Cobalt Market Research Report: Forecast (2024-2030)

The Global Cobalt Market size is estimated to grow at a CAGR of around 6.2% during the forecast period, i.e., 2024-30. The growing demand for electric vehicles is expected to increase the consumption of cobalt during the forecast period. The lithium-nickel-manganese-cobalt-oxide (NMC) batteries are often referred to as cobalt batteries. The cobalt used in batteries of laptops and smartphones positively impacts the market growth. The cobalt-based super-alloys are most often used in jet engines, gas turbine aircraft engines, and rocket motors, due to their stability at high temperatures.

The cobalt industry is also aided by the growing demand for metal in the production of high-speed cutting tools for cutting diamonds, which is extremely hard. The cobalt is used as a catalyst for many industrial applications such as removing sulfur moieties from petroleum and natural gas products. In recent years, lithium-ion batteries for electric vehicles (EVs) are increasingly driving the cobalt market and are likely to boost the market in the forecast period as well.

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Market Dynamics

Global Cobalt Market Trend: The Increasing Inclination of the Aerospace Industry Towards Cobalt-Based Alloys for Engines

In recent years, there has been a rise in the usage of cobalt metal to make super alloys in the aerospace industry for making gas turbines aircraft engines, rocket motors, etc. Cobalt is widely employed in jet aircraft, such as in brakes and wheels, due to its stability at high temperatures, corrosion, and wear-and-tear resistance. The aviation industry is using cobalt to make parts that are frequently exposed to high concentrations of heat. Due to these factors, the aviation industry is widely deploying cobalt in aircraft. Hence, as a result, the demand for cobalt in the aviation industry is increasing and will continue to increase in the forthcoming years due to its several properties.

Leading Companies in Cobalt Market:

Glencore Plc., Missouri Cobalt, Jinchuan Group International Ltd., CMOC Group, Eurasian Resources Group, Huayou Cobalt, Sumitomo Cobalt Mining, Cobalt Blue Holdings, Panoramic Resources Ltd., Sherritt International, Nornickel, Nickel 28 Capital Corp., Groupe Managem, Carter Alloy Company, Others

Segmentation of the Industry

The Cobalt Market is highly fragmented and bifurcates into the following segmentations:

By Application

-Battery Chemicals

-Super Alloys

-Catalyst

-Ceramics & Pigments

-Binder Materials

  • Battery Chemicals segment is leading the Global Cobalt Market. The escalating demand for electric vehicles (EVs) globally has subsequently increased the demand for metallic cobalt.

By Form

-Chemical Compound

-Metal

-Purchased Scrap

By End User

-Electronics

-Aerospace

-Automotive

-Chemical

-Pharmaceutical

-Others (Oil & Gas)

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Regional Landscape

On the geographical front, the Cobalt Market expands across the following:

By Region

-North America

-South America

-Europe

-The Middle East & Africa

-Asia-Pacific

  • Asia-Pacific holds a significant market share in the Global Cobalt Market and is expected to dominate the market in the forecast period as well.

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