COBALT : A STRATEGIC METAL
Cobalt is a vital metal known for its high strength, heat resistance, and ability to enhance energy storage systems. Its unique properties make it an essential component in several high-tech and industrial applications.
Applications of Cobalt
- Batteries: Cobalt is a critical element in lithium-ion batteries, used in electric vehicles (EVs), smartphones, and laptops, due to its ability to improve energy density and stability.
- Aerospace: It is used in high-performance alloys for jet engines and turbines because of its resistance to heat and corrosion.
- Healthcare: Cobalt plays a role in medical applications such as prosthetics and radiotherapy devices.
- Electronics: Essential in magnets, semiconductors, and other advanced electronic components.
Market Perspectives
The demand for cobalt is rapidly increasing due to its integral role in emerging technologies:
Applications of Cobalt
- Electric Vehicles: The transition to EVs is a primary driver of cobalt demand, as most EV batteries rely on cobalt to enhance efficiency and lifespan.
- Renewable Energy: Cobalt is critical in energy storage systems, supporting the expansion of renewable energy technologies.
- Supply Chain Challenges: With a significant portion of global cobalt production concentrated in the Democratic Republic of the Congo (DRC), supply stability and ethical sourcing remain key concerns.
- Electronics: Essential in magnets, semiconductors, and other advanced electronic components.
Cobalt’s market is expected to grow substantially as the world moves toward decarbonization and electrification. However, supply chain constraints and sustainability challenges may impact prices, making ethical and efficient sourcing increasingly important.