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1.Tungsten carbide majorly use cobalt as binder
 
Tungsten carbide is harder than titanium and only diamond can scratch tungsten carbide. In Mohs scale of mineral hardness, its score is 9 and that of titanium is 6.
It can be molded into many shapes, can be sharpened with precision, and can be melded with or grafted to other metals.
Cobalt acts as an adhesive in tungsten carbide products, including wire drawing dies, cold heading die, balls, buttons, plate, rods, inserts and so on.

2. Cobalt is an important material for the positive electrode of Lithium-ion battery

Lithium-ion battery is a rechargeable battery, it mainly relies on lithium ions moving between the positive and negative electrodes to work. Lithium-ion battery uses an embedded lithium compound as an electrode material, currently used as a positive electrode material for lithium-ion batteries are: Lithium cobalt oxide (LiCoO2), Lithium manganese oxide (LiMn2O4), Lithium nickelate oxide (LiNiO2) and Lithium iron phosphate oxide (LiFePO4), so Cobalt is a key raw material for the production of Lithium-ion batteries.

3. The rising of electric vehicles, result in the demand for cobalt rising

Coz of the demand for environmental protection, the demand for electric vehicles has exploded, in addition to driving the demand for Lithium-ion batteries, it has also raised the price of cobalt. A quarter of the world’s cobalt production is used to make cell phone batteries and the amount of cobalt required for an electric car battery is about 1000 times that of a mobile phone battery. The demand for cobalt will increase year by year in the coming years.

4. Cobalt is in short supplying, then the rise in cobalt prices affects the price of tungsten carbide

Whether it is a mobile phone battery or an electric vehicle battery, it requires a lot of cobalt. Cobalt is in short supply, so the pricing of cobalt has raised a lot. Because tungsten carbide production uses many cobalt, the price of tungsten carbide has increased a lot accordingly.

5. Major market of tungsten carbide

Asia-Pacific represents the largest regional market for the global tungsten carbide market. There is demand for tungsten carbide in the market as a result of the growing demand for automotive, construction and metalworking industries, in countries like China, India, and Japan.
 
Reference material:
 
https://en.wikipedia.org/wiki/Tungsten_carbide
https://tradingeconomics.com/commodity/cobalt