South Korea Cobalt Market Outlook
According to the report by Expert Market Research (EMR), the South Korea cobalt market price reached a volume of 13.70 KMT in 2023. Aided by the intensification of the country’s involvement in the cobalt sector, the market is projected to further grow at a CAGR of 11.4% between 2024 and 2032 to reach a value of 39.70 KMT by 2032.
Cobalt, known for its durability and heat-resistant properties, is indispensable in the manufacturing of lithium-ion batteries, a cornerstone of the EV revolution and the shift towards greener energy storage solutions. South Korea’s proactive stance in securing cobalt resources reflects its commitment to maintaining a leadership position in the global technology and automotive sectors.
The South Korea cobalt market growth is augmented by several factors. Foremost is the country’s ambition to be a global leader in the EV market and renewable energy technologies. This ambition necessitates an uninterrupted supply of cobalt to support the production of high-quality batteries, a competitive edge in the international arena.
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Technological advancement and innovation within South Korea’s industrial sector further amplify the demand for cobalt. The country’s leading conglomerates, including LG Chem, Samsung SDI, and SK Innovation, are at the forefront of battery technology, necessitating substantial cobalt inputs to fuel their research, development, and production capacities.
According to the South Korea cobalt market analysis, geopolitical considerations and supply chain security have prompted South Korea to diversify its cobalt sources. With the majority of global cobalt reserves located in politically volatile regions, notably the Democratic Republic of Congo, South Korea has been keen to establish stable and ethical supply lines, investing in overseas mining projects and forging strategic partnerships.
South Korea’s cobalt strategy is multifaceted, encompassing direct investment in cobalt mining operations, long-term supply agreements, and initiatives aimed at recycling and reducing cobalt content in batteries without compromising performance. These efforts are designed to mitigate the risks associated with cobalt’s volatile pricing and ethical sourcing concerns.
The global South Korea cobalt market outlook is being influenced by its concentration in specific regions, with the Democratic Republic of Congo (DRC) accounting for a significant portion of worldwide production. South Korea’s approach has been to engage in direct investment and partnerships in the DRC while also exploring alternative sources in countries like Australia, Canada, and Indonesia to diversify its cobalt supply.
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Looking ahead, South Korea’s cobalt strategy is set to evolve in line with technological advancements and the global push for sustainability. Innovations in battery technology, including the development of cobalt-free or low-cobalt battery chemistries, could significantly impact demand dynamics. Additionally, South Korea’s investment in cobalt recycling technologies and alternative energy storage solutions underscores its holistic approach to securing its technological and environmental future.
South Korea Cobalt Market Segmentation
The market can be divided based on form and application.
Market Breakup by Form
- Metal
- Chemical Compound
- Purchased Scrap
Market Breakup by Application
- Alloys
- Batteries
- Catalysts
- Tool Materials
- Magnets
- Ceramic and Pigments
- Others
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the South Korea cobalt market. Some of the major players explored in the report by Expert Market Research are as follows:
- Glencore plc
- Umicore SA
- NICHIA Corporation
- COSMO Chemical Co., Ltd.
- Ecopro Materials Co., Ltd.
- SungEel HiTech Co. Ltd.
- Korea Zinc Company, ltd
- Others
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