Cobalt Market Growth Fueled by Rising EV Battery Demand, Energy Storage Expansion, and Advancements in Sustainable and Recycled Cobalt Sourcing

The Cobalt Market is witnessing robust growth driven by surging electric vehicle battery demand, energy storage expansion, and rising investment in sustainable and recycled cobalt sourcing.

Cobalt Market Size reached US$ 17.12 billion in 2024 and is expected to reach US$ 29.86 billion by 2032, growing with a CAGR of 7.20% during the forecast period 2025-2032.Cobalt Market is positioned for robust growth, and shifting market dynamics reshaping the competitive landscape. DataM Intelligence's new report provides data-driven insights, SWOT analysis, and marketing-ready intelligence for businesses seeking to improve market penetration and campaign ROI.

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Cobalt Market - Recent Key Developments (USA)
July 2025 - The U.S. Department of Energy (DOE) announced $120 million in funding for cobalt refining projects to strengthen domestic supply for EV battery manufacturing.
June 2025 - Jervois Global expanded cobalt refining operations at its Idaho Cobalt Operations (ICO) to meet rising demand from the electric vehicle sector.
May 2025 - Umicore USA partnered with U.S.-based battery recyclers to enhance cobalt recovery rates from end-of-life lithium-ion batteries.

Cobalt Market - Recent Key Developments (Japan)
July 2025 - Sumitomo Metal Mining Co., Ltd. started pilot production of sustainable cobalt sulfate using recycled battery materials to support Japan's EV supply chain.
June 2025 - Panasonic Energy partnered with a local Japanese mining technology firm to improve cobalt sourcing transparency for its EV battery manufacturing plants.
May 2025 - Mitsubishi Corporation invested in overseas cobalt mining projects to secure long-term supply for Japanese high-tech and automotive industries.

Cobalt Market Recent Key Developments

Strategic Players Driving the Cobalt Market Forward :

China Molybdenum Co., Ltd., Eurasian Resources Group, Freeport-McMoRan, Umicore, Glencore, Sumitomo Metal Mining Co., Ltd., Norilsk Nickel, Huayou Cobalt, Jinchuan Group, and Vale S.A.

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Segment Covered in the Cobalt Market:

By Product - Cobalt Sulfate, Cobalt Oxide, Cobalt Metal, Others

By End-user - Electric Vehicles, Batteries, Industrial Metals, Industrial Chemicals, Superalloys, Others

Regional Analysis for Cobalt Market:

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Most Frequently Asked Questions in the Cobalt Market Research Industry:

✒ What are the primary drivers fueling growth in the Cobalt Market today?
✒ Which companies are currently leading innovation and market share in the Cobalt Market?
✒ In what ways is the current regulatory environment influencing the Cobalt Market's trajectory?
✒ Which geographic regions are forecasted to experience the strongest growth in the Cobalt Market-and why?
✒ What are the key barriers or challenges that could limit the growth of the Cobalt Market?

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