The new report by Expert Market Research titled, ‘Global Cobalt Market Size, Share, Price, Trends Report and Forecast 2020-2025’, gives an in-depth analysis of the global cobalt market, assessing the market based on its segments like applications and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2015-2025)
• Historical Market Size (2019): 115.54 kilo tons.
• Forecast CAGR (2020-2025): 9%
• Forecast Market Size (2025): 193.77 kilo tons
The global cobalt market has been witnessing a significant growth owing to the thriving consumer electronics industry and rising demand for high-strength alloys. Cobalt is used as a battery chemical and is highly valued for producing wear-resistant alloys. With rising disposable incomes and growing living standards, the sales volume of consumer electronics like smartphones, laptops, and others have increased, which is driving the demand for batteries, and thus, contributing to the growth of the cobalt market. Over the forecast period, the growing shift towards electronic vehicles (EVs) and soaring demand for lithium-ion batteries are expected to further boost the demand for cobalt.
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Industry Definition and Major Segments
Cobalt is a chemical element with the atomic number 27. It is represented by the symbol Co. It occurs naturally in the Earth’s crust in a chemically combined form. As a free element, it appears as a hard, lustrous, bluish-gray metal. It is primarily obtained by reducing the cobalt by-products obtained from nickel and copper mining and their smelting.
On the basis of application, the industry is divided into:
Among these, batteries account for the majority of the market share.
The regional markets for cobalt include:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
The growing demand for electric vehicles, where cobalt-based batteries are used, is expected to aid the market growth over the forecast period. The growing concern regarding the environment is driving this trend. The governments across the nations are promoting the use of electric vehicles to curb vehicular emissions and reduce the carbon footprint on the environment. The incentives offered by the governments mainly take the form of purchase rebates, tax exemptions, or tax credits, among others. For instance, in Italy, electric vehicles are exempt from various taxes, including the annual circulation or ownership tax for the first five years starting from their registration. Afterward, they are provided a 75% reduction on the tax rate in comparison to gasoline-powered vehicles. Other regions like Norway has envisioned a national goal where all new car sales should be zero-emission vehicles (electric or hydrogen) by 2025. This is expected to boost the industry growth over the next five years.
Key Market Players
The major players in the market are Glencore plc (LON: GLEN), Vale S.A. (BVMF: VALE3), Umicore (EBR: UMI), Missouri Cobalt, LLC, and CMOC International, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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