According to the report, the Cobalt market is expected to grow from USD 6,250 million in 2019 to USD 9,582 million by 2026, growing at a CAGR of 6.35% from 2019 to 2026.
Market Overview
The global Cobalt market is estimated to be USD 6,250 million in 2019 and is expected to reach USD 9,582 million by 2026, with a CAGR of 6.35% during the forecast period.
With the recovery of the global economy and the development of emerging powers, the Cobalt market enjoys a promising future.
Cobalt is a chemical element with symbol Co. Cobalt is found in the Earth's crust only in chemically combined form, save for small deposits found in alloys of natural meteoric iron. Cobalt in compound form occurs in copper and nickel minerals. It is the major metallic component that combines with sulfur and arsenic in the sulfidic cobaltite (CoAsS), safflorite (CoAs2), glaucodot ((Co,Fe)AsS), and skutterudite (CoAs3) minerals. Cobalt is mainly used in the manufacture of magnetic, wear-resistant and high-strength alloys.
Get FREE Sample of Cobalt Market Report at:
https://www.globalmarketmonitor.com/reports/160841-cobalt-market-report-2018.html#download-sample
Competitive Insights
Key players operating in this market include Umicore, Glencore Xstrate plc, Jinchuan, Huayou Cobalt, Freeport-McMoran, Sherritt International, Nippon Steel & Sumitomo Metal, BHP Billiton, Eramet, Jiangsu Cobalt Nickel Metal, Mopani Copper, Votorantim Metais, Zhejiang Huayou Cobalt, and Rubamin.
Regional Insights
The Asia Pacific is the leading market at a share of 32.95%, followed by North America and Europe with a share of 31.58% and 27.17%.
Nearly 98% of cobalt needs to be imported in China. Chinese enterprises invest in cobalt mines and participate in cobalt smelting projects in the Democratic Republic of the Congo so as to obtain stable cobalt resources. For example, China Molybdenum now is the world's second largest cobalt ore producer, only second to Glencore, by acquiring Freeport cobalt ore resources. China is a major cobalt smelting country in the world. The leading producers of cobalt in the world are Australia, Zambia, China, and Canada.
Purchase a copy of Cobalt report at:
https://www.globalmarketmonitor.com/reports/160841-cobalt-market-report-2018.html#download-sample
Based on the type, the Cobalt market can be segmented into Battery chemicals, Super alloys, Hard metals, Catalysts, and Ceramics/pigments.
The battery chemicals segment currently accounts for the leading share of the market. This is primarily owing to the extensive use of cobalt in manufacturing rechargeable batteries for portable electronic devices (such as mobile phones, laptops, and tablets and e-mobility vehicles such as electric vehicles, hybrid vehicles, electric trains, and electric bikes). Sales of consumer electronic devices remain on an upward trajectory as digitization trends become more prominent.
Application Insights
Based on application, the Cobalt market is divided into Clean air, Renewable energy, Defence, Lifestyle, and Health.
Ask for a discount at:
https://www.globalmarketmonitor.com/reports/160841-cobalt-market-report-2018.html#download-sample
Audience
l Cobalt manufacturers
l Distributors and resellers of Cobalt
l Cobalt industry associations
l Product managers, Cobalt industry administrator, C-level executives of the industries
l Market Research and consulting firms
l Small and Medium-sized Enterprises (SMEs)
We provide more professional and intelligent market reports to complement your business decisions.
Chinese