Cobalt Market Set for Steady Growth to USD 29.86 Billion by 2032, With Asia-Pacific as the Global Demand and Processing Hub | DataM Intelligence

The Global Cobalt Market reached USD 17.12 billion in 2024 and is expected to reach USD 29.86 billion by 2032, growing at a steady CAGR of 7.20% during 2025-2032.
Market growth is driven by rising demand for cobalt in lithium-ion batteries, fueled by the rapid expansion of electric vehicles and energy storage systems. Increasing use of cobalt in aerospace alloys, electronics, and industrial applications further contributes to market expansion. Additionally, advancements in battery recycling and growing investments in sustainable mining practices are supporting long-term market growth.

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United States: Key Industry Developments
✅ November 2025: U.S. cobalt recycling firm ReCell Center launched a new pilot facility for battery-grade cobalt recovery from EV waste, boosting domestic supply by 15% through advanced hydrometallurgical processes amid rising tariff pressures on imports.

✅ October 2025: Jervois Global commenced commercial production at its Idaho cobalt operations, marking the first U.S. primary cobalt output in decades with 1,200 tons annual capacity to support EV battery localization efforts.

✅ September 2025: The U.S. Department of Energy awarded $50 million in grants for cobalt sulfate refining projects, enabling startups like American Cobalt to scale sustainable extraction from mine tailings for aerospace alloys.

Asia Pacific / Japan: Key Industry Developments
✅ December 2025: China National Nuclear Corporation invested $120 million in Cobalt-60 production expansion, increasing regional output by 25% by 2026 to meet sterilization demands in medical devices and food processing.

✅ November 2025: Japan's Sumitomo Metal Mining partnered with Australian suppliers for ethical cobalt sourcing, launching a low-carbon refining line that cuts emissions by 30% for high-purity battery materials.

✅ October 2025: South Korean battery giant LG Energy Solution introduced cobalt-blended NCM cathodes with 20% reduced content, enhancing EV range while aligning with Japan's irradiation infrastructure upgrades for quality control.

Key Merges and Acquisitions(2025):
✅ CMOC Group (China Molybdenum) - consolidated its leading position in cobalt by increasing its effective stake and long‐term offtake control in the Tenke Fungurume and Kisanfu operations in the DRC, securing additional mined cobalt volumes for EV battery customers and strengthening supply chain leverage.

✅ Glencore - deepened its cobalt portfolio resilience through a series of asset‐level deals and long‐term supply agreements with battery and automotive OEMs, monetizing existing DRC production while partially exiting higher‐cost assets to focus on large, integrated cobalt-copper hubs.

✅ Umicore - expanded its downstream cobalt footprint by acquiring and partnering with regional recyclers and precursor producers in Europe and Asia, boosting access to secondary cobalt units for battery materials and reinforcing its closed‐loop, sustainable sourcing strategy ahead of tightening EU critical‐raw‐materials rules.

Market Segmentation Analysis:
-By Product: Cobalt Sulfate Clearly Dominates
Cobalt sulfate holds the largest product share at just over 50% of cobalt chemical demand, as it is the primary precursor for lithium‐ion battery cathodes in electric vehicles and stationary energy storage systems. This segment benefits from rapid EV penetration and large‐scale battery gigafactories, making it the structural demand anchor for the cobalt market.
Cobalt oxide represents a moderate share, largely tied to ceramics, pigments, and some legacy battery chemistries, and grows more slowly as many applications gradually shift toward sulfate‐based cathode routes. Cobalt metal takes a smaller but significant portion of demand, driven by its use in high‐temperature and wear‐resistant alloys, cutting tools, and magnetic materials for aerospace and industrial applications. The "Others" category (including various cobalt salts and specialty compounds) collectively holds the smallest share, serving niche chemical and industrial uses with comparatively limited volume.

-By End‐User: Batteries and EVs Drive Demand
Electric vehicles account for the largest single end‐user slice, representing about 45% of total cobalt demand as they rely on cobalt‐containing cathodes for extended range, safety, and cycle life. This segment has seen consumption jump by around 40% year‐on‐year in recent data, underscoring its role as the main growth engine of the market.
When combining EVs and other battery uses (such as consumer electronics and stationary energy storage), batteries overall represent roughly 75% of cobalt use, making them the dominant end‐use family in the industry. Industrial metals applications take a smaller share, using cobalt to improve hardness, wear resistance, and magnetic properties in tools, coatings, and components for heavy industry. Industrial chemicals consume a modest portion through catalysts and specialty chemicals, where cobalt improves reaction efficiency in petroleum refining and chemical synthesis. Superalloys represent a focused but high‐value segment, using cobalt‐rich alloys in turbine engines and aerospace components that require exceptional strength at high temperatures. The "Others" end‐user bucket (including healthcare, aerospace components beyond superalloys, and miscellaneous industrial uses) comprises the remaining minor share and grows steadily but from a low base.

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Growth Drivers:
-Rapid expansion of electric vehicles (EVs), which depend heavily on lithium-ion batteries using cobalt for cathodes to enhance energy density and battery life.​

-Rising deployment of stationary energy storage systems and grid-scale batteries to support renewable energy integration, boosting demand for battery-grade cobalt.​

-Strong growth in consumer electronics (smartphones, laptops, wearables, power tools), which continues to require cobalt-based rechargeable batteries.​

-Increasing use of cobalt in high-performance alloys and advanced materials for aerospace, defense, and industrial applications, where heat- and corrosion-resistant superalloys are critical.​

-Supportive government policies and investments in EVs, battery manufacturing, and recycling, combined with efforts to secure ethical and sustainable cobalt supply chains, which encourage long-term capacity expansion.​

Regional Insights:
-Asia-Pacific
Asia-Pacific is the clear demand and processing hub for cobalt, underpinned by China's dominance in refined cobalt and lithium-ion battery manufacturing, as well as strong EV and electronics industries in China, South Korea, and Japan. Various industry sources consistently describe Asia-Pacific as holding the largest regional share of the cobalt market today, and as the fastest-growing region through 2030-2035 on the back of government-supported energy transition policies and large-scale battery supply chain investments.​

-Europe
Europe typically ranks as the second-largest regional market for cobalt, supported by rapid EV adoption, stringent decarbonisation targets, and an expanding local battery manufacturing base, particularly in countries like Germany, France, and the Nordic region. While Europe is not self-sufficient in raw cobalt supply, its strong downstream demand in automotive and energy storage applications gives it a substantial share of global cobalt consumption, with most forecasts indicating continued but slower growth than Asia-Pacific.​

-North America
North America generally accounts for a smaller cobalt market share than Asia-Pacific and Europe but remains a meaningful and growing region driven by EV uptake in the United States and Canada and policies aimed at building secure, regional battery supply chains. Recent and upcoming investments in battery gigafactories, recycling, and critical minerals projects are expected to gradually increase North America's share, though most analysts still place it behind Europe and well behind Asia-Pacific in current global cobalt market share rankings.​

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

Key Highlights (Top 5 Key Players) for Cobalt Market:
-Glencore generated roughly USD 217 billion in total revenue in 2024, with its industrial metals segment (including copper and cobalt) contributing a significant share driven by large-scale operations in the Democratic Republic of Congo.​

-China Molybdenum Co., Ltd. (CMOC Group) reported about RMB 213 billion (approximately USD 30 billion) in 2024 revenue, supported by record cobalt output from its Tenke Fungurume and Kisanfu operations.
​
-Vale S.A. recorded around USD 41-42 billion in net operating revenue in 2024, with its base metals division (nickel and copper, with cobalt as a by‐product) benefiting from strong demand from the battery supply chain.​

-Eurasian Resources Group (ERG) generated several billion dollars in annual revenue, underpinned by its cobalt and copper assets in Central Africa, positioning the company among the leading global cobalt suppliers by volume.​

-Freeport-McMoRan achieved more than USD 20 billion in consolidated revenues in 2024, with its copper business in the DRC and other regions producing cobalt as a strategic by‐product for the electric vehicle and energy storage sectors.​

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