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The new report by Expert Market Research titled, ‘Global Cobalt Market Size, Report and Forecast 2022-2027’, gives an in-depth analysis of the global cobalt market, assessing the market based on its segments like applications and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
• Historical Market Volume (2020): USD 115.54 Kilo Tons • Forecast CAGR (2021-2026): 9% • Forecast Market Volume (2026): USD 193.77 Kilo Tons
The increasing utilisation of cobalt as an essential constituent of materials which are used in high-tech industries, such as automotive, and aerospace and defence, among others, is driving the market. The growing demand for cobalt as a clean-energy metal in the production of lithium-ion batteries to manufacture electric vehicles is further boosting the market growth.
Over the forecast period, increasing application of cobalt in the healthcare industry as a tracer for cancer treatment and in the radiotherapy is anticipated to bolster the market growth. In terms of region, the Asia Pacific region accounts for a significant share in the market owing the robust production of electric vehicles in China, and Japan, among others.
Cobalt is a bluish-white chemical element which is used to manufacture heat-resistant and magnetic alloys. Cobalt has been used since the bronze age, mainly to impart rich blue colour to glass and ceramics. Cobalt is a hard, lustrous, ferromagnetic, and brittle material which plays an important role in the biochemical reactions that are essential for life. Moreover, it is obtained as a by-product from the mining of nickel and copper ores.
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On the basis of application, the market can be segmented into:
• Batteries • Alloys • Tool Materials • Catalysts • Pigments • Magnets • Soaps • Others
The regional markets for cobalt include:
• North America • Europe • Asia Pacific • Latin America • Middle East and Africa
The key trends in the cobalt market include the rising demand for rechargeable batteries in the consumer electronics industry owing to the increasing adoption of high-tech gadgets, increasing standards of living, and rapid urbanisation. The increasing sales of consumer electronics and batteries through the e-commerce industry is likely to bolster the demand for cobalt in the forecast period.
Furthermore, the growing R&D activities and increasing expenditure in the healthcare sector aimed towards treating cancer is anticipated to invigorate the market in the coming years. The market is likely to be aided by the increasing demand for orthopaedic and dental implants among the geriatric population. Hence, these developments are anticipated to spearhead the market in the forecast period.
The major players in the market are:
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Expert Market Research (EMR) is leading market research company with clients across the globe. Through comprehensive data collection and skillful analysis and interpretation of data, the company offers its clients extensive, latest, and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium scale enterprises.
EMR customises syndicated reports according to clients’ requirements and expectations. The company is active across over 15 prominent industry domains, including food and beverages, chemicals and materials, technology and media, consumer goods, packaging, agriculture, and pharmaceuticals, among others.
Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.
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