Cobalt Market to Grow at 9.19% CAGR to 2019 Driven by Mining Projects

PUNE, India, December 22, 2015 /PRNewswire/ --

The cobalt market is expected to witness certain key trends that will increase the growth of the market including rise in capacity expansions and mining projects as well as potential mining projects that could produce supplementary cobalt raw materials.

Complete report on cobalt market spread across 85 pages, analyzing 6 major companies and providing 51 data exhibits is now available at http://www.reportsnreports.com/reports/447844-global-cobalt-market-2015-2019.html.

The analysts forecast global cobalt market to grow at a CAGR of 9.19% over the period 2014-2019. According to the report, the boom in reusable energy storage systems is one of the major drivers contributing to the growth of the global cobalt market. Flourishing demand for rechargeable batteries in electronic devices, such as mobile phones, laptops, computers, tablets, and portable devices, is driving demand for cobalt in the market.

Segmentation by application and analysis of the cobalt market: Battery chemicals, Super alloys, Hard metals, Catalysts and Ceramics/pigments. The battery chemicals sector accounted for 41% of the market share during 2014 for cobalt consumption. The report predicts this sector to grow at a rate of 10% during the forecast period. The increased demand for cell phones, laptops, electric cars, and large-format rechargeable batteries is driving the market growth in this sector. Cobalt when added to nickel-metal hydride batteries and lithium-ion batteries, helps in tackling problems such as reduced life cycle, corrosion, and battery explosions by making them more efficient and stable.

Segmentation by end use and analysis of the cobalt market: Clean air, Renewable energy, Defence, Lifestyle and Health. Cobalt is used in the desulfurization process to remove sulfur from natural gas, flue gas, coal, and oil to prevent contamination in the clean air segment. It is also used as a catalyst in gas-to-liquid and coal-to-liquid technology as it results in reduced production costs as well as low carbon dioxide emissions from fuels. Order a copy of Global Cobalt Market 2015 - 2019 report @ http://www.reportsnreports.com/purchase.aspx?name=447844.

Geographical segmentation and analysis of the cobalt market: APAC, Eastern Europe, Latin America, North America, MEA and Western Europe. APAC accounted for the largest consumption share of around 43% during 2014. The increased demand for cobalt from the battery chemicals and super alloys sector in China is driving the market growth in this region. China and Japan are the major consumers of cobalt in APAC.

The global cobalt market is highly fragmented with numerous small and large vendors. The market is extremely competitive and dominated by large global vendors who have vast geographical presence, with production facilities located worldwide. The key players in the global cobalt market are Freeport-McMoran Copper and Gold, Glencore Xstrata, Huayou Cobalt, Nippon Steel and Sumitomo Metal, Sherritt International and Umicore. Other Prominent Vendors in the market are: Ambatovy, BHP Billiton, Chambishi Metals, Eramet, Formation Metals, Gécamines, GEM, Jiangsu Cobalt Nickel Metal, Katanga Mining, Minara, Mopani Copper, Norilsk, OMG, Open Joint Stock Company Mining and Metallurgical Company Norilsk Nickel, QNPL, Rubamin, Vale, Votorantim Metais, and Zhejiang Huayou Cobalt.

Further, the report states that one of the major challenges is the dominance of the DRC and Zambia, which don't have adequate support technologies or complementary assets, such as sophisticated ports and road transportation.

Other related report available with ReportsnReports.com is Superalloys Market 2015-2019 that predicts the superalloys market to grow at a CAGR of around 9% during the forecast period. The increasing demand for superalloys in the aerospace, automotive, and industrial component sectors is driving the growth of this market. For instance, nickel alloy is the most commonly used alloy in the aerospace industry as it is resistant to extremely high temperatures and physical stress, which helps in surface stability. They are also utilized in the manufacture of turbine blades and gas turbine engines as it has high-temperature strength, toughness, and is resistant to degradation in oxidizing and corrosive environments. The leading vendors in the market are ATI, CM Group, Haynes International and Special Metals. Read more at http://www.reportsnreports.com/reports/435896-superalloys-market-2015-2019.html .

Explore more reports on advanced materials market at http://www.reportsnreports.com/market-research/advanced-material/ .

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