The global Cobalt Market is expected to reach USD 25.91 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.2% over the forecast period. Increasing demand for electric vehicles (EVs) is expected to propel the demand for cobalt in battery applications over the forecast period. The demand for EVs has been increasing rapidly due to concerns about climate change, rising fuel prices, and government incentives. Cobalt is a key component in the production of lithium-ion batteries used in EVs. Based on products, the cobalt oxide segment is expected to register a CAGR of 6.1%, in terms of revenue, over the forecast period. It is used as a colorant in ceramic and glass production, where it imparts a blue color to the final product.
The
growing demand for ceramics and glass in various industries, such as
construction and electronics, is driving the demand for cobalt oxide. The
superalloy application segment is expected to register high growth over the
forecast years. A cobalt-based superalloy is known for its high-temperature
stability, which makes it suitable for use in high-temperature applications.
Thus, its unique combination of physical and chemical properties makes it an
ideal material for high-temperature and high-stress applications in the aerospace,
energy, and other industries. Based on region, there lies immense opportunity
for the market to flourish in Europe. The growth of renewable energy sources,
such as wind and solar power, is driving the demand for energy storage systems,
which is propelling the production of lithium batteries that use cobalt.
As
Europe aims to transition toward a cleaner energy future, the demand for
renewable energy storage systems is increasing, thereby driving market growth.
For instance, a comprehensive energy law package passed by the German
government in April 2022 aims to increase the amount of renewable energy
generated in the country by 22,000 MW from solar and 10,000 MW from wind by
2030. The market participants continue to expand their production capacities to
stay ahead of the competition. For instance, in February 2023, Eurasian
Resources Group announced an investment of USD 1.8 billion for doubling its
output of African copper and cobalt processed at a mine near Lubumbashi, the
Democratic Republic of Congo. This indicates a high demand and growing
competitive rivalry.
List of Key Players of Cobalt Market
- China
Molybdenum Co., Ltd.
- Eurasian
Resources Group
- Freeport-McMoRan
- Glencore
- Huayou
Cobalt
- Norilsk
Nickel
- Sumitomo
Metal Mining Co., Ltd.
- Umicore
Related Press
Release@ Cobalt
Market Report
Cobalt Market Report Highlights
- The EVs
application segment held the largest revenue share of over 35.0% in 2022
due to factors, including environmental concerns, government policies,
technological advancements, cost savings, and increasing consumer demand
- The industrial
chemicals segment is expected to register a CAGR of 5.6%, in terms of
revenue, over the forecast period. Cobalt oxide is used as a catalyst in a
variety of chemical reactions, including the production of chemicals,
fuels, and polymers. The expansion in the chemical industry is expected to
drive the segment growth
- The cobalt
sulfate product segment held the largest revenue share of over 70.0% in
2022, and this trend is expected to continue over the forecast period. The
segment growth is attributed to the high product demand from various
end-use industries, such as batteries, electroplating, pharmaceuticals,
and agriculture
- Asia Pacific
is expected to register the fastest CAGR of 6.7%, in terms of revenue,
over the forecast period. The increasing demand for EVs, renewable energy
storage, consumer electronics, and infrastructure development in Asia
Pacific is driving the product demand in the regional market
Cobalt Market Report Scope
|
Report Attribute |
Details |
|
Market
size value in 2023 |
USD 16.68
billion |
|
Revenue
forecast in 2030 |
USD 25.91
billion |
|
Growth
rate |
CAGR of
6.2% from 2023 to 2030 |
|
Base year
for estimation |
2022 |
|
Historical data |
2018 - 2022 |
|
Forecast period |
2023 - 2030 |
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Cobalt Market Segmentation
Grand
View Research has segmented the global cobalt market on the basis of product,
application, and region:
Cobalt Product Outlook (Volume, Kilotons; Revenue,
USD Million, 2018 - 2030)
- Cobalt
Sulfate
- Cobalt Oxide
- Cobalt Metal
- Others
Cobalt Application Outlook (Volume, Kilotons;
Revenue, USD Million, 2018 - 2030)
- Electric
Vehicles
- Other
Batteries
- Industrial
Metals
- Industrial
Chemical
- Superalloys
Cobalt Regional Outlook (Volume, Kilotons; Revenue,
USD Million, 2018 - 2030)
- North
America
- U.S.
- Europe
- Germany
- UK
- France
- Asia Pacific
- China
- Japan
- South Korea
- Central
& South America
- Middle East
& Africa
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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