Superalloy Applications to Drive Growth in Cobalt Market

Cleveland, OH, May 31, 2023 — US demand for cobalt is forecast to advance 3.0% per year in volume terms through 2027, according to Cobalt: United States, a report recently released by Freedonia Focus Reports. Advances will be driven by growth in cobalt’s superalloy applications. However, in many applications, price volatility and closely related supply constraints will continue to disincentivize cobalt use, preventing further gains. Ongoing developments in end-use applications yielding materials and manufacturing processes requiring less or no cobalt content will weigh on demand.

Demand for cobalt is expected to grow 5.4% in 2023, fueled by gains in the metal and purchased scrap segments, while further gains will be prevented by losses in the chemical compounds segment. Growth will be supported by expanding superalloy production. In addition, gains will reflect nascent demand being fulfilled by increasing supply from domestic recycling facilities as well as from the Mutanda mine in the Democratic Republic of the Congo, which resumed operations in late 2021 after being idled in 2019.

These and other key insights are featured in Cobalt: United States. This report forecasts to 2023 and 2027 US cobalt demand in metric tons of cobalt content. Total demand is segmented by form in terms of:

• metal
• chemical compounds
• purchased scrap

Total demand is also segmented by application as follows:

• superalloys
• chemicals and ceramics
• cemented carbides
• other applications such as alloys, steels, and electronic components

To illustrate historical trends, total demand, the various segments, and trade are provided in annual series from 2012 to 2022.

Included in the scope of this report are:

• cobalt ores and concentrates
• cobalt oxides and hydroxides
• commercial cobalt oxides
• cobalt chloride
• cobalt sulfate
• cobalt carbonates
• cobalt acetates
• unwrought cobalt, cobalt alloys, and powders
• cobalt mattes
• intermediate products of cobalt metallurgy
• cobalt waste and scrap
• wrought cobalt and related articles

Excluded from this report are complex cobalt chemistries, such as those commonly found in lithium-ion batteries. Re-exports of cobalt are excluded from demand and trade figures.

About Freedonia Focus Reports

Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Metal, Minerals, & Glass reports can be purchased at Freedonia Focus Reports. 

Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:

• total historical market size and industry output
• segmentation by products and markets
• identification of market drivers, constraints, and key indicators
• segment-by-segment outlook in five-year forecasts
• a survey of the supply base
• suggested resources for further study