United States Cobalt Market to hit US$ 29.86 Billion by 2032 | Top Companies - China Molybdenum Co., Ltd., Eurasian Resources Group, Freeport-McMoRan

"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." As per DataM intelligence research report

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United States: Recent Industry Developments

✅ In September 2025, Freeport-McMoRan expanded its cobalt refining operations in Arizona to support EV battery production. The facility focuses on high-purity cobalt sulfate for lithium-ion cells. Early adoption shows improved supply stability and stronger support for U.S. EV manufacturers.

✅ In August 2025, American Battery Technology Company launched a pilot plant for sustainable cobalt recovery from recycled batteries. The initiative targets reducing reliance on imported cobalt. Initial deployments demonstrate higher extraction efficiency and environmental benefits.

✅ In July 2025, Glencore U.S. announced investments in battery-grade cobalt production in North America. The project integrates advanced purification technology for consistent quality. Early trials indicate robust output and enhanced supply chain resilience.

✅ In June 2025, Umicore Inc. expanded its cobalt cathode materials production facility in the U.S. to meet growing EV and energy storage demand. The initiative emphasizes high-quality, low-impurity cobalt products. Pilot programs report improved production efficiency and market readiness.

Japan: Recent Industry Developments

✅ In September 2025, JX Nippon Mining & Metals expanded cobalt refining capacity for battery applications. The facility focuses on producing high-purity cobalt sulfate for electric vehicles. Early adoption shows improved domestic supply and stronger support for the EV industry.

✅ In August 2025, Sumitomo Metal Mining launched a sustainable cobalt recovery initiative from spent batteries. The program integrates advanced extraction technology. Initial deployments indicate higher recovery rates and environmental sustainability benefits.

✅ In July 2025, Mitsubishi Materials invested in high-grade cobalt production for lithium-ion battery cathodes. The project emphasizes quality and consistency for industrial applications. Early trials demonstrate robust output and enhanced supply chain security.

✅ In June 2025, Hitachi Chemical partnered with battery manufacturers to expand cobalt processing capabilities. The initiative targets high-purity materials for next-generation energy storage. Pilot programs report improved performance and adoption in domestic EV production.

Cobalt Market: Drivers

The cobalt market is witnessing significant growth due to its critical role in lithium-ion batteries used in electric vehicles, consumer electronics, and energy storage systems. Increasing global demand for clean energy technologies and the transition toward electric mobility are driving cobalt consumption. The metal's high thermal stability, corrosion resistance, and magnetic properties make it essential in aerospace, superalloys, and industrial applications. Expanding investments in renewable energy infrastructure and battery manufacturing are further supporting market growth. Rising adoption of advanced materials and alloys in high-performance engineering applications is boosting cobalt demand.

Technological advancements in battery chemistry and recycling are enhancing the efficiency and sustainability of cobalt usage. Growing geopolitical interest in cobalt-rich regions is influencing supply chains and strategic sourcing for manufacturers. Regulatory support for clean energy adoption and environmental sustainability is encouraging the use of cobalt in green technologies. Increasing research in cobalt-based catalysts, magnets, and medical applications is opening new avenues for industrial utilization. Overall, energy transition, industrial innovation, and strategic importance are driving sustained growth in the global cobalt market.

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Cobalt Market: Major Players

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.

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

Research Process:

Both primary and secondary data sources have been used in the Cobalt Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

Most Frequently Asked Questions in the Cobalt Market Research Industry:

➠ Who leads the Cobalt industry and what's their competitive positioning regarding capacity, performance, and profitability?
➠ What growth opportunities and market challenges do Cobalt market vendors face?
➠ Which segments show the highest growth potential and market share distribution?
➠ What factors are driving or limiting Cobalt market growth?
➠ What are the dominant sales and distribution strategies in the Cobalt industry?

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Regional Analysis:

⇥ 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)

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✅ Competitive Landscape
✅ Technology Roadmap Analysis
✅ Sustainability Impact Analysis
✅ KOL / Stakeholder Insights
✅ Consumer Behavior & Demand Analysis
✅ Import-Export Data Monitoring
✅ Live Market & Pricing Trends

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