A Plethora of Applications — from Inks and Pigments to Rechargeable Batteries and Magnets — Drive the Global Cobalt Market

Wed, 08 April 2020 12:30

Evolving Cobalt Applications: From Glassware in Ancient Egypt to Supper Alloys in Today’s Gas Turbines

Cobalt has been used as a pigment in glassware and ceramics since ancient times. While the traditional use of cobalt extends to date in providing a brilliant blue color to ceramics, glassware, and inks, newer applications have evolved to take center stage. For instance, cobalt superalloys are extensively used in gas turbines, where high-temperature resistance and resistance to corrosion are crucial. Cobalt is also a key contributor to the development of a greener society as it acts as a catalyst in desulphurization reactions for clean fuels and gas-to-liquid technology. It is also required in industrial processes such as the creation of recyclable plastics.

The Global Rush to Electric Mobility

The Democratic Republic of Congo has the largest cobalt reserves in the world and exports raw materials to China for further use. China is the largest global consumer of lithium and has invested USD 4,200 million in lithium deals in South America alone. The country enjoys foreign investments in the automobile sector from the European region and buys electric battery and vehicle manufacturing companies in Japan, South Korea, and Europe. China’s rush to become the global supplier of rechargeable batteries is expected to drive the cobalt market.

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New Growth Avenues: The Demand for Cobalt in B12 Dietary Supplements

Recent lifestyle changes and irregular dietary patterns are leading to deficiencies and health problems among adults, globally. For instance, B12 deficiency is common among adults, affecting 2–15% of the general population.  Cobalt is an essential element for health and vitality in humans and forms a part of Vitamin B12, which is solely present in animal-derived foods, such as milk products, eggs, and meats. Thus, dietary supplements manufacturers are also demanding cobalt for use in their products, which is expected to provide a fillip to the global demand for cobalt.

Key Highlights

  • The global cobalt market is expected to grow at a CAGR of xx% during the forecast period (2020–2029), backed by novel applications in the aerospace, electronics, healthcare, and automotive industries
  • The rechargeable batteries segment by application is projected to hold a 20–35% value share, primarily fuelled by stringent emission regulations and the shift to battery-operated vehicles
  • Solar and wind power use cobalt in the batteries as it can store renewable energy, and cobalt is also used in generating energy from biogas plants; thus, the emerging applications of cobalt in renewable energy are expected to drive market growth
  • China is expected to dominate the global cobalt market, against a backdrop of favorable government initiatives such as Made in China 2025
  • Some of the key players profiled in the global cobalt market are BHP, China Molybdenum Co., Ltd., Eramet, Eurasian Resources Group, Fleurette Properties Limited, Freeport Cobalt, Gecamines, Glencore plc, Huayou Cobalt Co., Ltd, Jinchuan Group International Resources Co.  Ltd, Shenzhen Green Eco-Manufacture Hi-tech Co., Ltd., Sherritt International Corporation, Sumitomo Corporation, Umicore, Vale S.A., and Votorantim Metais SA

Cobalt Market Segmentation

By Application

  • Rechargeable Batteries
  • Catalysts
  • Inks and pigments
  • Alloys
  • Magnet
  • Plating
  • Others

By End-User

  • Electronics
  • Healthcare
  • Aerospace
  • Industrial Process
  • Automotive
  • Others

By Region     

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle-East
  • Africa

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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