United States Cobalt Market to hit US$ 8.95 Billion by 2032 | Top Companies - China Molybdenum Co., Ltd., Eurasian Resources Group, Freeport-McMoRan | Exclusive report by DataM intelligence

Leander, Texas and Tokyo, Japan - Jan.19.2026
As per DataM intelligence research report "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 is accelerating due to its critical role in batteries, superalloys, and renewable energy technologies. Innovations in sustainable mining, recycling, and high-purity refining enhance supply security and efficiency. Growing electric vehicle adoption and energy storage demands are driving robust global market growth.

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Cobalt Market: Competitive Intelligence
China Molybdenum Co., Ltd., Eurasian Resources Group, Freeport-McMoRan, Umicore, Glencore, Sumitomo Metal Mining Co., Ltd

In the Cobalt Market, China Molybdenum Co., Ltd., Eurasian Resources Group, Freeport‐McMoRan, Umicore, Glencore, and Sumitomo Metal Mining Co., Ltd collectively underpin global supply, processing, and downstream value creation for a metal that is essential to the performance and energy density of rechargeable batteries, superalloys, catalysts, and advanced materials. These companies operate across the cobalt value chain-from mining and refining to recycling and specialty materials-helping to stabilize supply in a market often challenged by geographic concentration and geopolitical uncertainty. Their investment in responsible sourcing practices, processing technologies, and strategic partnerships supports compliance with evolving environmental, social, and governance (ESG) expectations that matter to OEMs and end‐users in electric vehicles, portable electronics, and industrial sectors. By aligning scale with quality and traceability, they strengthen the Cobalt Market's ability to serve expanding demand while responding to sustainability priorities and regulatory frameworks in battery and materials sectors.

Individually and in combination, these firms' capabilities create competitive differentiation and resilience within the Cobalt Market by blending extraction scale, refining expertise, and materials innovation that meet diverse end‐use requirements. China Molybdenum Co., Ltd. and Glencore bring significant mining and resource portfolios that help anchor global cobalt availability and feed critical downstream supply chains. Eurasian Resources Group and Freeport‐McMoRan contribute diversified base‐metals platforms with integrated logistics and processing capacities that improve market responsiveness. Umicore's advanced materials and recycling technologies enhance circularity by recovering cobalt from end‐of‐life batteries and industrial residues, supporting circular supply strategies. Sumitomo Metal Mining Co., Ltd.'s metallurgical and materials science expertise strengthens cobalt refining and specialty alloy production, meeting demanding specifications for high‐performance applications. Together, these companies enable the Cobalt Market to balance supply security, quality, and innovation-advancing growth in electrification, energy storage, and specialty materials globally.

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United States: Recent Industry Developments

✅ In January 2026, Freeport-McMoRan deployed automated cobalt refining platforms with AI-assisted quality control and robotic material handling to improve purity and operational efficiency for battery and aerospace applications.

✅ In November 2025, Glencore invested $50 million in robotics-assisted cobalt processing systems with AI monitoring to scale production and reduce impurities for lithium-ion batteries.

✅ In August 2025, Jervois Global implemented automated cobalt separation and refining lines with robotics and AI analytics for improved yield and consistent chemical properties.

✅ In June 2025, American Battery Technology Company deployed AI-monitored robotic systems for cobalt extraction and purification to improve efficiency and consistency.

Japan: Recent Industry Developments

✅ In January 2026, Sumitomo Metal Mining deployed AI-assisted automated cobalt processing systems, supported by $25 million investment, integrating robotics for improved efficiency and chemical consistency for battery-grade cobalt.

✅ In October 2025, Mitsubishi Materials implemented robotics-assisted cobalt refining and separation platforms with AI quality monitoring to optimize yield and purity.

✅ In July 2025, Dowa Holdings introduced automated cobalt processing systems with AI-assisted analytics and robotic handling to ensure consistent battery-grade output.

✅ In April 2025, JX Nippon Mining & Metals deployed AI-monitored robotic refining systems to improve cobalt processing efficiency and product quality.

Segment Covered in the Cobalt Market:
By Product
The market is segmented into cobalt sulfate 45%, cobalt oxide 25%, cobalt metal 20%, and others 10%, with cobalt sulfate dominating due to its critical role in lithium-ion batteries for electric vehicles and energy storage systems. Cobalt oxide is widely used in ceramics, pigments, and battery cathodes. Cobalt metal finds application in superalloys and industrial manufacturing. Growing EV adoption, battery innovation, and renewable energy storage drive steady market growth.

By End-User
End-users include electric vehicles 35%, batteries 30%, industrial metals 15%, industrial chemicals 10%, superalloys 5%, and others 5%, with electric vehicles and batteries dominating due to rapid electrification and energy transition trends. Industrial metals and chemicals maintain stable demand in manufacturing and catalysis. Superalloys are used in aerospace and high-temperature applications. Increasing EV production, grid storage demand, and technological advancements support market expansion.

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Regional Analysis
Asia Pacific - 40% Share
Asia Pacific leads with 40% share driven by strong battery manufacturing and EV production in China, South Korea, and Japan. Cobalt sulfate dominates product demand. Electric vehicles and batteries are key end-users. Government support for clean energy and large-scale battery plants fuel regional growth.

North America - 20% Share
North America holds 20% share supported by rising EV adoption, energy storage investments, and aerospace demand in the U.S. and Canada. Cobalt sulfate and cobalt metal are widely used. Electric vehicles and industrial metals dominate end-use segments. Supply chain localization and sustainability initiatives drive market growth.

Europe - 20% Share
Europe accounts for 20% share due to strict emission regulations and expanding EV production in Germany, France, and the UK. Batteries and electric vehicles are the major end-users. Cobalt sulfate and oxide see strong demand. Government incentives and battery recycling initiatives support regional expansion.

Latin America - 10% Share
Latin America records 10% share driven by mining activities and industrial usage in Brazil and Chile. Industrial metals and chemicals are primary end-users. Cobalt metal and oxide dominate product demand. Infrastructure development and mining investments support market growth.

Middle East & Africa - 10% Share
Middle East & Africa holds 10% share with significant cobalt mining presence in the Democratic Republic of Congo and growing industrial demand. Industrial metals and chemicals dominate end-use applications. Cobalt metal is widely produced. Export demand and global battery supply chains drive regional market expansion.

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