What is the Global Cobalt Market Size?
The Global Cobalt Market is anticipated to grow at a compound annual growth rate of approximately 10.3% during the forecast period. Cobalt is the chemical element found in the earth crust and used in the construction of magnetic, wear-resistant and strong alloys. The other applications of this element include batteries, nickel alloys, tool materials, catalysts, and so on. In the olden days, the blue pigments in the cobalt are used in jewellery and paints.
Factors Driving the Growth of Global Cobalt Market:
There are several advantages of cobalt such as the use of cobalt silicate and cobalt aluminate for adding deep blue colour to glass, ceramics, inks, paints and varnishes, and in the creation of gamma rays. In its inorganic form, cobalt is also a micronutrient for bacteria, fungi and algae. Cobalt is widely used in the manufacturing of turbine blades for gas turbines and jet engines for aircraft systems. Furthermore, it is having a wide range of applications in the batteries to improve the life cycle and control corrosion and explosion.
The increasing demand for cobalt in aircraft and battery manufacturing is the principal factor proliferating the growth of global cobalt market. Additionally, the growing applications of cobalt as a colourant and catalyst, increasing mining activities, the rise in the use of batteries with the augmenting automobile industry, benefits in healthcare like using cobalt in the orthopaedic implants, hip and knee replacements, etc., need for magnets in various industries and other factors are also boosting the market. However, the side effects of inhaling the cobalt dust and other concerns are hampering the market growth to a little extent.
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Based on the geography, the Asia Pacific region leads the global cobalt market owing to the increased usage of mobile devices, laptops, electric cars and rechargeable batteries in vehicles, and the increased investments in its applications. The Asia Pacific is also expected to continue its reign in the future, which is followed by North America, Europe and other regions of the world.
Some of the Leading Companies in the Global Cobalt Market:
The leading contributors to the global marketplace are Glencore Xstrata plc, Freeport-McMoRan Copper & Gold Inc., Sherritt International Corp., Umicore S.A., BHP Billiton plc, Chambishi Metals plc, Formation Metals Inc, Vale S.A., Shandong Jinling Mining, Open Joint Stock Company Mining and Metallurgical Company Norilsk Nickel, Yunnan copper industry Limited, Huaze Nickel & Cobalt Metal, Jiangsu Cobalt Nickel Metal, and others.
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