The Cobalt Market integral to various high-tech applications, saw a demand of 137.26 kilo tons in 2023 and is projected to grow at a CAGR of 9%, reaching 250.92 kilo tons by 2030. This surge is driven primarily by the booming electric vehicle (EV) sector, which increasingly relies on cobalt for lithium-ion batteries.

Report Coverage Details:

• Base Year: 2023
• Forecast Period: 2024-2030
• Historical Data: 2018 to 2023
• Market Size in 2023: 137.26 Kilo tons.
• Forecast Period 2024 to 2030 CAGR: 9%
• Market Size in 2030: 250.92 Kilo tons.

Unlock the full potential of our research by accessing sample today: https://www.maximizemarketresearch.com/request-sample/83884/

Key Insights:

• Applications: Cobalt is crucial in manufacturing lithium-ion batteries, cutting tools, magnetic materials, and petrochemical catalysts. Notably, 98% of cobalt is a by-product of nickel extraction.
• Global Trade: In 2023, the global cobalt trade was valued at $4.83 billion. The Democratic Republic of Congo (DRC) led as the top exporter with a market share of $1.91 billion, while China emerged as the top importer with $2.13 billion.
• Supply Dynamics: The DRC dominates global cobalt production, contributing around 69% of mined cobalt. However, the industry faces criticism over ethical concerns related to mining practices in this region.

Demand Drivers:

1. Battery Technologies: Cobalt is essential in various battery technologies:
• Lithium-Cobalt Oxide (LCO) Batteries: Common in portable devices but with limited lifespan and stability.
• Lithium Nickel Manganese Cobalt Oxide (NMC) Batteries: Offer longer lifespan and higher energy density, used in medical devices and EVs.
• Lithium Nickel Cobalt Aluminum Oxide (NCA) Batteries: Known for superior energy densities, utilized in electric powertrains and industrial applications.
2. Industrial Uses: Cobalt is used in cutting tools, super alloys, and permanent magnets, with significant applications in aerospace and automotive industries.

Supply and Recycling:

Cobalt is mainly produced from copper and nickel-associated ores. Recycling efforts are expected to increase as cobalt prices rise and demand for used EV batteries grows. Currently, recycling contributes around 10 kilo tons to the supply, with potential for expansion as recycling technology advances.

Regional Insights:

• Africa: Dominates the cobalt market with the DRC contributing 71% of global production.
• North America: Holds significant reserves, particularly in Canada, and is seeing increased investment in cobalt exploration.

Download your free sample of our in-depth market study now: https://www.maximizemarketresearch.com/request-sample/83884/ 

Market Segmentation and Scope

Segmentation:

• By Application:
• Battery Chemicals
• Super Alloys
• Ceramics and Pigments
• Hard Metals
• Magnets
• Binder Materials
• Life Sciences
• Others
• By Form:
• Metal
• Chemical Compound
• By End User:
• Alloys
• Magnets
• Hard Materials
• Catalysts
• Inks and Dyes
• Batteries
• Others

Regional Breakdown:

• North America: United States, Canada, Mexico
• Europe: UK, France, Germany, Italy, Spain, Sweden, Austria, Rest of Europe
• Asia Pacific: China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan, Rest of APAC
• Middle East and Africa: South Africa, GCC, Egypt, Nigeria, Rest of MEA

Key Players:

1. Glencore plc (Switzerland)
2. Umicore (Belgium)
3. Vale S.A. (Brazil)
4. Jinchuan Group International Resources Co. Ltd. (Hong Kong)
5. Huayou Cobalt Co. Ltd. (China)
6. Freeport Cobalt (Finland)
7. Sherritt International Corporation (Canada)
8. BHP (Australia)
9. Eramet (France)
10. Votorantim Metals SA (Brazil)

The global cobalt market is set for substantial growth, driven by advances in battery technology and increased demand for electric vehicles. Companies and stakeholders should remain attentive to market dynamics and ethical sourcing practices to navigate this evolving industry landscape.

Browse Additional Key Research Report Themes:

1. Sports Sun Care Market https://www.maximizemarketresearch.com/market-report/global-sports-sun-care-market/44967/ 
2. Sizing Agents Market https://www.maximizemarketresearch.com/market-report/global-sizing-agents-market/24958/ 

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

Our Address:

MAXIMIZE MARKET RESEARCH PVT. LTD.
⮝ 3rd Floor, Navale IT park Phase 2,
Pune Bangalore Highway, Narhe
Pune, Maharashtra 411041, India.
✆ +91 9607365656
? sales@maximizemarketresearch.com 
?www.maximizemarketresearch.com