Europe
  • North America
  • Asia-Pacific
  • Rest of the World

This report gives you access to decisive data such as:

  • Market growth drivers
  • Factors limiting market growth
  • Current market trends
  • Market structure
  • Market projections for the coming years

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