Cobalt Global Market Forecast to 2034, Historical Data of 2019-2024, Supply and Demand, Volume and Value, Manufacturers, Prices, Upstream and Downstream Trends

About the market

• after a number of years with stable GAGRs of 9% and increase slowed in 2020, the global cobalt market turned into an impressive growth and a robust price increase
• strong demand for cobalt in recent years has been driven by its use in EV batteries, supplementing its traditional applications
• outside of batteries, cobalt's primary use is in superalloys and industrial metals for the automotive, military and aerospace industries, where it provides essential resistance to corrosion, extreme temperatures and high pressure

• the Democratic Republic of Congo dominates global cobalt production, accounting for just over 80% of output, followed by Indonesia
• cobalt is primarily extracted as a by-product of copper or nickel mining; traditionally, copper mines in the DRC have been the leading source due to the region's rich copper-cobalt deposits
• as Indonesia ramps up its nickel production, nickel is becoming an increasingly important source of cobalt
• China, the largest refinery cobalt manufacturer and user globally, sources most of mined cobalt from DRC and Indonesia, with the majority of the output supplying the domestic lithium-ion battery industry

• global cobalt demand is foreseen to demonstrate CAGR of 9.5% in the next 10 years as EV sales continue to expand; the metal will continue to play a key role in rechargeable batteries in cars and on the grid
• global cobalt mine supply is forecasted to grow substantially in the next couple of years as high metal prices incentivised investments, companies are restarting and expanding mines; meanwhile growth rates will decline
• as expected, the global cobalt supply chain will remain highly geographically concentrated in the next decade - Congo will continue to dominate cobalt mine production, while China will be the leader in refinery production
• currently, the DRC is taking concrete steps to optimize its cobalt sector; the country is maintaining its cobalt export quotas, prioritizing investments that include local processing to increase the value of its exports and capture more of the supply chain
• there is an opportunity of diversifying global production sources, as many projects are also announced outside DRC; e.g. Australia’s and Canada’s global share is projected to increase to 6% by 2030 due to new projects such as Broken Hill Cobalt and Copper Cliff mine

Key Questions Answered in the Report

• What were the main trends of global cobalt market in 2019-2024?
• What was global cobalt supply/demand balance in 2019-2024?
• What are the main players in global cobalt market?
• What drivers and challenges will determine the development of the global cobalt market in the next 5-10 years?
• What will be the possible restrains for global cobalt market growth?
• What will be the CAGRs for global cobalt supply and demand?
• Are there cobalt projects to be completed in 2025-2034?
• And many other

Report Scope

*Please note that "Cobalt Market Forecast, Trends, Supply and Demand, Prices, Projects, Manufacturers" is a half ready publication and contents are subject to changes and additions. We have all data necessary for report preparation but it needs to be retrieved from our databases, organized in a report, updated with the latest information and thus the complete study will be presented. This process takes 4-5 business days after the order is placed. Thus, our clients always obtain a revised and updated version of each report. Please note that we do not charge for an updating procedure.