Cobalt Market Size to Grow from 149.61 to 298.11 Kilo Tons by 2032

► Cobalt Market Set to Double by 2032, Driven by EV Boom and Strategic Investments
The global cobalt market is on a robust growth trajectory, projected to expand from 149.61 kilotons in 2024 to 298.11 kilotons by 2032, registering a Compound Annual Growth Rate (CAGR) of 9% . This surge is primarily fueled by escalating demand in electric vehicles (EVs), energy storage solutions, and high-performance alloys.

The market's valuation is anticipated to reach USD 25.91 billion by 2030, growing at a CAGR of 6.7% . Notably, the Asia Pacific region dominates consumption, accounting for 78.9% of the global market in 2022, with expectations to reach USD 21,131.4 million by 2030 .

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► Competitive Landscape: Key Players and Market Dynamics
The cobalt market is characterized by the presence of major players such as Glencore plc, Umicore, Vale S.A., Freeport-McMoRan Inc., and BHP Group Limited. These companies are pivotal in shaping market dynamics through strategic initiatives and investments. For instance, Glencore has engaged in preliminary talks about selling its copper and cobalt mines in the Democratic Republic of Congo, marking a potential strategic shift for the company .

► Regional Insights
• Growth Opportunities in the United States
The United States is witnessing significant growth in the cobalt market, driven by the increasing adoption of electric vehicles and advancements in renewable energy technologies. The U.S. government's interest in securing critical minerals has led to discussions about potential partnerships with the Democratic Republic of Congo, a major cobalt-producing nation .

Notably, Jervois Global's Idaho Cobalt Operations, the only active cobalt mine in the U.S., reopened in October 2022. However, construction ceased just five months later due to low cobalt prices, though operations may resume if market conditions improve .

• Opportunity Trends in Asia Pacific
Asia Pacific stands as the largest consumer of cobalt, accounting for 78.9% of the global market in 2022, with expectations to reach USD 21,131.4 million by 2030 . This dominance is attributed to the region's burgeoning electronics and EV industries, particularly in China and Japan.

Zhejiang Huayou Cobalt Co., Ltd., a major Chinese manufacturer, has expanded its operations across Africa, Southeast Asia, and Europe, establishing a vertically integrated supply chain for the global EV battery industry .

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• Consolidation and Updation in the Middle East and Africa
The Middle East and Africa (MEA) region, while currently holding a smaller share of the cobalt market, is experiencing developments that could enhance its position. The region's market is projected to grow from USD 0.2 billion in 2024 to USD 0.5 billion by 2035, reflecting developing infrastructure and demand dynamics .

In the Democratic Republic of Congo, Glencore has engaged in preliminary talks about selling its copper and cobalt mines, indicating potential consolidation in the region's mining sector .

• Trends and Growth in Europe
Europe is experiencing increased demand for cobalt, propelled by the rapid adoption of EVs and advancements in renewable energy infrastructures. The region's market is projected to grow from USD 2.5 billion in 2024 to USD 6.0 billion by 2035 .

In February 2023, Eurasian Resources Group announced an investment of USD 1.8 billion to double its output of African copper and cobalt processed at a mine near Lubumbashi, Democratic Republic of Congo, indicating a high demand and growing competitive rivalry .

► Recent Developments and Strategic Moves
Cobalt Holdings, a cobalt trading company, announced plans to raise £174 million ($230 million) through a stock market flotation in London, betting on long-term demand for EV batteries. Glencore will invest $24 million for a 10% stake in the company .

The Democratic Republic of Congo imposed a four-month export ban starting in February 2025 to reduce a cobalt glut, which had pushed prices to a nine-year low. Prices have since rebounded by 60% to $16 per pound .

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► Market Segmentation: In-Depth Analysis:

• by Application

Battery Chemicals
Super alloys
Ceramics and pigments
Hard metals
Magnet
Binder Materials
Life Science
Others

• by Form

Metal
Chemical compound

• by End User

Alloys
Magnets
Hard Materials
Catalyst
Inks and Dyes
Batteries
Others

For deeper market insights, peruse the summary of the research report:https://www.maximizemarketresearch.com/market-report/global-cobalt-market/83884/

► Learn about the top players driving innovation in the Market :

1. Glencore plc (Switzerland)
2. Umicore (Belgium)
3. Vale S.A. (Brazil)
4. Jinchuan Group Internation Resources Co. Ltd. (Hong Kong)
5. Huayou cobalt Co Ltd (China)
6. Freeport cobalt (Finland)
7. Sherrit International Corporation (Canada)
8. BHP (Australia)
9. Eramet (France)
10. Votorantim Metals SA (Brazil)
11. Sumitomo Corporation (Japan)
12. CMOC International
13. Missouri Cobalt, LLC
14. China Molybdenum Co., Ltd.
15. Norilsk Nickel
16. GEM Co., Ltd.
17. Yantai Cash Industrial Co Ltd.
18. Horizonte Minerals
19. Jervois Mining
20. FLEURETTE PROPERTIES LIMITED

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