Cobalt Market by Application and Geography - Forecast and Analysis 2021-2025

The cobalt market share is expected to increase by 76337.13 MT from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 9.36%.

This cobalt market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers cobalt market segmentation by application (batteries and electronics, super alloys, pigments, hard materials, and others) and geography (APAC, North America, Europe, South America, and MEA). The cobalt market report also offers information on several market vendors, including Ambatovy, China Molybdenum Co. Ltd., Eramet Group, European Cobalt Ltd., First Cobalt Corp., Jervois Global Ltd., Missouri Cobalt LLC, Red Rock Resources plc, Sherritt International Corp., and Sumitomo Metal Mining Co. Ltd. among others.

What will the Cobalt Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Cobalt Market Size for the Forecast Period and Other Important Statistics

Cobalt Market: Key Drivers and Challenges

The growth of the electric vehicle industry is notably driving the cobalt market growth, although factors such as the harmful effects of super alloys may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the cobalt industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Cobalt Market Driver

One of the key factors driving growth in the cobalt market is the growth of the electric vehicle industry. The battery segment takes a major share of the global cobalt market, especially lithium-ion batteries that power electric vehicles. Increasing awareness among consumers with respect to pollution and implementation of stringent emission and fuel-efficiency norms worldwide are pushing the demand for electric vehicles. Many countries, such as China, India, Norway, France, and the UK, plan to end the production and sale of diesel and gasoline cars in the long run. This will lead to an increase in electric vehicle battery production, which, in turn, would spur the demand for cobalt, thereby driving the growth of the global cobalt market.

Key Cobalt Market Challenge

The harmful effects of superalloys will be a major challenge for the cobalt market during the forecast period.  Superalloys are used extensively in end-use industries, such as aerospace, automotive, and industrial gas turbines. They are heat-resistant alloys made of nickel, nickel-iron, or cobalt. High exposure to the raw materials used for manufacturing superalloys can severely damage health. Some of the harmful effects of high exposure to superalloys are cancer, lung embolism, respiratory failure, birth defects, asthma, and heart disorders. These harmful effects of superalloys can impede the growth of the cobalt market.

This cobalt market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Cobalt Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• Ambatovy
• China Molybdenum Co. Ltd.
• Eramet Group
• European Cobalt Ltd.
• First Cobalt Corp.
• Jervois Global Ltd.
• Missouri Cobalt LLC
• Red Rock Resources plc
• Sherritt International Corp.
• Sumitomo Metal Mining Co. Ltd.

This statistical study of the cobalt market encompasses successful business strategies deployed by the key vendors. The cobalt market is fragmented and the vendors are deploying growth strategies such as focusing on innovative technologies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The cobalt market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Cobalt Market?

For more insights on the market share of various regions Request for a FREE sample now!

69% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for cobalt in APAC. Market growth in APAC will be faster than the growth of the market in other regions.

The increasing industrialization and the rising production of automobiles and industrial machinery will facilitate the cobalt market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Application Segments in the Cobalt Market?

To gain further insights on the market contribution of various segments Request for a FREE sample

The cobalt market share growth by the batteries and electronics segment will be significant during the forecast period. The advantages of lithium-ion batteries over other battery chemistries are driving the growth of the batteries and electronics market segment.  Lithium-ion batteries increase thermal stability and safety and offer a high current density and a longer lifespan. The presence of nanoscale phosphate cathode materials enhances their performance and shelf life. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the cobalt market size and actionable market insights on post COVID-19 impact on each segment.

Request for a FREE sample

What are the Key Data Covered in this Cobalt Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive cobalt market growth during the next five years
• Precise estimation of the cobalt market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the cobalt industry across APAC, North America, Europe, South America, and MEA
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of cobalt market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch