Dublin, July 11, 2024 (GLOBE NEWSWIRE) — The “Cobalt – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global market for Cobalt is estimated at 169.8 Thousand Tons in 2023 and is projected to reach 301.0 Thousand Tons by 2030, growing at a CAGR of 8.5% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The importance of cobalt extends beyond the EV market; it is also considered vital for national defense and other industrial applications in the US and EU. This broad utility underscores the potential for continued investments in the cobalt supply chain, ranging from exploration and mining to processing and recycling, ensuring a sustainable and ethically responsible supply of cobalt in the future.
A key trend influencing the cobalt market is the ethical sourcing and sustainability of cobalt mining. Cobalt mining at various mining zone, has been associated with significant human rights and environmental concerns. This has led to increased scrutiny and a push towards more ethical sourcing practices.
Companies are being compelled to establish transparent supply chains and are exploring recycling technologies to recover cobalt from used batteries, which not only addresses ethical concerns but also helps in managing supply security amid growing demand. This shift is expected to influence market dynamics significantly, as stakeholders across the supply chain implement more sustainable and responsible mining practices.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Batteries segment, which is expected to reach 106.7 Thousand Tons by 2030 with a CAGR of a 9.1%. The Alloys segment is also set to grow at 10.1% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at 44.4 Thousand Tons in 2023, and China, forecasted to grow at an impressive 12.6% CAGR to reach 76.1 Thousand Tons by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as China Molybdenum Co., Ltd., Glencore International AG, Jinchuan Group International Resources Co., Ltd., and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 209 |
| Forecast Period | 2023 – 2030 |
| Estimated Market Value in 2023 | 169.8 Thousand Tons |
| Forecasted Market Value by 2030 | 301 Thousand Tons |
| Compound Annual Growth Rate | 8.5% |
| Regions Covered | Global |
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Cobalt – Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
- Global Economic Update
MARKET TRENDS & DRIVERS
- Increasing Demand from the Electric Vehicle (EV) Industry
- Growth in Lithium-Ion Battery Production
- Advancements in Battery Technology and Energy Storage Solutions
- Rising Demand in the Aerospace and Defense Sectors
- Expansion of Renewable Energy Projects
- Advancements in Recycling and Sustainable Practices
- Urbanization and Industrialization in Emerging Markets
- Innovations in Cobalt-Based Alloys and Compounds
- Growing Applications in the Electronics and Telecommunications Sectors
- Investments in Mining Exploration and Development Projects
- Role of Digitalization and Automation in Cobalt Mining
- Demand from the Healthcare and Medical Devices Sector
- Expansion of Smart Grid and Energy Storage Technologies
FOCUS ON SELECT PLAYERS
- China Molybdenum Co., Ltd.
- Glencore International AG
- Jinchuan Group International Resources Co., Ltd.
- Norilsk Nickel
- Sherritt International Corporation
- Vale SA
For more information about this report visit https://www.researchandmarkets.com/r/lkoptm
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