Kenneth Research recently added a report on Research Report on and China’s Cobalt Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that, Europe is the second largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years. In the year 2018, out of the top 10 chemical producing countries in the world, two countries belonged to Europe that generated a sales revenue of 19.1% of the total sales revenue globally. Moreover, the sales of chemicals in Europe grew from 2017 by 2.8% in 2018.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Research Report on and China’s Cobalt Market Products.
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According to the European Chemical Industry Council, Europe is the second largest producer of chemicals in the world. Out of the top 10 chemical producing countries in the world, two countries belonged to Europe in 2018, generating sales revenue of 19.1% of the total sales revenue globally. In addition to this, the sales of chemicals in Europe grew from 2017 by 2.8% in 2018
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The industry chain of cobalt mainly includes cobalt ore mining and dressing (upstream), cobalt smelting and processing (midstream) and terminal utilization of cobalt (downstream). In the upstream, Congo (Kinshasa) accounts for nearly half of the global cobalt ore reserves and production; in the midstream, China contributes nearly half to global production capacity and production volume of cobalt salts, cobalt and cobalt powder; in the downstream, cobalt is applied in batteries, high-temperature alloys, cemented carbides, magnetic materials, etc.
By the end of 2018, global cobalt reserves totaled about 7 million tons, 3.30 million tons or 40% of which were in Congo (Kinshasa). Australia, Cuba. etc. accounted for 5% to 15% respectively while China only accounted for only about 1%. However, Chinese enterprises ranked the first in the world in terms of production volume.
In 2018, the global production volume of cobalt was about 145,000 tons, increasing by nearly 20% YOY. The production volume of cobalt in Congo (Kinshasa) was about 106,000 tons, increasing by over 40% YOY. Cobalt production expanded rapidly in Congo (Kinshasa) mainly because Glencore’s KCC project produced 11,000 tons of cobalt in 2018 after it resumed production and other major cobalt mines increased production in varying degrees. But as the cobalt produced by the KCC project in 2018 and 2019 contains excessive uranium, it cannot be put on the spot market at present. In 2018, the global production volume of refined cobalt reached 126,000 tons, increasing by about 9% YOY. In China, the production volume of refined cobalt exceeded 80,000 tons and the market demand exceeded 60,000 tons. Besides, cobalt demand also increased. However, global cobalt prices dropped sharply in 2018 because of oversupply.
In recent years, global cobalt production stay above 100,000 tons/year and cobalt demand is also small. Therefore, cobalt prices can be easily manipulated to soar or slump, which is different from copper, aluminum, lead, zinc and other bulk commodities.
According to CRI, cobalt is mostly used in battery materials. It is estimated that in 2018, more than 50% of global cobalt consumption was attributable to the materials for 3C batteries, energy storage batteries, power batteries for new energy vehicles and other batteries. In recent years, China is the world’s largest producer and seller of electric vehicles. In 2018, battery materials accounted for about 80% cobalt consumption in China.
If there is no major technological innovation, the cobalt demand from cemented carbides, high-temperature alloys and magnetic materials will remain stable in the next few years. And battery materials will be the largest growth driver for the cobalt demand from 2019 to 2023.
It is expected that li-ion batteries for electric vehicles will be the largest growth area for cobalt consumption in the battery sector. In recent years, the global production volume of electric vehicles has been growing fast at a growth rate far exceeding that of traditional vehicles. In 2018, the production volume of electric vehicles in China reached about 1.29 million units, increasing by 60% as compared to 2017. The demand for cobalt, an important raw material for electric vehicle batteries, will grow rapidly. Power batteries have taken up the largest proportion of the downstream applications of cobalt.
As global new energy vehicle industry is developing rapidly, the global cobalt demand will also continue to rise. It is expected that from 2019 to 2023, the global production volume of new energy vehicles will grow at a CAGR of over 30%, the cobalt demand from ternary materials will grow at a CAGR of over 50% and the demand for energy storage lithium batteries will grow at a CAGR of nearly 50%. Meanwhile, ternary batteries will see an increase in penetration rate and their demand for cobalt will grow at a CAGR of 100%. The cobalt demand from 3C batteries and industrial batteries will maintain a CAGR of 2% to 3%. Overall, the CAGR of global cobalt demand will stay around 10% from 2019 to 2023.
Topics covered:
– Development environment for the cobalt industry
– Supply of and demand for cobalt on global and Chinese markets
– Analysis on major downstream industries of cobalt
– Price trend of cobalt
– Major cobalt mining and smelting enterprises and downstream enterprises in China and the world
– Driving forces and market opportunities for the cobalt industry from 2019 to 2023
– Threats and challenges to the cobalt industry from 2019 to 2023
– Prospect of global and China’s cobalt industries from 2019 to 2023
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Research Report on and China’s Cobalt Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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