Global Cobalt Market: Size and Trends with Impact of COVID-19 and Forecast up to 2028

DELHI, India - Sept. 20, 2023 - PRLog -- The global cobalt market was valued at US$9.48 billion in 2022. The market value is expected to reach US$17.68 billion by 2028. The global cobalt market mined supply stood at 205.30 kilotonnes in 2022. Whereas, The cobalt market demand is projected to rise to 267.33 kilotonnes by 2028. Cobalt is a hard ferromagnetic, silver-white, hard, lustrous, brittle element. It is a member of group VIII of the periodic table.

Cobalt is an important raw material for the production of battery materials, superalloys, high-temperature alloys, cutting tools, magnetic materials, petrochemical catalysts, pharmaceuticals, and glaze materials. Moreover, there are several new cobalt projects in development, which are expected to increase the supply of cobalt in the coming years. These projects are located in countries such as Australia, the Democratic Republic of the Congo (DRC), and Morocco. This would help to meet the growing demand for cobalt and stabilize the price of cobalt, resulting in market growth. The cobalt market is expected to grow at a CAGR of approx. 11.0% over the projected period of 2023-2028.

The global cobalt market is fragmented, with several key players operating on a global scale. The key players in the global cobalt market are:

Glencore Plc
Umicore
Vale S.A.
Jinchuan Group International Resources Co. Ltd.
Zhejiang Huayou Cobalt Co., Ltd.
Sherritt International Corporation
BHP Group Limited
Norilsk Nickel
Eramet Group
CMOC Group Limited
Sumitomo Corporation
Jervois Global Limited

In 2022, Glencore produced 43.80 kilotonnes of cobalt. Also, In 2022, Glencore and General Motors Co. announced a multi-year sourcing agreement in which Glencore would supply GM with cobalt from the company's Murrin Murrin operation in Australia.

The global cobalt market growth is predicted to be supported by numerous growth drivers such as escalating demand for EV batteries, increasing adoption of renewable energy sources, increasing nickel and copper production, and many other factors.

The COVID-19 pandemic had a significant impact on the global cobalt market, affecting both supply and demand dynamics. Many cobalt mines around the world had to temporarily shut down or reduce production due to lockdowns, restrictions, and health concerns for workers.

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