![]() The chemical segment takes the lead in market share and is projected to experience the most rapid growth in the forecasted period. The cobalt market is expected to grow at a CAGR of approx. This would help to meet the growing demand for cobalt and stabilize the price of cobalt, resulting in market growth. These projects are located in countries such as Australia, the Democratic Republic of the Congo (DRC), and Morocco. Moreover, there are several new cobalt projects in development, which are expected to increase the supply of cobalt in the coming years. Owing to the benefits provided by the cobalt and the wide applications it serves, the cobalt market has been growing in the past few years. It is a member of group VIII of the periodic table.Ĭobalt is an important raw material for the production of battery materials, superalloys, high-temperature alloys, cutting tools, magnetic materials, petrochemical catalysts, pharmaceuticals, and glaze materials. Cobalt is a hard ferromagnetic, silver-white, hard, lustrous, brittle element. Whereas, The cobalt market demand is projected to rise to 267.33 kilotonnes by 2028. The global cobalt market mined supply stood at 205.30 kilotonnes in 2022. The market value is expected to reach US$17.68 billion by 2028. The global cobalt market was valued at US$9.48 billion in 2022. 13, 2023 (GLOBE NEWSWIRE) - The "Global Cobalt Market: Analysis By Form (Chemical and Metal), By Mined Supply, By Refined Supply, By Type (Primary and Secondary), By Demand, By Application (Batteries and Non-Batteries), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to 's offering. Cobalt is stable in the air and unaffected by water, but dilute acids attack it slowly.Dublin, Oct. Cobalt-60, a radioactive isotope, is used in medical treatment and to irradiate food. Magnets and magnetic recording media also contain them. Cobalt is used to make parts for aircraft engines, gas turbines, high-speed steels, corrosion-resistant alloys, and cemented carbides. The majority of the cobalt on Earth is found in its core. Cobalt constitutes only 0.001% of the Earth’s crust. The free element is a hard, lustrous silver-grey metal produced by reductive smelting. It could also enter another environment via wind-blown dust or rainwater washing down cobalt-containing soil and rock. ![]() Cobalt can be found in plants and animals, as well as in air, water, soil, and rocks. Its physical properties are similar to those of iron and nickel. The periodic table group VIII includes the element cobalt. Read More: Types of Resources What is Cobalt? ![]() The extracted ore is then processed to extract the cobalt metal. Cobalt Ore is typically mined in countries such as the Democratic Republic of the Congo, Zambia, Canada, Russia, and Australia. Some of the most common cobalt ores include Cobaltite (CoAsS), Skutterudite (CoAs3) etc. It is air-stable and does not react with water. UPPSC RO ARO Previous Year Question PapersĬobalt Ore is a hard ferromagnetic element that is silver-white, lustrous, and brittle.UPSC Geo Scientist Eligibility Criteria.UPSC EPFO Previous Year Question Papers.
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