Global Electrolytic Cobalt Market by Forms, Product Types, Applications, End-users, and Regions — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026
The global electrolytic cobalt market is expected to reach USD 11.8 billion by 2026, expanding at a CAGR of around 8 % during the forecast period, 2020–2026. The growth of the market is attributed to increasing use of the element into rechargeable batteries.
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Cobalt is a chemical element found only in earth’s crust under chemical combined form. It is a hard and shines having a silver-gray color produced by reductive smelting. It is used for electroplating due to its attractive appearance, hardness and resistance to oxidization and can also be used for porcelain enamels as a base primer coat. Electrolytic cobalt is produced from cobalt ore by roasting the ore, extracting the arsenates and cobalt and then electrodepositing metallic cobalt in a cyclic operation to neutralize the acid electrolyte.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing use of rechargeable batteries in automotive and industrial sectors is driving the growth of the market.
- Growing use of the products in metallurgical creations in high temperature alloys is fueling the growth of the market.
- Rising use of metal in aerospace industries for turbines and production of drilling tools in construction industry is driving the growth of the market.
- Stronger wear resistance while casting and forging process while producing heavy metals instruments. This in turn is fueling the growth of the market.
- Emergence of electric vehicles and long-lasting portable batteries for operating machinery or manufacturing invertor are expected to foster the growth of the market in forecasted period.
Competitive Landscape:
Major companies in global electrolytic cobalt market includes Sumitomo Metal Mining Co Ltd, Nornickel, OM Group, Cometal Engineering, Freeport Cobalt Oy, Nanjing Hanrui Cobalt Co. Ltd, and Umicore N.V. The market players are involved in developing breakthrough metals and solution for various industrial purposes to gain traction in global marketplace. The companies are engaging in strategic acquisitions such as product launches, R&D, agreements, and collaborations to gain market share.
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The global electrolytic cobalt market has been segmented on the following basis
Forms
- Chemical Compound
- Metal
- Purchased Scrap
Product Types
- More than 99.8%
- More than 99.9%
Applications
- Battery Chemicals
- Super Alloy
- Ceramic & Pigments
- Hard Metals
- Magnets
- Life Science
- Binder Material
- Others
End-users
- Aerospace Industry
- Power Generators
- Chemical Industry
Regions
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- Latin America
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Table of Contents
- Executive Summary
- Assumptions and Acronyms Used
- Research Methodology
- Electrolytic Cobalt Market Overview
- Global Electrolytic Cobalt Market Analysis and Forecast by Type
- Global Electrolytic Cobalt Market Analysis and Forecast by Application
- Global Electrolytic Cobalt Market Analysis and Forecast by Sales Channel
- Global Electrolytic Cobalt Market Analysis and Forecast by Region
- North America Electrolytic Cobalt Market Analysis and Forecast
- Latin America Electrolytic Cobalt Market Analysis and Forecast
- Europe Electrolytic Cobalt Market Analysis and Forecast
- Asia Pacific Electrolytic Cobalt Market Analysis and Forecast
- Middle East & Africa Electrolytic Cobalt Market Analysis and Forecast
- Competition Landscape
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