Cobalt Market Size, Share, Growth & Forecast 2025-2034

The cobalt market plays a vital role in the energy and industrial materials ecosystem. With its critical applications in lithium-ion batteries, superalloys, and catalysts, cobalt has emerged as a key component in the clean energy transition. The rise in electric vehicles (EVs) and portable electronics has driven consistent demand for cobalt. In 2024, the global cobalt market recorded a volume of approximately 200.10 KMT. As the world accelerates toward electrification and sustainable technologies, cobalt is witnessing heightened interest from battery manufacturers, EV companies, and industrial chemical producers. This makes cobalt a cornerstone of the battery revolution and green technology infrastructure.

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Expert Market Research Reveals Soaring Demand in Cobalt Market

Driven by a surge in electric vehicle adoption and evolving battery technologies, the cobalt market is gearing up for a powerful transformation. Expert Market Research reveals that the cobalt market reached a volume of 200.10 KMT in 2024 and is anticipated to grow at a CAGR of 8.90%, hitting 469.38 KMT by 2034. This growth is no accident-manufacturers are doubling down on NMC battery production, where cobalt ensures energy density and performance. From powering next-gen EVs to supporting industrial tools and chemical processes, cobalt's future shines bright in the global shift toward sustainable innovation.

Cobalt Market Size

The cobalt market has grown substantially over recent years, reaching a volume of approximately 200.10 KMT in 2024. This growth reflects the increasing reliance on cobalt across multiple industries, especially in energy storage, electric vehicles (EVs), and electronics. A significant share of this demand stems from the battery sector, where cobalt is a critical component in lithium-ion batteries, particularly in Nickel Manganese Cobalt (NMC) chemistries. These batteries are widely used in electric cars, laptops, and mobile devices. Moreover, cobalt's applications extend to superalloys, pigments, magnets, and industrial catalysts, further broadening its demand base. Countries such as China, the United States, and Germany are key players driving global consumption due to their booming EV industries and electronics manufacturing. Additionally, the metal's durability, thermal stability, and energy density attributes make it indispensable in high-performance batteries. Industrial development in emerging economies is also creating fresh avenues for cobalt utilization. While mining output remains concentrated in a few countries, global trading, refining, and recycling markets are expanding steadily. This strong and diversified demand base has resulted in a solid foundation for continued market expansion, laying the groundwork for further growth in the upcoming years.

Cobalt Market Trends

The cobalt market is experiencing a wave of transformation, driven by shifting global energy dynamics and technological innovations. One of the most notable trends is the explosive demand for electric vehicles (EVs), which has propelled the use of cobalt in lithium-ion batteries. As governments impose stricter emission regulations and offer subsidies for EV adoption, automakers are scaling up production-directly increasing the demand for high-performance cobalt-based batteries. A parallel trend is the rise of cobalt recycling, particularly from spent EV batteries, which helps reduce dependence on mined cobalt and enhances supply chain sustainability. Battery recyclers are becoming major stakeholders in the cobalt value chain.

Another key trend is the diversification of sourcing and supply. While the Democratic Republic of the Congo remains the dominant cobalt producer, countries like Indonesia, Australia, and the U.S. are ramping up efforts to establish domestic cobalt mining and processing facilities. Furthermore, battery manufacturers are striving to reduce cobalt content in batteries due to ethical sourcing concerns and cost factors, leading to the development of cobalt-efficient or cobalt-free chemistries. However, due to cobalt's unique properties, complete substitution remains limited in high-performance applications. As a result, cobalt is expected to maintain a critical position in next-generation battery technologies.

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Cobalt Market Opportunities and Challenges

Opportunities:
Cobalt's critical function in EV batteries presents massive growth potential. With the global EV market expanding rapidly, cobalt consumption is projected to rise dramatically. Investments in cobalt recycling and second-life battery systems also present promising avenues for sustainable growth. Furthermore, growing demand in sectors like aerospace and defense for superalloys is opening new revenue streams.

Challenges:
Cobalt mining poses ethical and environmental concerns, particularly regarding artisanal mining in the Democratic Republic of the Congo. Price volatility and supply chain risks due to geopolitical tensions or regulatory changes can disrupt availability. Additionally, ongoing research in cobalt-free batteries might impact future demand, though not in the near term.

Cobalt Market Segmentation

Breakup by Application

Batteries
Alloys
Tool Materials
Catalysts
Pigments
Magnets
Soaps
Others

Breakup by Product

Cobalt Sulfate
Cobalt Oxide
Cobalt Metal
Others

Breakup by End-Use

Electric Vehicles
Other Batteries
Industrial Metals
Industrial Chemicals
Superalloys

Breakup by Region

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Cobalt Market Growth

The cobalt market is poised for significant expansion, underpinned by rapid global electrification and the accelerating transition to clean energy. Cobalt demand is primarily fueled by its vital role in rechargeable lithium-ion batteries, especially those used in electric vehicles (EVs), smartphones, and laptops. As governments around the world intensify their push toward carbon neutrality and green infrastructure, cobalt consumption is projected to surge. From a production volume of 200.10 KMT in 2024, the market is expected to nearly double by 2034, indicating robust growth across both developed and emerging economies.

The U.S., China, and the EU are investing heavily in domestic EV manufacturing, which in turn drives the need for stable and scalable cobalt supply chains. Moreover, the emergence of new battery technologies and second-life battery applications is broadening the market horizon. The industrial segment also contributes to this growth, with cobalt being used in superalloys, catalysts, and metal tools.

Strategic partnerships between automakers and mining companies are becoming more common, ensuring long-term supply security. In addition, technological advancements in battery performance-focusing on range, durability, and charging speed-are sustaining the relevance of cobalt. Collectively, these factors contribute to a fast-growing and evolving market landscape with high commercial potential.

Cobalt Market Forecast

The outlook for the cobalt market remains highly promising over the next decade. By 2034, the market is projected to reach a volume of approximately 469.38 KMT, growing at an impressive compound annual growth rate (CAGR) of 8.90% from 2025 to 2034. This forecast is largely driven by continued advancements in the electric vehicle (EV) industry, where cobalt-based batteries remain a core component for long-range and high-capacity performance. Countries like China, the United States, and those in Europe are expected to lead cobalt consumption as EV production scales dramatically.

In addition to the automotive industry, cobalt demand will remain strong in consumer electronics, aerospace, and industrial chemicals. As newer and more efficient battery designs are commercialized, cobalt will continue to be utilized for its thermal stability and energy density. While alternative chemistries such as LFP (Lithium Iron Phosphate) are gaining ground, cobalt remains irreplaceable in many high-energy applications.

Emerging economies in Asia-Pacific, Latin America, and Africa are forecast to contribute significantly to future growth, both as consumers and producers. Moreover, initiatives around cobalt recycling and ESG-compliant sourcing will play a central role in meeting future demand sustainably, while stabilizing market volatility and supply chain risks.

Cobalt Market Competitor Analysis

The cobalt market is highly competitive, with major mining and refining companies vying for supply control and technological advancement. Key players are vertically integrating to secure cobalt supply chains for battery production and ensure price stability. Companies are increasingly investing in responsible sourcing, ESG initiatives, and recycling capabilities to meet global sustainability standards and customer expectations.

Key Players:

Glencore plc: One of the world's largest cobalt producers with extensive mining operations in the Democratic Republic of the Congo.

Vale S.A.: Brazilian multinational mining company with significant cobalt extraction as a by-product of nickel mining operations.

Missouri Cobalt, LLC: Focuses on sustainable cobalt production within the United States, reducing reliance on overseas supply.

CMOC International: Major global producer engaged in cobalt extraction and refining from operations in Africa and Asia.

Eurasian Resources Group: Operates large-scale cobalt projects in Central Africa, supporting global EV supply chains.

Freeport-McMoRan: U.S.-based mining company with strategic cobalt assets contributing to domestic EV and electronics markets.

Umicore: Belgium-based company specializing in cobalt recycling and sustainable battery materials for the automotive industry.

Sumitomo Metal Mining Co., Ltd.: Japanese conglomerate with active participation in battery materials and cobalt refining sectors.

Norilsk Nickel: Russian mining giant producing cobalt as a by-product of nickel operations, vital to European and Asian markets.

Huayou Cobalt: Chinese leader in cobalt production and processing, supplying battery-grade materials to global manufacturers.

Jinchuan Group: Large Chinese mining company with diversified cobalt operations catering to electronics and battery manufacturers.

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