Cobalt is a metal found in the earth’s crust. It is usually found in the form of compounds and is rarely encountered as a free element. It usage in human enterprises is also mostly done as a compound rather than a free element. The global cobalt market is experiencing rise in demand in recent years owing to growing demand for rechargeable batteries, in which cobalt is an important component.
The report on the global market analyzes the several applications of cobalt in the global perspective and presents historical data and growth forecasts regarding each market segment. Market attractiveness analysis presents information about which market segments have strong growth prospects and in which regions. Porter’s five forces analysis regarding the applications of cobalt elucidates the competitive rivalry in the market, the buyer and seller’s bargaining power, and threat from substitutes and new entrants into the market.
Growth drivers and restraints acting upon the global cobalt market are also put under the microscope to better understand the dynamics of the growth trajectory of the global cobalt market in the forecast period. Major trends emerging in the market and expected to influence the market’s growth path are examined and their importance evaluated.
Overview of the global cobalt market
Cobalt finds application in several sectors in the form of compounds. Prime application segments of the global cobalt market are reusable energy storage systems, super alloys, wear-resistant alloys, thermal spray coatings, magnets, orthopedics, binder materials, and life sciences. Of these, the application of cobalt in reusable energy storage systems has the highest market share and is expected to retain its dominance over the market in the forecast period.
The shifting dynamics of the global automotive industry, where lightweight electric cars are seen as the perfect solution to climate change issues created by cars, are responsible for the growing demand from the cobalt market in the manufacture of rechargeable batteries. The growing aviation industry is also helping the cobalt market, due to the usage of cobalt alloys in airplane engines.
The major restraint acting upon the global cobalt market is inconsistency in supply created by the political instability and lack of advanced infrastructure in the Democratic Republic of the Congo, one of the leading cobalt exporters in the world. The supply-demand gap created as a result is capable of ratcheting up cobalt prices in the global market, harming the value chain of the global cobalt industry. Other producers around the world are Canada, China, Zambia, and Australia.
According to geographical segmentation, China and the U.S. are the leading national markets for cobalt, due to the rise in the automotive and aviation industries in these two countries. Due to the prominence of these two markets, the cobalt markets in Asia Pacific and North America are the leading regional segments of the global cobalt market.
Companies mentioned in the research report
Major market players in the cobalt industry analyzed in the report include Huayou Cobalt, Glencore Xstrate plc, Jinchuan, Umicore, and Freeport-McMoran Copper and Gold. The scale of the operation of these key companies in the global cobalt market is analyzed, providing a comparative overview of the market’s competitive landscape.
Major applications of cobalt:
- Reusable energy storage systems
- Super alloys
- Wear-resistant alloys
- Thermal spray coatings
- Binder materials
- Life sciences
Major geographies analyzed under this research report are:
- North America
- 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
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments