United States Cobalt Market Boosted by Battery Demand & Clean Energy Growth | Major Players: China Molybdenum Co., Ltd., Eurasian Resources Group, Freeport-McMoRan, Umicore, Glencore

Global 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.

The Cobalt market analysis by DataM Intelligence delivers authoritative insights into the sector's growth, offering geographic coverage, demand outlook, and strategic trends that highlight both regional dominance and emerging opportunities. Beyond a surface-level overview, the research explores underlying drivers, breakthrough innovations, and market dynamics that could transform the Cobalt industry during the forecast period. Backed by in-depth data and expert evaluation, this study empowers stakeholders with reliable, actionable intelligence to navigate challenges, capture growth opportunities, and make informed decisions in a competitive global landscape. Will the Cobalt market emerge as the sector's next major growth frontier? The projections reveal the answer.

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DataM Intelligence profiles some of the most reputed organizations present in the Cobalt market. They are as follows: 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.

Cobalt Market Dynamics:

Growth Driver in Cobalt Market: Rising demand from electric vehicle (EV) batteries and renewable energy storage systems is driving cobalt consumption globally.

Restraints in Cobalt Market: Supply is highly concentrated in a few countries, with price volatility and ethical sourcing concerns limiting stability.

Cobalt Market Opportunities: Development of recycling technologies and investment in alternative sources provide growth prospects.

Cobalt Market Challenges: Sustainability issues, supply chain disruptions, and substitution with cobalt-free chemistries remain challenges.

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)

United States: Recent Industry Developments

✅ In September 2025, Freeport-McMoRan expanded its cobalt production capacity to meet growing EV battery demand.
✅ In August 2025, Tesla signed new long-term cobalt supply agreements with North American mining firms to secure raw materials.
✅ In July 2025, Umicore USA launched cobalt recycling initiatives to recover metals from spent EV batteries.
✅ In June 2025, First Cobalt (Electra Battery Materials) scaled up its refinery operations to supply high-grade cobalt sulfate for battery manufacturers.
✅ In May 2025, American Battery Technology Company began pilot operations for cobalt extraction from recycled materials.

Europe: Recent Industry Developments

✅ In September 2025, Glencore announced a new partnership with European automakers to supply sustainably mined cobalt for EV production.
✅ In August 2025, Umicore expanded its cobalt refining and recycling facilities in Belgium to strengthen the regional supply chain.
✅ In July 2025, BASF SE launched cobalt-based cathode materials for lithium-ion batteries at its European plants.
✅ In June 2025, Eramet developed eco-friendly cobalt extraction technologies to reduce carbon emissions.
✅ In May 2025, Johnson Matthey advanced its cobalt sourcing strategy for sustainable battery materials across Europe.

Japan: Recent Industry Developments

✅ In September 2025, Sumitomo Metal Mining expanded its cobalt refining capacity to support domestic EV and electronics industries.
✅ In August 2025, Panasonic signed strategic agreements for responsible cobalt procurement to strengthen battery supply chains.
✅ In July 2025, Mitsubishi Corporation invested in cobalt recycling projects to reduce dependency on imports.
✅ In June 2025, Toyota Tsusho partnered with mining companies to ensure sustainable cobalt sourcing for automotive batteries.
✅ In May 2025, Sony Energy Devices advanced cobalt recovery from used lithium-ion batteries, boosting Japan's circular economy efforts.

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Regional Analysis:

The global Cobalt Market report focuses on six major regions: North America, South America, Europe, Asia Pacific, the Middle East, and Africa.

The report delivers in-depth insights into new product launches, technological advancements, innovative services, and ongoing R&D activities shaping the industry. The study combines qualitative and quantitative analysis, incorporating tools such as PEST, SWOT, and Porter's Five Forces to evaluate the market landscape. In addition, the report highlights essential aspects including raw material sourcing, distribution channels, production capacities, supply chain structures, and detailed product specifications.

Points Covered in this Report:

📌 Market Overview: This section outlines five key chapters, covering research scope, leading manufacturers, market segments, Cobalt market categories, study objectives, and the timeline considered for analysis.

📌 Market Landscape: Provides an evaluation of the competitive environment in the global Cobalt market, analyzing value, revenue, turnover, and market share by company, along with growth trends, recent transactions, sales performance, and competitive developments.

📌 Company Profiles: Examines the top players in the global Cobalt market, focusing on their sales performance, core products, pricing strategies, revenue, gross profit margins, and production growth.

📌 Regional Market Outlook: Offers a detailed breakdown of sales, revenue, supply, gross margin, CAGR, market share, and overall size across regions including North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

📌 Market Segmentation: Presents in-depth research into how various applications, end-users, and product types contribute to overall market growth in the Cobalt market.

📌 Market Forecast - Production Side: Highlights projections for production volumes and values, forecasts for leading producers, and production trends by product type.

📌 Research Findings: Summarizes the key results and insights uncovered throughout the study.

📌 Conclusion: Concludes the report with final observations and insights drawn from the overall analysis.

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People Also Ask:

Q.1. What are the key driving forces behind the growth of the Cobalt industry?
Q.2. Which factors are supporting market expansion, and which challenges are hindering the Cobalt market?
Q.3. What is the overall structure of the market, and what risks and opportunities does it present?
Q.4. How do pricing, revenue, and sales performance compare among the leading companies in the Cobalt market?
Q.5. What are the major market segments, and how is the Cobalt market categorized?
Q.6. Which companies hold a dominant position in the market, and what share do they command?
Q.7. What current and emerging trends are shaping the Cobalt market landscape?

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