In this report, Technavio highlights the recyclability of cobalt as one of the key emerging trends driving the global cobalt market. Cobalt can be recycled from many applications where it is not used extensively. Countries such as the US have started recycling cobalt found in rechargeable batteries and using the same for various purposes. As rechargeable batteries primarily use cobalt, several companies have developed methods to extract cobalt from old rechargeable batteries to recycle the same. Pyrometallurgy is one such recycling process in which old batteries are heated at a high temperature to extract cobalt.
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In this report, Technavio analysts highlight the growth of the electric vehicle industry as a key factor contributing to the growth of the global cobalt market:
Growth of the electric vehicle industry
The battery segment covers a major share of the global cobalt market, especially lithium-ion batteries that power electric vehicles. Globally, the increasing awareness among consumers with respect to pollution and implementation of stringent emission and fuel efficiency norms are pushing the demand for electric vehicles. In the long run, countries such as China, India, Norway, France, and the UK plan to end the production and sale of diesel and gasoline cars. By 2040, the UK and France plan to ban sales of cars that are using gasoline and diesel. Norway has outlined a target, as per which all new passenger cars and vans sold in 2025 should be zero-emission vehicles. China is already the leader in the electric vehicles market and has the highest sales globally and could soon become the first country with an all-electric-vehicle ecosystem.
According to a senior analyst at Technavio for metals and minerals, “The global electric vehicle count has already reached two million, and it continues to grow. There has been a significant rise in electric vehicle registrations during 2005-2016. This would increase electric vehicle battery production, which, in turn, would push the demand for cobalt, thereby driving the global cobalt market.”
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Global cobalt market segmentation
This market research report segments the global cobalt market into the following applications, including batteries and electronics, super alloys, pigments, and hard materials and key regions, including the Americas, APAC, and EMEA.
Of the four major applications, the batteries and electronics segment held the largest market share in 2017, accounting for nearly 48% of the market. The market share for this application is expected to increase by 2022.
APAC was the leading region for the global cobalt market in 2017, accounting for a market share of nearly 66%. By 2022, APAC is expected to continue dominating the market and register the highest growth.
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