The battery industry will become increasingly crucial for cobalt consumption as electric vehicle sales are expected to climb by 30% annually. To know about the Research Methodology :- Request Free Sample Report Cobalt Market Dynamics – In 2022, the DRC is estimated to contribute around 69 % of mined cobalt. The cobalt industry has been criticized for the high societal cost of upstream extraction, particularly in the Democratic Republic of Congo. The ranking of Cobalt in the Product Complexity Index is 875th. In 2022 the cobalt world trade was US $ 4.83 Bn in that top exporter is Democratic Republic of Congo holding the market of US $ 1.91 Bn and Top Importer were China (the US $ 2.13 Bn). 98 % of cobalt is a by-product of nickel. The Cobalt Market demand in 2022 of 125.93 Kilo tons and the Cobalt market is grow at CAGR 9%, and it is expected to reach 230.21 Kilo tons by 2029.Ĭobalt is metal that is used as a raw material for manufacturing Lithium-ion batteries, Cutting tools, magnetic materials, petrochemical catalysts etc.
