Cobalt Market is Poised for Growth with a 6.2% CAGR Until 2030

MarkNtel Advisors who is leading market research company, has recently published a research report, titled Global Cobalt Market”. The report is estimated historical data, base year and forecast period and the projections are made for the next five years, i.e., 2024-30. The data, facts, and figures are sourced from reliable platforms, including government portals, white papers, and others.

The cobalt industry is also aided by the growing demand for metal in the production of high-speed cutting tools for cutting diamonds, which is extremely hard. The cobalt is used as a catalyst for many industrial applications such as removing sulfur moieties from petroleum and natural gas products. In recent years, lithium-ion batteries for electric vehicles (EVs) are increasingly driving the cobalt market and are likely to boost the market in the forecast period as well.

For a better understanding to download a free sample PDF of this study –

Market Study Period

Historical Data: 2019-22

Base Year: 2023

Forecast Period: 2024-30

CAGR (2024-2030): 6.2%

Global Cobalt Market Insights:

The Global Cobalt Market size is estimated to grow at a CAGR of around 6.2% during the forecast period, i.e., 2024-30. The growing demand for electric vehicles is expected to increase the consumption of cobalt during the forecast period. The lithium-nickel-manganese-cobalt-oxide (NMC) batteries are often referred to as cobalt batteries. The cobalt used in batteries of laptops and smartphones positively impacts the market growth. The cobalt-based super-alloys are most often used in jet engines, gas turbine aircraft engines, and rocket motors, due to their stability at high temperatures.

Global Cobalt Market Drivers:

Escalating Demand for Electric Vehicles Augmenting the Market Growth – In the past few years, consumers have shifted towards electric vehicles due to the increase in price of petrol and diesel. Due to this, the demand for electric vehicles has increased, the batteries of electric vehicles have cobalt in them, which increases the demand for cobalt. According to the International Energy Agency (IEA), electric vehicles are seeing exponential growth and are expected to grow from approximately 140 million by 2030 and reach 900 million by 2050. This growing number of electric vehicles would increase the Global Cobalt Market Size in the forthcoming years.

Which segments are covered in the Cobalt Market Research Report?

  • By Application 
    • Battery Chemicals
    • Super Alloys
    • Catalyst
    • Ceramics & Pigments
    • Binder Materials
  • By Form
    • Chemical Compound
    • Metal
    • Purchased Scrap
  • By End User
    • Electronics
    • Aerospace
    • Automotive
    • Chemical
    • Pharmaceutical
    • Others (Oil & Gas)
  • By Region
    • North America
    • South America
    • Europe
    • The Middle East & Africa
    • Asia-Pacific

Top 10 Key Brands/Players in the Cobalt Market

Our analysts have closely analyzed leading players within the industry, providing stakeholders with valuable insights into the competitive landscape. This enables them to formulate strategic tactics based on the comprehensive data compiled in the report. The information encompasses recent developments, mergers and acquisitions, product/service launches, expansion plans, and revenue-generating opportunities. Notable entities featured in the report include:

  • Glencore Plc
  • Missouri Cobalt
  • Jinchuan Group International Co., Ltd
  • CMOC Group
  • Eurasian Resources Group
  • Huayou Cobalt
  • Sumitomo Cobalt Mining
  • Cobalt Blue Holdings Limited
  • Panoramic Resources Ltd.
  • Sherritt International
  • Nornickel
  • Nickel 28 Capital Corp.
  • Groupe Managem
  • Carter Alloy Company
  • Others

Frequently Asked Questions

  1. Which companies dominate the Cobalt Market in terms of market share?
  2. What is the projected market size of Cobalt Market in 2030?
  3. What key factor is anticipated to propel the Cobalt Market by 2030?
  4. How big is the Cobalt Market?

About us:

Confronting a market challenge? MarkNtel is here to support you. We specialize in in-depth analysis across 15 dynamic industries, providing customized research, consulting, and data solutions to meet your specific requirements. Whether it’s launching a product or gaining a competitive edge, we facilitate well-informed decisions that pave the way for enduring success.

Empowering your financial future is our commitment at MarkNtel. Serving as your trusted research partner, we navigate intricate markets, pinpoint high-potential opportunities, and formulate early-stage strategies for superior returns. Allow us to illuminate your path to financial prosperity.

Contact us:

Should you have any inquiries, our team of seasoned experts is available to help. You can contact us via phone, email, or by filling out our online contact form. Be assured that we will exert every effort to promptly attend to your query and furnish the necessary information.

Media Representative

Company Name: MarkNtel Advisors – Leading Market Research Company


Phone: +1 628 895 8081

Related Articles

Leave a Reply

Back to top button