Cobalt Market report Challenges, Trends

The increased use of cobalt for metallurgical purposes, particularly in high-temperature alloys (superalloys), has significantly impacted market growth. Accordingly, the increased usage of cobalt in electric vehicles and the increasing demand for cobalt due to its recyclable nature is functioning as a significant influencer encouraging cobalt market expansion over the forecast period. The rapid expansion of lithium ion battery production, better energy density, cobalt's recyclability, and the strong presence of large construction businesses are all contributing to the cobalt market's growth.

The factors such as rapid urbanization and globalization as well as the rising disposable incomes, will further propel the growth rate of cobalt market. Additionally, the expansion of the end use industries are projected to bolster the market's growth.