United States Cobalt Market to Grow at 7.20% CAGR, Reaching USD 29.86 billion by 2032, Led by Glencore, Umicore, and Electra Battery Materials | DataM Intelligence

The global Cobalt Market reached USD 17.12 billion in 2024 and is projected to reach USD 29.86 billion by 2032, growing at a CAGR of 7.20% during the forecast period 2025-2032, according to DataM Intelligence.

United States: Recent Industry Developments

✅ In October 2025, the U.S. Department of Defense finalized a $1.2 billion investment to expand the National Defense Stockpile of cobalt, securing strategic reserves for defense and EV applications.
✅ In October 2025, Electra Battery Materials Corporation commissioned North America's first cobalt sulfate refinery in Michigan, reducing import dependency by 35%.
✅ In October 2025, Tesla Inc. secured a long-term supply agreement with a U.S.-based cobalt recycling startup to source 25% of its cobalt needs from recycled batteries by 2028.

Japan: Recent Industry Developments

✅ In October 2025, Sumitomo Metal Mining announced a breakthrough in cobalt-free battery technology, reducing cobalt content in NMC batteries by 80% while maintaining performance.
✅ In October 2025, The Japan Organization for Metals and Energy Security (JOGMEC) established a $500 million fund to secure cobalt mining rights in Africa and Canada.
✅ In October 2025, Panasonic Holdings Corporation launched a new cobalt supply chain tracking system using blockchain technology to ensure ethical sourcing from DRC mines.

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Market Trends & Drivers

The Cobalt Market is experiencing significant growth driven by the electric vehicle revolution, increasing demand for portable electronics, and energy storage systems. Key trends include the development of cobalt reduction technologies in lithium-ion batteries, expansion of recycling infrastructure, and supply chain diversification efforts. The growing emphasis on ethical sourcing, price volatility management, and technological innovations in battery chemistry are significantly influencing market dynamics across all cobalt segments.

Competitive Landscape

The market features intense competition among mining giants, specialized chemical processors, and recycling innovators.

Glencore PLC leads the cobalt market with its extensive mining operations in the Democratic Republic of Congo and integrated supply chain.
Umicore SA dominates in cobalt refining and recycling with advanced hydrometallurgical technology for battery materials.
Electra Battery Materials Corporation is pioneering North American cobalt sulfate production with its fully integrated refinery operations.
Sumitomo Metal Mining Co., Ltd. specializes in battery materials and is leading cobalt reduction technology development.
Sherritt International Corporation operates significant nickel-cobalt mining and refining operations in Cuba and Canada.
Jervois Global Limited develops cobalt-nickel projects in the United States with focus on battery supply chain security.
China Molybdenum Co., Ltd. controls major cobalt assets in the DRC through its Tenke Fungurume mine operations.
Eramet SA operates integrated nickel-cobalt operations in New Caledonia with expanding refining capacity.
GEM Co., Ltd. leads in cobalt recycling from spent batteries with advanced urban mining technologies.
Huayou Cobalt Co., Ltd. maintains vertical integration from mining to precursor production for battery manufacturers.

Segmentation

By Product (Cobalt Sulfate, Cobalt Oxide, Cobalt Metal, Others)
By End-User (Electric Vehicles, Batteries, Industrial Metals, Industrial Chemicals, Superalloys, Others)

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Regional Analysis:

⇥ North America (U.S., Canada, Mexico)
⇥ Europe (Germany, U.K., France, Italy, Spain, The Netherlands and Rest of Europe)
⇥ Asia-Pacific (China, Japan, South Korea, Australia, Indonesia, Rest of Asia Pacific)
⇥ Africa (Democratic Republic of Congo, Zambia, South Africa, Madagascar, Rest of Africa)
⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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