The Africa Cobalt Market is dominating with 71% of the supply of the global cobalt market and is holding 3.6 million tons of reserves. North America cobalt market holds 285,000 tons of cobalt reserves, with Canada contributing 230,000 tons.
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In 2023, the cobalt world trade was valued at $4.83 Bn, with Democratic Republic of Congo (DRC) being the top exporter ($1.91 billion) and China the top importer ($2.13 billion). The Democratic Republic of Congo contributes around 69% of the worlds mined cobalt. The cobalt market demand from 2,900 tonnes in 1999 to over 70,000 tonnes in 2022, registering a CAGR of 15.6%, and the market is expected to grow at a steady pace in the forecast period.
Cobalt Market Segmentation
by Application
Battery Chemicals
Super alloys
Ceramics and pigments
Hard metals
Magnet
Binder Materials
Life Science
Others
by Form
Metal
Chemical compound
by End User
Alloys
Magnets
Hard Materials
Catalyst
Inks and Dyes
Batteries
Others
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Cobalt Market Key Players:
1. Glencore plc (Switzerland)
2. Umicore (Belgium)
3. Vale S.A. (Brazil)
4. Jinchuan Group Internation Resources Co. Ltd. (Hong Kong)
5. Huayou cobalt Co Ltd (China)
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