#Cobalt #Market #Size #projected #reach #USD #Billion
New York, United States, Oct. 18, 2022 (GLOBE NEWSWIRE) — While the traditional use of cobalt extends to date in providing a brilliant blue color to ceramics, glassware, and inks, newer applications have evolved to take center stage. For instance, cobalt superalloys are extensively used in gas turbines, where high-temperature resistance and resistance to corrosion are crucial. Cobalt is also a key contributor to the development of a greener society as it acts as a catalyst in desulphurization reactions for clean fuels and gas-to-liquid technology. It is also required in industrial processes such as the creation of recyclable plastics.
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The Global Rush to Electric Mobility
The Democratic Republic of Congo has the largest cobalt reserves in the world and exports raw materials to China for further use. China is the largest global consumer of lithium and has invested USD 4,200 million in lithium deals in South America alone. The country enjoys foreign investments in the automobile sector from the European region and buys electric battery and vehicle manufacturing companies in Japan, South Korea, and Europe. China’s rush to become the global supplier of rechargeable batteries is expected to drive the cobalt market.
Report Scope
| Report Metric | Details |
| Market Size | USD 19.45 Billion by 2030 |
| CAGR | 9.3% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, End-User, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | BHP, China Molybdenum Co., Ltd, Eramet , Eurasian Resources Group , Fleurette Properties Limited , Freeport Cobalt , Gecamines , Glencore plc , Huayou Cobalt… |
Read on GNW: Cobalt Market Size is projected to reach USD 19.47 Billion
