The global cobalt market is expected to anticipate a promising CAGR of USD 8.25% during the forecast period from 2018 to 2023. The production capacity of the market has grown considerably, and the market is expected to grow at a rate of 6.39% and result in a volume 153.4 KT by the end of the assessment period. Used extensively in high performance alloys, cobalt also has applications in the production of lithium-ion batteries and as a pigment among others. The growth of the market has been recorded with a starting value of USD 6200.4 Mn in 2017 and an expected estimate of USD 9921.4 Mn by the end of 2023.

Cobalt has a wide scope of application in the production of lithium-ion batteries which are in high demand at present. Li-ion batteries are in high demand in electric vehicles due to their various properties which include power density, cycling ability and ability to provide superior energy. As such, battery consumption is expected to account for well over 50% of the demand for cobalt. Li-ion batteries are highly useful in electric vehicles which have a swiftly growing market due to the sky-rocketing demand. The gradual shift to electric automotive vehicles due to rising adoption in China and Europe are likely to increase demand for cobalt. Many leading market players in the EV market are primarily using Li-ion batteries to power their product offerings, which is expected to result in high demand for cobalt. Another important use of cobalt is in high-performance alloys. Cobalt is magnetic, corrosion resistant, wear resistant, and can display these properties at high temperatures making it highly useful in alloys. Increased demand for cobalt-based superalloys for use in nuclear reactors, aerospace rotating parts, power generation, prosthetics, and chemical equipment among others is expected catapult market growth during the assessment period. Several industries where cobalt is used vitally, are growing significantly, for instance - power generation is witnessing high demand as consumption of energy increases.

Li-ion batteries are increasingly being used in EVs to avoid exploiting non-renewable resources. As a result, the mining of cobalt has increased, and the issues of increased cobalt mining have led to an increase in the cost of cobalt. Although a significant portion of global cobalt extraction is done in Africa, it is required to be transported to China for refining, thus increasing costs. Moreover, increased demand for cobalt has grown rapidly causing a supply-demand gap that is also affecting its price, thus restraining the market. However, the cobalt market continues to find new applications and is expected to witness growth due to these opportunities in the coming years. Cobalt has been found to be an essential part of synthetically produced vitamin B12, which also happens to be one of the most common deficiencies in human beings. Increasingly it has been used in the treatment of several diseases, including cancer. These increasing uses of cobalt in the healthcare sector are expected to offer new avenues for growth of the market during the forecast period.

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The global cobalt market is segmented on the basis of form, application, and region. Available in several forms, in the report, forms of cobalt have been segmented broadly into chemical compound, metal, and purchased scrap. The chemical compound segment accounted for the largest share of the market with over 55%. The segment is also expected to grow at the highest CAGR due to cobalt's increasing use in this form in lithium-ion batteries. Inorganic cobalt compounds are also used in pigments for various forms of ceramics. The metal segment accounts for the second largest segment during the forecast period.

Applications of cobalt can be found in battery chemicals, superalloy, ceramic pigments, hard metals, magnets, life science, binder materials, and others. Battery chemicals have a market share of nearly 47.06% and are expected to witness the highest growth of 7.02% during the forecast period from 2018 to 2023. Cobalt is increasing used in Li-ion batteries, thus driving the growth of this segment. Moreover, personal electronics are witnessing increasing demand which is expected to further increase the demand and use of cobalt in Li-ion batteries.

The Asia Pacific has a share of over 42.1% during the forecast period. A majority of the world's cobalt production is refined in China, which is the most significant country-level market across the globe. In 2016, around 44% of the global cobalt production was refined in China. Cobalt is also naturally found in the Philippines. A high concentration of leading market players in the region combined with the APAC regions establishment as a leading industrial hub is expected to help in retaining its leadership position.

Europe and North America follow the APAC market as the second and third largest regional markets respectively. North America is expected to grow at a CAGR of 7.95% during the forecast period with the U.S leading growth for the regional market. Meanwhile, Europe is slated to register a CAGR of 8.27% during the forecast period with countries such as Germany, Russia, UK, and Italy leading the market's growth.

Umicore, Glencore, Jinchuan Group International Resources Co. Ltd, Huayou Cobalt Co. Ltd., Freeport Cobalt, Sherritt International Corporation, BHP, Eramet, Vale, Votorantim Metals SA, and Sumitomo Corporation are the leading market players that have been included in the report.

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