Published
in Economy
In 2023, the cobalt ore market saw significant contributions from the Democratic Republic of the Congo, fueling global supply chains. Austria, Italy, and other countries also made notable contributions, though with smaller shares.
In 2023, the Democratic Republic of the Congo dominated the cobalt ore export market with a substantial 68.88% share. This emphasizes the country's crucial role in the global supply of cobalt, which is essential for battery production used in electric vehicles and electronics.
Austria emerges as the second-largest exporter of cobalt ore, albeit far behind the DRC, with 11.39%. Italy also makes its mark with a 6.09% share. These nations, though smaller in comparison, play vital roles in the European supply chain for high-tech industries.
Chinese Taipei contributes 5.65% to the cobalt ore market. This highlights the country's involvement in the broader Asian supply chain, driven by technological demands.
Beyond the leading exporters, countries like Germany, with a share of 1.78%, underscore the diverse global landscape of cobalt exports. A collective of smaller nations represents 'the rest,' each contributing less than 1% but collectively ensuring a stable supply beyond the major players.
Cobalt ore is essential in the manufacture of batteries, especially in the burgeoning electric vehicle industry. Its demand is driven by the need for sustainable and efficient energy storage solutions, making these export figures a telling indicator of industrial and technological trends globally.
Cobalt ore is primarily used in the production of batteries, which are crucial for electric vehicles and electronics.
The Democratic Republic of the Congo is the largest exporter, dominating the global market.
Cobalt is important due to its role in energy storage solutions, powering electric vehicles, and sustainable technologies.
