Cobalt Market Trends, Top Manufactures, Market Dynamics, Industry Growth Analysis & Forecast 2023

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Cobalt Market Research Report - Forecast to 2023
Industry Survey, Growth, Competitive
Landscapeand Forecasts to 2023
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Cobalt Market Research Report- Forecast to 2023
Cobalt Market - Overview
The Global Cobalt Market is growing rapidly,
witnessing a massive demand for Cobalt in the
production of batteries. Cobalt is a crucial
chemical compound used in the manufacturing of
lithium-ion batteries. Hence increasing usages of
battery oriented electronic devices is a key
factor boosting the size of the market. Moreover,
widespread application in large-scale sectors
such as electronics and automotive escalate the
market on the global platform. According to
Market Research Future (MRFR), the Global Cobalt
Market is poised to witness substantial growth by
2023. In its recently published analysis, MRFR
also asserts that the market would register a
CAGR over 8.25 throughout the forecast period
(2018 to 2023). Lithium-ion batteries are
currently the standard power supply component
used in electronic devices and vehicles. Robust
demand for lithium-ion batteries is expected to
continue driving the market demand. Additional
factors helpful in substantiating the growth of
the market, include the ever-increasing
population, rapid urbanization, and
industrialization, worldwide. Besides, improving
economic conditions are playing a vital role in
the growth of the market, increasing consumers
purchasing power and the demand for
battery-operated electronics devices. Cobalt is
also used as a catalyst in various chemical
processes. As a result, a majority share of the
cobalt production caters to battery chemical
manufacturing applications. The shortage for the
metal is likely to grow at an above-average rate
over the next few years. Cobalt suppliers
continually seek new sources to meet the rising
demand for the metal.
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Cobalt Market Research Report- Forecast to 2023
Segmental Analysis
The Report is Segmented into three market
dynamics to widen the scope of understanding, By
Application Battery Chemicals, Super Alloys,
Ceramic Pigments, Hard Metals, Magnets, Binder
Materials, and Life Science, among others. By
Form Metal, Chemical Compound, and Purchased
Scrap, among others. By Regions Europe, North
America, Asia Pacific, and the Rest-of-the-World.
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Cobalt Market Research Report- Forecast to 2023
Regional Outlook
The Asia Pacific region dominates the Global
Cobalt Market with the largest market share. The
region has long been attracting foreign suppliers
with its raw material advantage and the
availability of cost-competitive workforce.
Resultantly, the numbers of key companies in the
region are continually rising, which is a
substantial driving force pushing the growth of
the regional market. Besides, rapid
industrialization in the region drives the growth
of the market. Being the largest producer and
consumer of Cobalt, the region is estimated to
register the highest CAGR during the forecast
period. Continuing with the same trends, such as
the increasing emphasis on the development of
product manufacturing process and the growing
application industries, the region would continue
with its dominance throughout the forecast
period. The Cobalt Market in North America stands
the second position, globally, due to the
presence of prominent manufacturers, those are
equipped with the superior product
offering. Heading with the high consumption of
Cobalt in the manufacturing of lithium-ion
batteries, the region is estimated to create a
substantial revenue pocket by the end of the
forecast period. The Europe Cobalt Market is
rapidly emerging as a promising market globally.
The market growth is majorly propelled by the
increasing demand and sales of battery-operated
electronics, especially in the UK, France, Italy,
and Germany. The proliferation of electric
vehicle is a key growth driver pushing the
regional market growth.
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Cobalt Market Research Report- Forecast to 2023
Major Players in this Research

• Cobalt Market Prominent Players
• Glencore
• Umicore
• Huayou Cobalt Co. Ltd.
• Eramet
• Votorantim Metals SA
• Jinchuan Group International Resources Co. Ltd
• Sherritt International Corporation
• Sumitomo Corporation
• Freeport Cobalt
• Vale
• BHP

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