Global Cobalt Market – Invention Analysis, Size, Share, Evolution, Styles & Prediction 2024
Our latest research report entitled Cobalt Market (by application (alloys, batteries, catalysts, pigments and coloring, radioisotopes, other uses), end user (oil and gas, chemical, automotive, pharmaceuticals, aerospace, defense, healthcare, electronics, construction, transportation)) provides complete and deep insights into the market dynamics and growth of Cobalt. Latest information on market risks, industry chain structure Cobalt cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential Cobalt growth factors.
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The forecast Cobalt market information is based on the present market situation, growth opportunities, development factors, and opinion of the industry experts. An in-depth analysis of the company profiles, Cobalt on global and regional level and applications is conducted. The analysis of downstream buyers, sales channel, raw materials, and industry verticals is offered in this report. According to the report, the global cobalt market is projected to grow at a healthy CAGR over the forecast period of 2018-2024.
Cobalt is the chemical element with atomic number 27. On the periodic table, cobalt can originate among the d-block elements, transition metals. Cobalt has high melting and boiling points that helps to retain its strength at high temperatures. Cobalt is recovered as a byproduct of mining and refining of nickel, silver, led, copper and iron. Cobalt is an important technology enabling metal that is vastly used in the various application where energy storage, high-temperature resilience, hardness, and process efficiency are required. Cobalt is used for a number of industrial and biological applications.
According to the Cobalt Institute, around 50% of the cobalt produced globally is found in rechargeable batteries. Cobalt with its components plays a vital role in the construction of lithium-ion batteries. The growing use of lithium-ion batteries in the in several applications are driving the growth cobalt market. In the integrated circuits, the cobalt is used as contacts that connect different components of an integrated circuit owing to its unique physicochemical properties. Thus, this factor is contributing to the growth of the cobalt market Furthermore, copper is being replaced by the cobalt in the integrated circuits that anticipated to boost the growth of the cobalt market.
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Cobalt is a bio-essential element due to its location at the center of vitamin B12. According to Cobalt Institute, Vitamin B12 plays a number of vital roles in the physiology of the human body. Cobalt is also important in treatments of radiotherapy. In addition, cobalt is also used in the detection of tumors and metastases, sterilization of surgical equipment and the imaging of damage to the brain. The various biomedical applications contribute to the growth of the cobalt market. However, a wide number of human health, environmental, trade, and energy regulations on the use of cobalt are hampering the growth of the cobalt market. Additionally, Semiconductor equipment vendor is taking the initiative to use the cobalt in the semiconductor manufacturing. The growing awareness about sustainable and renewable energy is also helping to create more growth opportunities in the cobalt market in upcoming years.
Regionally, Asia Pacific holds the maximum market share in the cobalt market. It is also and fastest growing region in this market. The rapidly growing consumer electronics and automotive industries in the Asia Pacific creates a huge demand for the cobalt. Thus, these factors are driving the growth of the cobalt market in the Asia Pacific region. In addition, increasing applications of cobalt in the Oil & Gas, Chemical, Construction, and transport are contributing to the growth of the cobalt market in this region. Additionally, the growing use of cobalt in semiconductor manufacturing is fueling the growth of this market in the Asia Pacific region.
Market Segmentation by Application, And End User
The report on global cobalt market covers segments such as application, and end user. On the basis of application, the sub-markets include alloys, batteries, catalysts, pigments and coloring, radioisotopes, and other uses. On the basis of the end user, the sub-markets include oil& gas, chemical, automotive, pharmaceuticals, aerospace & defense, healthcare, electronics, construction, and transportation.
The report provides profiles of the companies in the market such as Glencore, Fleurette Group, Vale S.A., Gecamines, China Molybdenum Co., Ltd., Jinchuan Nonferrous Metals Corp., Eurasian Resources Group, Huayou Cobalt Co., Ltd., Jiangsu Cobalt Nickel Metal Co., Shenzhen Green Eco-manufacture Hi-tech Co., Ltd., and Sumitomo Metal Mining Co..
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