Global Cobalt Market to Benefit from Rising Demand for Rechargeable Batteries : Transparency Market Research
A new report from Transparency Market Research, titled ‘Cobalt Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019,’ states that the global market is expected to expand swiftly during the period between 2013 and 2019 due to the increasing demand for rechargeable batteries and technical advancements.
Cobalt is one of the metals found in the earth’s crust. Primarily, cobalt is found in the form of compounds and is virtually never encountered as a free element. It is used in human enterprises as a compound and not as a free element. Cobalt as a compound finds application in numerous sectors. Some of the primary application segments of cobalt are super alloys, reusable energy storage systems, wear-resistant alloys, orthopedics, life science, magnets, and binder materials. At present, the reusable energy storage application segment dominates the global cobalt market and it is expected to maintain its dominance in the years to come.
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The changing dynamics of the global auto industry, where lightweight electronic cars are considered to be the perfect solution to climate change issues, are responsible for the rising demand for rechargeable batteries from the global cobalt market. The rising aviation industry is also expected to assist the growth of the global cobalt market in the near future due to the increasing use of cobalt alloys in the airplane engines.
The global cobalt market is expected to register rapid growth in the years to come due to the growing demand for rechargeable batteries, in which cobalt is an important component. However, the global cobalt market is expected to be hampered by the inconsistency in supply due to lack of innovative infrastructure in the Demographic Republic of the Congo, a leading exporter of cobalt. Political instability is also expected to hamper the growth of the global cobalt market in the years to come. The demand-supply gap created is expected to cause a rise in cobalt prices in the near future. This is also expected to affect the growth of the global cobalt market.
The global cobalt market is segmented on the basis of application and region. Canada, Australia, China, the U.S., and Zambia are some of the leading regions producing the majority of cobalt. By region, the global cobalt market is dominated by North America and Asia Pacific collectively due to the growth of the aviation and automotive industries in the U.S. and China, respectively.
The global cobalt market is highly competitive with leading players covering different areas across various geographies. Some of the leading companies operating in the global cobalt market are Huayou Cobalt, Jinchuan, Freeport-McMoran Copper and Gold, Glencore Xstrate plc, and Umicore.
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