Global Cobalt Market 2024-2028

Global Cobalt Market 2024-2028

The cobalt market is forecasted to grow by USD 8.01 bn during 2023-2028, accelerating at a CAGR of 12.73% during the forecast period. The report on the cobalt market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by the growth of the electric vehicle industry, increasing demand for superalloys in the aerospace industry, and a rise in demand for lightweight materials.

Technavio's cobalt market is segmented as below:

By Type

• Cobalt sulfate
• Cobalt oxide
• Cobalt metal

By Application

• Batteries and electronics
• Super alloys
• Pigments
• Hard materials
• Others

By Geographical Landscape

• APAC
• North America
• Europe
• South America
• Middle East and Africa

This study identifies the increasing number of cobalt mining projects as one of the prime reasons driving the cobalt market growth during the next few years. Also, the growing focus on renewable energy and the rising recyclability of cobalt will lead to sizable demand in the market.

The report on the cobalt market covers the following areas:

• Cobalt market sizing
• Cobalt market forecast
• Cobalt market industry analysis

The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading cobalt market vendors that include Ambatovy, BHP Group plc, China Molybdenum Co. Ltd., COBALT CORP., ELECTRA BATTERY MATERIALS CORP., Eramet, European Cobalt Ltd., Freeport McMoRan Inc., Glencore Plc, Jervois Global Ltd., Missouri Cobalt LLC, MMG Ltd., PJSC MMC Norilsk Nickel, Red Rock Resources plc, Sherritt International Corp., Sumitomo Metal Mining Co. Ltd., Umicore SA, Vale SA, Zhejiang Huayou Cobalt Co. Ltd., and Eurasian Resources Group.. Also, the cobalt market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape and an analysis of the key vendors.

The publisher presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive primary and secondary research. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.