As a basic metal and a global bulk metal, copper metal is one of the main consumer metals in the world and is widely used in electrical, electronic, machinery manufacturing, construction, national defense and other industrial fields. Copper is the most widely used and used in the electrical and electronic industries, and the coils, wires, and cables of generators are all made of copper. Copper can be used to manufacture various bullets, guns, heat exchangers of aircraft and ships, and also used to manufacture bearings, pistons, switches, valves and high-pressure steam equipment, etc., and other thermal engineering, cooling devices, civil equipment, etc. are also widely used Copper and copper alloys are used.
Metal cobalt has ferromagnetism and ductility, as well as good electrochemical properties. Compared with other metal alloys, it has the characteristics of high temperature strength, good heat resistance, high hardness, and corrosion resistance. It is an important raw material for high-quality alloys, anti-corrosion alloys, magnetic alloys and various cobalt salts.
In 2019, the global market size of the cobalt industry exceeded 120,000 tons, and it is expected to be close to 200,000 tons by 2025. From 2016 to 2020, the global cobalt consumption increased by 56,900 tons, of which power batteries accounted for 48.9%, and 3C batteries accounted for 30.8%. With the recovery of smartphone shipments, the rapid development of new energy vehicles, and lithium battery technology gradually becoming the mainstream technology route of the energy storage industry, the lithium battery industry will further expand, and the overall industry shipments will increase significantly in the next 3-5 years , leading to a steady growth in the demand for cobalt metal.