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.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers
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.”
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
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.
Technavio supports Health for All campaign on this World Health Day with 20% savings on all reports in the Health and Wellness category for the entire month.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.