Exploring Unprecedented Growth of Global Cobalt Market

The cobalt industry is expected to witness a huge upsurge in forthcoming years, owing to the rising demand for electric vehicles coupled with the growing demand for metal in the production of high-speed cutting tools for cutting diamonds. On a global basis, the leading use of cobalt is in rechargeable battery electrodes and making parts for gas turbine engines. These are considered the prominent factors scaling the utilization of cobalt. The growing expansion is deeply analyzed by the well-known market research firm, Markntel Advisors in their recently published report description.

Cobalt: Definition, Benefits & Drawbacks

Cobalt is a hard ferromagnetic, silver-white, hard, lustrous, brittle element obtained from the mining of nickel and copper ores. It has wide applications in the production of electric vehicles, aircraft engines, catalysts, ceramics, and pigments.

Advantages:

• Cobalt alloys are strong and durable
• Cobalt alloys are resistant to wear
• Cobalt alloys can withstand extreme temperature
• Cobalt alloys are resistant to corrosion
• Cobalt alloys are biocompatible
• Cobalt alloys are thermally stable
• Cobalt alloys are machinable

Disadvantages:

• Cobalt alloys are expensive
• Cobalt mining can pollute water and soil, and destroy habitats
• Cobalt mining can lead to human rights abuses and unsafe working conditions
• Cobalt prices can fluctuate due to geopolitical factors and supply chain disruptions
• Cobalt can cause an asthma-like allergy, and repeated exposure to cobalt dust can cause lung scarring

Why Do We Use Cobalt?

Cobalt is used in many ways:

• Cobalt is a key component in rechargeable batteries for electric vehicles, smartphones, and laptops
• Cobalt is used to make magnets, including powerful magnets when combined with aluminum and nickel
• Cobalt magnets are used in aerospace and defense applications
• Cobalt is used to create the intense blue color known as “cobalt blue” in paints, glass, ceramics, and enamels
• Small amounts of cobalt blue are used to correct yellowish tints in glass
• Cobalt is used in super alloys for jet engines and gas turbine generators.
• Cobalt is used in catalysts for the petroleum and chemical industries.
• Cobalt is used in airbags in automobiles.
• Cobalt is used in diamond tools and cemented carbides.
• Cobalt is used in drying agents for paints, varnishes, and inks.
• Cobalt is a bio-essential element found in vitamin B12.
• A radioactive isotope of cobalt is used in radiation therapy to treat cancer

Everything You Need to Know About Cobalt Market Forecast (2024-30)

The report published by Markntel Advisors comprises, “Global Cobalt Market Research Report: By Application (Battery Chemicals, Super Alloys, Catalyst, Ceramics & Pigments, Binder Materials), By Form (Chemical Compound, Metal, Purchased Scrap), By End User (Electronics, Aerospace, Automotive, Chemical, Pharmaceutical, Others) Forecast (2024-2030)”, According to the report, the Global Cobalt Market size is estimated to grow at a CAGR of around 6.2% during the forecast period, i.e., 2024-30.

Major Market Players and Recent Updates: Strengthening the Industry Growth

Highlighting the recent update that demonstrates the further growth and market expansion:

• Glencore Plc announced a strategic partnership with Li-Cycle Holdings Corp in 2022, a lithium-ion battery recycler in North America to recycle battery raw material to produce battery-grade end products.
• CMOC Group, announced a strategic partnership with Contemporary Amperex Technology Co. Ltd in 2021, the area of new energy metals to develop copper and cobalt mines in DRC.

The major players fundamentally operating in the global cobalt industry are: Glencore Plc., Missouri Cobalt, Jinchuan Group International Ltd., CMOC Group, Eurasian Resources Group, Huayou Cobalt, Sumitomo Cobalt Mining, Cobalt Blue Holdings, Panoramic Resources Ltd., Sherritt International, Nornickel, Nickel 28 Capital Corp., Groupe Managem, Carter Alloy Company, and Others.

Something New About Growing Industry

The growing adoption of cobalt-based alloys for engines in the aerospace industry is expected to boost the exponential growth of the cobalt industry. Cobalt is widely employed in jet aircraft, such as in brakes and wheels, due to its stability at high temperatures, corrosion, and wear-and-tear resistance. The aviation industry is using cobalt to make parts that are frequently exposed to high concentrations of heat. Due to these factors, the aviation industry is widely deploying cobalt in aircraft.

Summary

The article comprises Global players in the cobalt industry, along with industry product information. This article details the prominent factors behind the surging demand for futuristic growth and new opportunities that facilitate market development. Market players such as Glencore Plc., Missouri Cobalt, Jinchuan Group International Ltd., CMOC Group, Eurasian Resources Group, Huayou Cobalt, Sumitomo Cobalt Mining, Cobalt Blue Holdings, and Other leading companies, facilitate revolutionizing the market and promoting a secure future for the cobalt industry.

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