Cobalt Market to grow at a CAGR of 12.73% during 2024-2028
The Cobalt Market is expected to grow at a CAGR of 12.73% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 8.01 billion. The expansion of existing and development of new cobalt mining projects significantly bolsters global cobalt supply. With the commissioning of new mines and the extension of existing operations, production volumes are set to increase, mitigating concerns regarding cobalt shortages and supply chain constraints. For instance, the Santa Rita nickel-cobalt mine in Bahia, Brazil, is transitioning from open-pit to underground mining in 2028, extending its life from eight to 34 years. Post-2028, the mine is projected to yield 16,000 tons of nickel equivalent annually, primarily for the electric vehicle and renewable energy storage industries. This influx of cobalt will contribute significantly to the market, ensuring a steady supply of this critical raw material.
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Technavio analysts predict that the Cobalt sulfate subsegment will lead the Type segment during 2024 and 2028 In the global market, cobalt sulfate plays a pivotal role as a key raw material in the production of rechargeable batteries for consumer electronics, including smartphones, laptops, and tablets. The burgeoning consumer electronics sector, particularly in emerging economies, is driving the demand for cobalt sulfate. Furthermore, infrastructure development projects such as transportation, construction, and urbanization necessitate the use of cobalt sulfate-containing materials due to their high strength and durability in alloys, coatings, and catalysts. Economic growth and urbanization fuel infrastructure investments, thereby sustaining the demand for cobalt sulfate. Notably, on June 30, 2023, Stellantis N.V., a leading multinational automotive manufacturing corporation, and Kuniko Limited signed an offtake term sheet agreement and investment deal, further underscoring the market potential for cobalt sulfate.
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There are several factors that are causing the market to flourish growth of electric vehicle industry
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The Cobalt market is a significant sector in the global economy, with a major focus on Electronic Batteries, particularly those used in Lithium-ion batteries for Electric vehicles and Renewable energy sources. Cobalt, a Ferromagnetic element, is a key component in these batteries due to its high Energy Density and Thermal Stability. Nickel and Copper are other essential elements in Cobalt Alloys, which are widely used in High-speed cutting tools, Rechargeable batteries, Cobalt products, and Cobalt raw materials. The mining and processing of Cobalt involve Mining activities, Refining process, and Cobalt transportation, which can pose environmental and ethical challenges. Cobalt reserves are primarily located in the Democratic Republic of Congo, Australia, and Russia. The Cobalt market is essential for the EV supply chain, Lithium batteries, and Cobalt sulfate production. Cobalt-based superalloys are also used in Aerospace, Aircraft production, Power generation, and Chemical processing industries. The demand for Cobalt is expected to increase due to the growing adoption of Electric vehicles and the expansion of the Renewable energy sector.
The global cobalt market is a segment of the expansive USD1.7 trillion global diversified metals and mining market, according to Technavio's market research. This market encompasses businesses involved in the production or extraction of a range of metals and minerals, including non-ferrous metals such as cobalt, lead, nickel, tin, and zinc, as well as salt and borate, phosphate rock, and diversified mining operations. The global diversified metals and mining market's size is determined by Technavio based on the consolidated revenue generated by companies engaged in the extraction and production of these metals and minerals and their respective mining operations. Other non-ferrous metals include mercury, tungsten, beryllium, bismuth, cerium, cadmium, niobium, indium, gallium, germanium, lithium, selenium, tantalum, tellurium, vanadium, and zirconium.
The Cobalt Market is experiencing significant growth, fueled by the growth of electric vehicle industry. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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