Transparency Market Research Reports incorporated a definite business overview and investigation inclines on "Cobalt Market". This report likewise incorporates more illumination about fundamental review of the business including definitions, requisitions and worldwide business sector industry structure.
Cobalt is a metal which
is found mostly in a combined form in the earths’ crust. Cobalt and its
derivatives has various application in super alloys, reusable energy storage
systems, wear resistant alloys, magnets, binder material, thermal spray
coatings, orthopedics, life sciences applications and others. Cobalt is mostly combined
with other metals and used in the alloy form. Cobalt based alloys exhibits high
oxidation resistance and high tolerance to thermal variations.
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Cobalt market is mainly
driven by increased demand of chemicals used in the rechargeable and recyclable
batteries. Another driving factor for the cobalt market is the use of super
alloys in light weight vehicles as alloys reduce the weight of the vehicle,
thereby improving efficiency. The growing demand for light weight vehicles is
increasing owing to the prevalence of stringent regulations to reduce CO2
emissions. Use of alloys in the aircraft engines is another factor fueling the
cobalt market. The cobalt market is experiencing challenges to meet the demand
due to low supply. The issues in the Democratic Republic of the Congo (DRC) are
majorly affecting the supply of the cobalt. The issues include government
banned export of the raw material, political and economical instability, power
and water shortages and others. Increasing supply-demand gap has resulted in
increasing the prices of cobalt. New applications in the various industrial
applications such as renewable energy, healthcare, catalysts and defense are
expected to open new opportunities for the growth of the cobalt market in the
near future.
China is the largest
consumer of the cobalt, with use of cobalt in the downstream industries such as
batteries, magnetic materials, hard alloys and others. The largest cobalt
producing country is Democratic Republic of the Congo (DRC) followed by Canada,
China, Australia, and Zambia. The demand from chemical batteries industry and
the automotive industry is driving the market in this region. The U.S. is the
second largest consumer of the refined cobalt with growing demand from various
industries.
Major players in the
global cobalt market include Glencore Xstrate plc, Huayou Cobalt,
Freeport-McMoran Copper & Gold, Umicore and Jinchuan among others.
This research report
analyzes this market depending on its market segments, major geographies, and
current market trends. Geographies analyzed under this research report
include
- North America
- Asia Pacific
- Europe
- Rest of the World
This report provides
comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming
years
This report is a
complete study of current trends in the market, industry growth drivers, and
restraints. It provides market projections for the coming years. It includes
analysis of recent developments in technology, Porter’s five force model
analysis and detailed profiles of top industry players. The report also
includes a review of micro and macro factors essential for the existing market
players and new entrants along with detailed value chain analysis.
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