The Global Cobalt Market is growing rapidly, witnessing a massive demand for Cobalt in the production of batteries. Cobalt is a crucial chemical compound used in the manufacturing of lithium-ion batteries. Hence increasing usages of battery oriented electronic devices is a key factor boosting the size of the market. Moreover, widespread application in large-scale sectors such as electronics and automotive escalate the market on the global platform.

According to Market Research Future (MRFR), the Global Cobalt Market is poised to witness substantial growth by 2023. In its recently published analysis, MRFR also asserts that the market would register a CAGR over 8.25% throughout the forecast period (2018 to 2023). Lithium-ion batteries are currently the standard power supply component used in electronic devices and vehicles. Robust demand for lithium-ion batteries is expected to continue driving the market demand.

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Additional factors helpful in substantiating the growth of the market, include the ever-increasing population, rapid urbanization, and industrialization, worldwide. Besides, improving economic conditions are playing a vital role in the growth of the market, increasing consumers’ purchasing power and the demand for battery-operated electronics devices. Cobalt is also used as a catalyst in various chemical processes.

As a result, a majority share of the cobalt production caters to battery chemical manufacturing applications. The shortage for the metal is likely to grow at an above-average rate over the next few years. Cobalt suppliers continually seek new sources to meet the rising demand for the metal.

Global Cobalt Market – Competitive Analysis

Highly competitive, the Cobalt Market appears to be fragmented due to the presence of several large and small-scale players. These players adopt strategic approaches such as acquisition, collaboration, expansion, and technology launch to increase production ability to meet the rapidly growing demand from the emerging regions and improve the quality of the product. Manufacturers focus on new product development initiatives and geographical expansion.

With the rising industrialization and advancements in battery manufacturing technologies, players are encouraged to set up an increasing number of production facilities and thus increase the yield in the most efficient manner. Key players strive to inculcate the latest technical innovations in their procedure to reduce the harmful factors.

Major Players:

Players driving the Global Cobalt Market include Umicore, Glencore, Huayou Cobalt Co. Ltd., Votorantim Metals SA, Eramet, Sherritt International Corporation, Jinchuan Group International Resources Co. Ltd, Sumitomo Corporation, Vale, Freeport Cobalt, and BHP, among others.

Industry/ Innovation/ Related News:

May 23, 2019 - Umicore N.V. (Belgium), a multinational materials technology company, announced that it is to acquire Freeport Cobalt’s cobalt refining & cathode precursor activities in Kokkola, Finland. The deal worth over USD 150 MN.

The transaction, which is subjected to customary closing conditions, including regulatory approvals, would be finalized by the end of 2019. Funds would be provided by Umicore’s existing credit facilities. The acquisition will be gaining accretive from 2020 and value accretive from 2021, post the completion of the integration process. Colossal reduction of the net working capital is expected to result in increasing supply chain synergies.

Global Cobalt Market – Segments

The Report is segmented into three market dynamics to widen the scope of understanding,

By Application: Battery Chemicals, Super Alloys, Ceramic & Pigments, Hard Metals, Magnets, Binder Materials, and Life Science, among others.

By Form: Metal, Chemical Compound, and Purchased Scrap, among others.

By Regions: Europe, North America, Asia Pacific, and the Rest-of-the-World.

Global Cobalt Market – Geographical Analysis

The Asia Pacific region dominates the Global Cobalt Market with the largest market share. The region has long been attracting foreign suppliers with its raw material advantage and the availability of cost-competitive workforce. Resultantly, the numbers of key companies in the region are continually rising, which is a substantial driving force pushing the growth of the regional market. Besides, rapid industrialization in the region drives the growth of the market.

Being the largest producer and consumer of Cobalt, the region is estimated to register the highest CAGR during the forecast period. Continuing with the same trends, such as the increasing emphasis on the development of product & manufacturing process and the growing application industries, the region would continue with its dominance throughout the forecast period.

The Cobalt Market in North America stands the second position, globally, due to the presence of prominent manufacturers, those are equipped with the superior product offering.

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Heading with the high consumption of Cobalt in the manufacturing of lithium-ion batteries, the region is estimated to create a substantial revenue pocket by the end of the forecast period.

The Europe Cobalt Market is rapidly emerging as a promising market globally. The market growth is majorly propelled by the increasing demand and sales of battery-operated electronics, especially in the UK, France, Italy, and Germany. The proliferation of electric vehicle is a key growth driver pushing the regional market growth.

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