LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement intelligence advisory firm, has announced the release of their ‘Cobalt Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the chemicals industry. This report breaks down the data and analysis behind the procurement of cobalt and acts as an all-inclusive guide for making smart purchasing decisions.
“The increasing adoption of cobalt to manufacture rechargeable batteries and superalloys and the growth of end-user industries will drive the growth of cobalt market,” says SpendEdge procurement analyst Anil Seth. “Also, APAC is considered as the largest market with China showcasing a promising growth,” added Anil.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Cobalt Market:
- Emergence of primary cobalt mining
- Increasing number of strategic partnerships
- Growing use of cobalt in pollution control applications
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Emergence of primary cobalt mining
In the cobalt market, the suppliers are looking for new sources of cobalt, such as primary cobalt to adequately cater to the buyer-specific requirements. This helps the buyers gain easy availability of cobalt due to extraction.
Increasing number of strategic partnerships
Globally the suppliers are increasingly engaging in strategic partnerships to enhance their existing product and service portfolios. This enables the suppliers to achieve economies of scale, thereby increasing the cost-effectiveness of the product.
Growing use of cobalt in pollution control applications
In the recent years, cobalt has been extensively used in the desulfurization process, to further remove sulfur from natural gas. The increase in demand will help the suppliers increase profitability, thereby investing more on technological innovations.
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