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Cobalt is a metallic element that is primarily used in the production of alloy steels and in making magnets. It also makes an important contribution to the chemistry of the electric vehicle battery sector.
Known as a transition metal, cobalt was first discovered in 1735 by Swedish chemist Georg Brandt. It is chemically similar to iron and nickel, although it is less reactive than those two metals.
Its primary ores are cobaltite, erythrite, and glaucodot. It can be extracted from its placer mineral ores through a series of methods, including smelting, roasting, and leaching.
A vital trace element, cobalt is found in a wide range of plants and animals. It is an essential component of Vitamin B12, which is necessary in the formation of red blood cells and in maintaining a healthy metabolism.
In addition to its many industrial applications, cobalt is the principal raw material for the production of blue pigments and salts. In particular, it is the key ingredient in Sevre’s and Thenard’s blue.
Because of its important role in the manufacturing of EV batteries, cobalt is set to see a significant increase in demand as we enter 2022. This, alongside a growing global trend of reducing carbon emissions, will drive the cobalt market into robust growth.
The future of the cobalt market looks bright, with trading experts predicting that it will account for more than 45% of global demand by 2025. This is in stark contrast to the current situation in which EV batteries currently comprise only about 27% of global demand.