This market research report presents a detailed segmentation of the global cobalt market by application (battery chemicals, super alloys, hard metals, catalysts, and ceramics/pigments), by end use (clean air, renewable energy, defence, lifestyle, and health), and by geography (APAC, Europe, North America, and ROW). The key vendors analyzed in this report are Freeport-McMoran Copper and Gold, Glencore Xstrata Huayou Cobalt, Nippon Steel and Sumitomo Metal, Sherritt International, and Umicore.
Technavio has released its new market research report, global cobalt market, which is expected to grow at a CAGR of 9% between 2015 and 2019. The increased usage of cobalt in the manufacture of batteries and super alloys is driving the growth of this market. The cobalt base super alloys have a higher melting point, superior thermal fatigue resistance, and weldability when compared to nickel-based alloys. APAC is the largest consuming region of cobalt across the globe, accounting for 43% of the overall market share. The increased demand for cobalt from the battery chemicals and super alloys sector in China is driving the market growth in this region. China and Japan are the major consumers of cobalt in APAC.
“Of late, the cobalt is finding wide applications in the medical sector. The cobalt-based alloys are strong, biocompatible, hard, and corrosion resistant, hence are preferred for applications such as implants, surgical instruments, dentistry, and trauma fixations. Also, these alloys are used in the manufacture of products for knee and hip replacements and usually contain chromium or molybdenum. These cobalt-based alloys also being developed as an alternative to orthopedic implants,” says Chandrakumar BJG, Lead Analyst, Chemicals & Materials, Technavio Research.
The increasing demand for rechargeable and recyclable batteries in electronic devices is primarily driving the growth of the cobalt market. Cobalt is preferred in those applications that require thin, flexible, and high energy density batteries, especially in hybrid electric vehicles. More is the adoption of electric cars, more is the dependency on high energy batteries, which will result in the growth of cobalt market in the coming years.
The leading vendors in the global cobalt market include Freeport-McMoran Copper and Gold, Glencore Xstrata Huayou Cobalt, Nippon Steel and Sumitomo Metal, Sherritt International, and Umicore. This market is highly fragmented with numerous small and large vendors. The market is extremely competitive and dominated by large global vendors who have vast geographical presence, with production facilities located worldwide.
A more detailed analysis is available in the Technavio report, Global Cobalt Market 2015-2019.
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