Market Overview
Global Cobalt Market is slated to observe substantial growth at a significant CAGR of over 8% to reach a market value of around USD 13.6 billion by the end of 2027.
Market Dynamics
The demand for rechargeable batteries drives the growth of the global cobalt industry. These batteries are used in a variety of uses, such as hybrid motors and small handheld electronic devices (mobile phones, notebook computers, games and power tools). Cobalt is needed for the chemistry of lithium-ion batteries. Li-ion batteries outperform other batteries in terms of capacity, power density, and cycling efficiency. These characteristics are useful in battery vehicles, hybrid vehicles, and renewable energy storage systems. In the coming years, the growing usage of Li-ion batteries in electric vehicles is likely to be a major factor driving up cobalt demand. A significant number of policymakers around the world have responded to the impact of climate change by improving fuel efficiency levels and encouraging the use of electric cars as an alternative to conventional fossil fuel-powered vehicles, and they are continuing to do so. With the bright outlook for the electric vehicle industry, cobalt demand is expected to skyrocket in the coming years.
The increasing use of cobalt for metallurgical purposes, especially in high-temperature alloys, is another significant driver of market development (superalloys). The gas turbine industry is the most common consumer of superalloys, as high temperature strength and resistance to thermal oxidation are critical material considerations. Superalloys based on cobalt are often used in the production of jet turbines and commercial gas turbines (for power generation applications). The market for aerospace engines, and therefore cobalt-based superalloys, is expected to rise in the coming years due to the healthy growth of the aerospace industry. Cobalt-based alloys are also used to make cemented carbides, which are used to make rough alloys for drilling equipment. When used in castings and forging operations, cobalt can have wear resistance. As a result, the the use of drilling equipment in the construction and transportation industries is projected to boost demand growth over the forecast period.
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Competitive Analysis
The prominent players in the global cobalt Umicore (Belgium), Glencore (Switzerland), Jinchuan Group International Resources Co. Ltd (Hong Kong), Huayou Cobalt Co., Ltd (China), Freeport Cobalt (Finland), Sherritt International Corporation (Canada), BHP (Australia), Eramet (France), Vale (Brazil), Votorantim Metais SA (Brazil), and Sumitomo Corporation (Japan), among others.
Segmental Analysis
The global cobalt industry has been divided into three categories based on form: metal, chemical alloy, and purchased waste. With a market valuation of over USD 3.8 billion in 2019, the chemical compound segment held the highest share of the global market. Cobalt's organic and inorganic chemical compounds are used in a variety of applications. Lithium-ion batteries with cobalt electrolyte are used in high-performance applications such as electric trains, electric buses, and bicycles.
The industry has been divided into battery additives, superalloys, ceramics, and pigments, hard metals, magnets, binder products, life science, and others, based on use. With a market share of over 48 percent in 2018, the battery chemicals segment is expected to grow at the fastest rate of about 8.5 percent over the forecast period. This is due to the widespread use of cobalt in the production of rechargeable batteries for handheld devices like cellphones, smartphones, and tablets, as well as e-mobility vehicles like electric cars, hybrid cars, electric trains, and electric bikes. The US Environmental Protection Agency's strict rules and the EU's environmental requirements on CO2 removal have resulted in a major shift toward the use of electric cars, which is propelling the cobalt industry.
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Regional Analysis
North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa are the five major regional markets analyzed in this study. In 2018, Asia-Pacific had the largest share of the global economy, accounting for over 42%, and is expected to grow at an annual rate of about 8.5 percent during the review period. The regional economy is primarily driven by influential regional economies such as China, India, and Japan. China is the world's leading lithium-ion battery maker and an industry leader in electric vehicles.
In 2019, the European regional market had the second-largest market share. Because of the strict legislation governing fuel economy and vehicle emissions, the use of electric cars as a substitute for conventional fossil fuel-powered vehicles is growing. Several European Union (EU) member states, including France and the United Kingdom, have agreed to phase out new gasoline and diesel vehicle purchases by 2040 and increase regional production of rechargeable batteries. In the coming years, this is expected to benefit regional demand growth.
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