Cobalt Market to Reach 298.11 Kilo Tons by 2032, Growing at a 9% CAGR - Lithium-Ion Battery Demand Drives Growth

According to a new report by Maximize Market Research, the global Cobalt Market was valued at 149.61 Kilo Tons in 2024 and is projected to reach 298.11 Kilo Tons by 2032, growing at a CAGR of 9% during the forecast period. Key demand is driven by its use in lithium-ion batteries, superalloys, and industrial catalysts, with the Democratic Republic of Congo emerging as the top global supplier.

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♦ Key HighlightsaMarket Size:

Market Size: 149.61 Kilo Tons in 2024; expected 298.11 Kilo Tons by 2032 at 9% CAGR

Leading Application: Lithium-ion batteries for EVs, medical devices, and industrial applications

Fastest-Growing Region: Asia-Pacific, driven by China's import demand

Key Drivers: Electric vehicle adoption, renewable energy storage, and rising battery demand

Top Companies: Cobalt Blue Holdings, First Cobalt, Jervois Mining

♦ Market Outlook

The cobalt market is heavily influenced by the electric vehicle (EV) revolution and the global shift toward renewable energy. Lithium-cobalt (LCO), lithium nickel manganese cobalt oxide (NMC), and lithium nickel cobalt aluminum oxide (NCA) batteries remain the most prominent applications. Industrial superalloys, cutting tools, and catalysts also contribute significantly to demand. Sustainability and ethical sourcing, particularly from the Democratic Republic of Congo, remain key considerations for stakeholders.

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♦ Regional Insights

Asia-Pacific dominates cobalt imports, with China as the largest importer at USD 2.13 Bn. Africa, particularly the Democratic Republic of Congo, supplies approximately 69% of mined cobalt globally. Other significant producers include Australia, Cuba, and Zambia. Europe and North America are growing markets, largely due to EV battery manufacturing and recycling initiatives.

♦ Key Players & Competitive Landscape

Cobalt Blue Holdings focuses on exploration and development in Australia, with the Broken Hill Cobalt Project targeting 3,000 tonnes of cobalt annually. First Cobalt operates North America's only approved primary cobalt refinery and explores projects in Canada and the US. Jervois Mining, listed on the ASX, pursues cobalt, nickel, and copper production across Uganda, Australia, and the US.

♦ Quote

"Cobalt remains a critical element in the transition to clean energy, particularly for electric mobility. Strategic investments in mining and recycling will be essential to meet growing global demand," said a senior analyst at Maximize Market Research.

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About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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