The Latest Cobalt Industry Statistics Explained
Over 70% of the world’s cobalt production comes from the Democratic Republic of Congo (DRC) –
The statistic “Over 70% of the world’s cobalt production comes from the Democratic Republic of Congo (DRC)” indicates that the DRC is a significant global producer of cobalt, a valuable metal widely used in batteries for laptops, electric vehicles, and smartphones. This high proportion of global cobalt production originating from the DRC highlights the country’s strategic importance in the cobalt market. However, this statistic also raises concerns about ethical mining practices and potential human rights abuses in the DRC’s cobalt mining industry, as the country has faced criticism for issues such as child labor, unsafe working conditions, and environmental degradation in its mining sector. Overall, this statistic underscores the DRC’s dominant role in cobalt production while also shining a light on the challenges and controversies associated with the industry in the country.
In 2019, the global cobalt production stood at 140,000 metric tons –
In 2019, the global cobalt production reached 140,000 metric tons, indicating the total amount of cobalt extracted worldwide during that year. Cobalt is a critical component in various industries, particularly in the production of rechargeable batteries used in electric vehicles and electronic devices. The statistic reflects the ongoing demand for cobalt due to the increasing adoption of clean energy technologies and electric vehicles. Understanding global cobalt production is important for assessing supply chain dynamics, market trends, and potential environmental impacts associated with its extraction and use.
The cobalt market is predicted to grow at a 12.4% CAGR to 2029 –
This statistic indicates that the cobalt market is expected to experience a Compound Annual Growth Rate (CAGR) of 12.4% until the year 2029. A CAGR is a measure of the annual growth rate over a specific period of time, in this case, from the present until 2029. A growth rate of 12.4% suggests a strong upward trend in the demand and value of cobalt within this timeframe. This prediction implies that the cobalt market is anticipated to expand significantly, likely driven by factors such as the increasing demand for cobalt in various industries like electronics, electric vehicles, and renewable energy technologies.
Russia and Australia jointly account for approximately 11% of global cobalt production –
The statistic that Russia and Australia jointly account for approximately 11% of global cobalt production indicates that these two countries are significant players in the cobalt mining industry. Cobalt is a critical element used in various industries such as batteries, electronics, and aerospace, making it a valuable commodity on the global market. Russia, known for its rich mineral resources, and Australia, with extensive mining operations, contribute significantly to the overall supply of cobalt worldwide. Their combined production share of 11% underscores their importance in meeting the global demand for cobalt, and any changes in their production levels could potentially impact the global cobalt market and related industries.
Cobalt consumption for batteries amounted to nearly 60% of total cobalt consumption in 2017 –
The statistic that cobalt consumption for batteries accounted for nearly 60% of total cobalt consumption in 2017 indicates the significant role of cobalt in the production of batteries during that year. This high percentage suggests that the demand for cobalt was largely driven by the growing battery market, likely due to the increasing adoption of electric vehicles and portable electronic devices. The data underscores the importance of cobalt as a crucial component in battery technology and highlights the potential impact of trends in the battery industry on overall cobalt consumption levels.
The global cobalt reserves as of 2020 were at 7 million metric tons –
The statistic “The global cobalt reserves as of 2020 were at 7 million metric tons” indicates that as of the year 2020, the total amount of cobalt known to be economically recoverable from the Earth’s crust was estimated to be 7 million metric tons. Cobalt is a critical element used in various industries, including electronics, electric vehicle batteries, and aerospace. This statistic provides insight into the available supply of cobalt for future use and highlights the importance of sustainable mining practices and exploring alternative sources of cobalt to meet the growing demand for this valuable resource.
Canada produced 3,700 metric tons of cobalt in 2019, placing it among the top 10 cobalt producing nations –
The statistic indicates that Canada played a significant role in the global production of cobalt in 2019 by producing 3,700 metric tons of the mineral. This production level positioned Canada within the top 10 cobalt producing nations worldwide, highlighting its importance in meeting the global demand for cobalt. Cobalt is a critical mineral used in various industries, particularly in the manufacturing of rechargeable batteries for electronic devices and electric vehicles. Canada’s substantial cobalt production underscores its contribution to the supply chain of this essential mineral and its role in supporting technological advancements and sustainable energy solutions on a global scale.
Approximately 40% of cobalt is used to manufacture rechargeable batteries –
The statistic that approximately 40% of cobalt is used to manufacture rechargeable batteries indicates a significant portion of the global cobalt supply is dedicated to the production of rechargeable batteries. Cobalt is a key component in the cathode of lithium-ion batteries, which are commonly used in devices such as smartphones, laptops, and electric vehicles. The growing demand for these products has led to an increased need for cobalt, with rechargeable batteries being a primary driver of this demand. As such, any shifts in the market for rechargeable batteries will likely have implications for the cobalt industry, highlighting the importance of this statistic for understanding the dynamics of both industries.
The cobalt industry’s market value was estimated at $4 billion globally in 2019 –
The statistic that the cobalt industry’s market value was estimated at $4 billion globally in 2019 indicates the total worth of cobalt production and sales within the industry during that year. This figure represents the value of all activities related to cobalt, including mining, processing, and distribution, across the world’s markets. The market value provides insight into the economic importance and scale of the cobalt industry, reflecting the demand for cobalt in various sectors such as electronics, batteries, and aerospace. Additionally, this statistic serves as a key indicator for stakeholders, investors, and policymakers to understand the industry’s size and potential impact on the global economy.
In 2019, cobalt mine supply amounted to 154kt Cobalt Sulphate –
The statistic ‘In 2019, cobalt mine supply amounted to 154kt cobalt sulphate’ means that in the year 2019, the total amount of cobalt extracted from mines worldwide and processed into cobalt sulphate was 154,000 metric tons. Cobalt sulphate is a common form of cobalt used in various applications, including batteries for electric vehicles and electronic devices. This statistic is important for understanding the global supply of cobalt, which is a critical component in the production of rechargeable batteries and plays a key role in the transition towards renewable energy sources and sustainable technology.
97% of the world’s cobalt is produced as a by-product of copper and nickel mining –
The statistic that 97% of the world’s cobalt is produced as a by-product of copper and nickel mining highlights the significant interrelation between these mining industries. Cobalt is a crucial component in various technologies, including rechargeable batteries used in electric vehicles and electronic devices. Given that cobalt is primarily obtained as a by-product of copper and nickel mining, it underscores the reliance on these primary metals for cobalt production. This statistic also suggests that the supply and availability of cobalt can be influenced by fluctuations in copper and nickel mining activities, potentially leading to supply chain concerns for industries that heavily rely on cobalt for their products.
As of 2020, China was the world’s leading consumer of cobalt, accounting for more than half of global consumption –
This statistic indicates that in the year 2020, China held a dominant position as the largest consumer of cobalt globally, with its consumption surpassing that of any other country. Cobalt is a crucial material used in various industries, particularly in the production of batteries for electric vehicles, electronics, and renewable energy technologies. China’s significant share of over half of the global cobalt consumption signifies its strong demand for these products and technologies. This reliance on cobalt highlights China’s key role in shaping the cobalt market and its position as a major player in the global supply chain for critical materials.
In 2018, the cobalt prices soared above $90,000 per metric ton, more than four times their value just two years prior –
The statistic that in 2018, cobalt prices surged to over $90,000 per metric ton, exceeding four times their value from just two years earlier, indicates a substantial and rapid increase in the price of cobalt. Such a dramatic price escalation is likely due to a combination of factors such as increasing demand for cobalt in electric vehicle batteries, supply constraints, and speculative trading. This significant price jump suggests a volatile cobalt market influenced by factors like geopolitical instability in key cobalt-producing regions, technological advancements, and shifting consumer preferences towards sustainable energy sources. Companies reliant on cobalt, particularly in the tech and automotive industries, may face challenges managing costs and supply chain disruptions amidst such sharp price fluctuations.
The cobalt industry is worth around $8 billion per year at current prices –
The statistic that the cobalt industry is worth around $8 billion per year at current prices signifies the economic value associated with the production and sale of cobalt on an annual basis. Cobalt is a key component in various industries such as electronics, electric vehicles, and aerospace, driving its high demand and market value. As a critical material for the development of technology and renewable energy, the substantial worth of the cobalt industry highlights its significance in modern manufacturing and innovation. This statistic provides insights into the economic impact of cobalt production and trade, shedding light on the scale and importance of this mineral in global markets.
Cobalt demand for electronic applications is expected to grow between 7% and 13% per annum from 2018-2023 –
This statistic indicates that there is a projected increase in the demand for cobalt specifically for electronic applications over the five-year period from 2018 to 2023. The growth rate is estimated to fall within the range of 7% to 13% per year during this timeframe. This data suggests a positive trend in the demand for cobalt, which is a critical component in various electronic devices such as smartphones, laptops, and electric vehicles. The growth rate range provided gives an indication of the expected level of expansion in the market for cobalt and highlights the significance of this mineral in the electronics industry.
The United States accounts for nearly 16% of global cobalt consumption but produces no cobalt of its own –
This statistic highlights the significant imbalance between cobalt consumption and production in the United States. Despite being a major consumer of cobalt, representing almost 16% of global consumption, the country relies entirely on imports as it produces no cobalt domestically. Cobalt is a crucial mineral used in various industries, including electronics, electric vehicles, and aerospace, due to its high energy density and thermal stability. The reliance on imported cobalt exposes the United States to potential supply chain vulnerabilities and geopolitical risks, especially considering that a large proportion of the world’s cobalt reserves are located in politically unstable regions. Addressing this imbalance through diversification of cobalt sources, increased recycling efforts, or developing domestic production capabilities could help mitigate risks associated with relying heavily on imported cobalt.
The global cobalt supply is expected to reach 220,000 tonnes by 2026, up from 141,100 tonnes in 2021 –
The statistic indicates that the global supply of cobalt is projected to increase to 220,000 tonnes by the year 2026, showing a significant growth from the 2021 supply level of 141,100 tonnes. This anticipated rise in cobalt supply suggests a growing demand for the metal, likely driven by its crucial role in electric vehicle batteries and other key industries. The expansion in cobalt supply could be influenced by factors such as increased exploration and production activities, advancements in mining technologies, and evolving market dynamics. This trend could have implications for the cobalt market, including potential shifts in prices, supply chain dynamics, and competition among producers to meet the rising demand for this essential resource.
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