The Economic Impact of Coronavirus on Cobalt Market Research Report 2020 by EXPERT MARKET RESEARCH

According to a new report by EMR titled, ‘Global Cobalt Market Report and Forecast 2020-2025’, the global cobalt market demand reached a volume of 115.54 kilo tons in 2019. The market is expected to witness a steady growth in the forecast period of 2020-2025, growing at a CAGR of 9%. By 2025, the market is projected to attain a volume of 193.77 kilo tons.

The global cobalt market is growing due to the growing demand for batteries. Cobalt is the major component used in the production of lithium batteries that is used to power everything starting from smartphones to electric cars. Cobalt production is dominated by the Democratic Republic of the Congo (DRC) in terms of mining reserves and production. The mineral-rich Katanga in the Democratic Republic of Congo is the major region in the market, responsible for almost three-fourth of the world’s cobalt production.

Competitive Landscape & Supplier Analysis:

• Glencore PLC (LON: GLEN)
• Vale SA (BVMF: VALE3)
• Umicore
• Missouri Cobalt, LLC
• CMOC International
• Others

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China is one of the major importers of cobalt and refines cobalt in its refining plants. In order to achieve stable cobalt assets, Chinese companies are increasingly spending in cobalt mines and are engaging in cobalt smelting initiatives in the Democratic Republic of the Congo. The cobalt consumption of the country is expected to grow further in the coming years due to the rise in demand for consumer electronics, which use cobalt-based batteries. Other major cobalt producing countries include Cuba, Russia, Philippines, China, and Canada, among others.

While the cobalt market is expected to witness a healthy growth in the forecast years, the cobalt market growth might be restrained by the increasing allegations of human right abuses related to the mining process, including child labour, which led to Apple (NASDAQ:AAPL), a major players in the consumer electronics market, temporarily suspend the purchase of hand-mined cobalt in 2017.

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Market Analysis by Applications:

• Batteries
• Alloys
• Tool Materials
• Catalysts
• Pigments
• Magnets
• Soaps
• Others

The major application of cobalt includes its use in the production of batteries, alloys, tool materials, pigments, magnets, soaps, and others.

Market Analysis by Regions:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

The major regional market for the cobalt are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The growing market for smartphones is aiding the demand for cobalt, since their batteries are made with cobalt.
• With urbanisation and globalisation, the demand for gadgets like laptops and smart watches are growing, thus, propelling the growth of the cobalt market.
• The rise in the electric vehicles sector is providing a further impetus to the cobalt market growth.

Key Offerings of the Report:

• The EMR report provides an overview of the demand and supply of cobalt in the global market for the periods (2015-2019) and (2020-2025).
• The report also offers the historical (2015-2019) and forecast (2020-2025) markets for the applications and major regions of cobalt.
• It gives an in-depth look into the regional price trends in the global cobalt market for the periods (2015-2019) and (2020-2025).
• It provides a detailed assessment of the global trade data, covering the volume and value of the leading exporting and importing countries.

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Note 1: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.

Note 2: For a snapshot of the primary and secondary data of the market (2015-2025), along with business strategies and detailed market segmentation, please click on request sample report. The sample report shall be delivered to you within 24 hours.

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