Rising adoption of cobalt in production of high-speed cutting tools and increasing application of cobalt in the medical sector and wind turbines and super alloys in the aerospace and defense industry are key factors driving cobalt market revenue growth.
Vancouver, Dec. 27, 2023 (GLOBE NEWSWIRE) -- The global cobalt market size was USD 15.81 Billion in 2022 and is expected to register a rapid revenue CAGR of 5.8% during the forecast period. Key factors driving this growth include the rising adoption of cobalt in high-speed cutting tools, its increasing applications in the medical sector, and its pivotal role in wind turbines and super alloys for the aerospace and defense industry.
Cobalt, a chemical element with symbol Co and atomic number 27, boasts remarkable properties such as an extremely high melting point and boiling point, making it indispensable in various high-tech industries, including electronics, automotive, aerospace, and medical applications. Notably, the surge in demand for rechargeable batteries, driven by the popularity of Electric Vehicles (EVs) and the need for storing renewable energy, has significantly contributed to the market's upward trajectory.
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The demand for rechargeable batteries is projected to witness substantial growth over the next decade, with the EV market expected to surge from approximately 340 GWh in 2022 to around 3,500 GWh by 2030. Cobalt, known for its exceptional conductivity and high strength properties, plays a crucial role in the production of rechargeable battery components. In response to this demand, industry leaders like Solvay and Veolia have formed a circular economy consortium with Groupe Renault, aiming to extract and purify strategic metals from used EV batteries for reuse in new batteries.
However, challenges such as fluctuating raw material prices and insufficient infrastructure leading to irregular cobalt supply could potentially restrain market growth. Cobalt's manufacturing processes require modern infrastructure, contributing to higher operational expenses and pricing difficulties. These challenges prompt industries to explore cost-effective alternatives, impacting the competitiveness of cobalt in the market.
Form Insights: Chemical Compounds Lead Revenue Share
The global cobalt market is segmented into chemical compounds, metal, and purchased scrap. In 2022, the chemical compound segment dominated, holding the largest revenue share. The demand for cobalt chemical compounds in glass, enamels, and heat-resistant super alloys contributed to this segment's growth. Cobalt compounds, known for their resistance to corrosion, provide a stable platform for battery components, enhancing the efficiency and reliability of rechargeable batteries.
Product Insights: Cobalt Sulfate Steadily Gains Traction
The cobalt sulfate segment is expected to witness a steadily fast revenue growth rate in the global cobalt market. The rising demand for cobalt in industries such as agriculture and electronics is a key driver. Cobalt sulfate's ability to facilitate increased battery production, precise control over coloring processes, and applications in various industries, including textiles, positions it as an attractive option for manufacturers.
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Application Insights: EVs Dominate Market Share
On the application front, Electric Vehicles (EVs) are anticipated to hold a significantly large revenue share in the global cobalt market. The surge in adoption of environment-friendly vehicles, particularly EVs, has propelled the demand for cobalt in rechargeable batteries. Cobalt's properties of resistance to wear, tear, and corrosion make it the preferred material for producing batteries, contributing to the widespread adoption of eco-friendly and cost-effective vehicles.
End-Use Insights: Electronics Sector Sees Moderate Growth
In terms of end-use, the electronics segment is expected to register a moderately fast revenue growth rate. The magnetic and pigment properties of cobalt make it an ideal solution for the electronics sector, contributing to improved fuel efficiency, lower emissions, and enhanced lifespan of automotive structures.
Regional Insights: Asia Pacific Leads, Europe Shows Fast Growth
The Asia Pacific market accounted for the largest revenue share in 2022, driven by the rising adoption of Li-ion batteries in EVs, especially in China, Japan, South Korea, and India. The Europe market is expected to register the fastest revenue growth rate, fueled by increasing demand for rechargeable batteries, particularly in the UK, Germany, and France. In North America, a considerably large revenue share is anticipated due to rising demand for cobalt from the automotive industry in the U.S. and Canada.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 15.81 Billion |
| CAGR (2023–2032) | 5.8% |
| Revenue Forecast To 2032 | USD 27.4 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Form, product, application, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | DuPont, Glencore, DOW, Umicore, Sumitomo Corporation, Jinchuan Group International Resources Co. Ltd, Votorantim, Solvay, Huayou Cobalt Co. Ltd, Daikin Industries Ltd, Freeport Cobalt, Vale, Sherritt International Corporation, BHP, Eramet, and BASF SE |
| Customization Scope |
|
Major Companies and Competitive Landscape
The global cobalt market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective cobalt products in the market.
Some of the major companies included in the global cobalt market report are:
- DuPont
- Glencore
- DOW
- Umicore
- Sumitomo Corporation
- Jinchuan Group International Resources Co., Ltd.
- Votorantim
- Solvay
- Huayou Cobalt Co., Ltd.
- Daikin Industries Ltd.
- Freeport Cobalt
- Vale
- Sherritt International Corporation
- BHP
- Eramet
- BASF SE
Strategic Development
- On 25 August, 2023, PT Vale Indonesia Tbk signed a definitive cooperation agreement with Zhejiang Huayou Cobalt Co. Ltd (Huayou) and PT Huali Nickel Indonesia (Huali) will build High-Pressure Acid Refinery (HPAL) to produce 60,000 tons of nickel and about 5,000 tons of cobalt per year as precipitated mixed hydroxide products (MHP), which can then be converted into EV batteries. This project will process limonite nickel ore from Sorowako block and HPAL facilities will be located in Malili, East Luwu, South Sulawesi.
- On 19 December, 2022, BASF delivered the first batch of Nickel-Cobalt-Manganese (NCM) Cathode Active Materials (CAM) through its majority-owned joint venture BASF TODA Battery Materials LLC (BTBM) to Prime Planet Energy & Solutions (PPES), a joint venture between Toyota Motor Corporation (Toyota) and Panasonic Holdings Corporation (Panasonic). BTBM has supplied a new product developed from high-performance CAM line for PPES's innovative battery solutions for the EV market. The first batch was produced at BTBM's Onoda facility, one of the world's largest CAM calcination facilities. BASF is continuing the announced expansion project at the Onoda site, with production expected to begin in the second half of 2024.
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Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global cobalt market on the basis of form, product, application, end-use, and region:
- Form Outlook (Revenue, USD Billion; 2019-2032)
- Chemical Compound
- Metal
- Purchased Scrap
- Product Outlook (Revenue, USD Billion; 2019-2032)
- Cobalt Sulfate
- Cobalt Oxide
- Cobalt Metal
- Others
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Electric Vehicles (EVs)
- Other Batteries
- Industrial Metals
- Industrial Chemicals
- Superalloys
- End-use Outlook (Revenue, USD Billion; 2019-2032)
- Electronics
- Automotive
- Aerospace
- Medical
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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