Although it has other uses as well, it is estimated that more than 41% of refined cobalt is used in batteries. The metal is mainly used in lithium-ion batteries and semiconductor chips that are used in electronic devices and vehicles. This is partly to do with the high demand of cobalt in China. However, most of the cobalt processing facilities are in China even though it only produces a fraction of the total Cobalt in the world.
Most of the mines where cobalt is found, sites of nickel and copper mining, are located in the Democratic Republic of Congo, China, Australia, Russia, Canada, and some other countries. The metal has to be processed before it can be made available in the market. Cobalt is a by-product of mining nickel and copper from the earth. The need for cobalt is driven by its use in several items critical to the world economy. Industry experts believe that the need for the hard and silvery metal could grow four times the current demand in the coming years. The market is further expected to grow at a compound annual growth rate of 9% between 20 to reach a volume of 193.77 kilo tons by 2026. According to a report by New York-based leading business intelligence firm Expert Market Research, the global cobalt market witnessed a demand of 115.54 kilo tons in 2020.
You can skip our detailed discussion of these stocks' relevance and go to 5 Best Cobalt Stocks To Buy For 2021.Ĭobalt is fast becoming one of the most sought-after commodities in the world. In this article, we reviewed the 10 best cobalt stocks to buy for 2021 and why most market research firms were bullish on cobalt stocks.
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