Press release
Cobalt Market Projected to Hit US$ 29.86 Billion by 2032 at 7.2% CAGR, Fueled by Electric Vehicle Boom | Battery Production, Aerospace Alloys, Chemicals | Key Players:- China Molybdenum Co., Ltd., Eurasian Resources Group
Cobalt Market 2026-2033
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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 refers to the global industry involved in the mining, refining, processing, and distribution of cobalt as well as its use across end-use sectors such as batteries, aerospace, electronics, and industrial alloys. Cobalt is a critical metal widely used in lithium ion batteries due to its ability to enhance energy density, thermal stability, and lifespan, making it essential for electric vehicles, consumer electronics, and energy storage systems. The market structure connects resource rich mining regions with high demand manufacturing hubs, and includes supply chains, recycling activities, and technological innovations shaping its overall ecosystem.
The growth of the cobalt market is primarily driven by the rapid expansion of electric vehicles and renewable energy systems, where demand for battery grade cobalt continues to rise significantly. Increasing investments in EV production, 5G infrastructure, and aerospace manufacturing are further accelerating consumption, while global clean energy transitions are boosting demand for critical minerals. At the same time, trends such as supply concentration in a few countries, rising recycling initiatives, and ongoing innovations to reduce cobalt usage in batteries are influencing market dynamics. Despite substitution risks, cobalt remains crucial for high performance battery chemistries, ensuring steady long term growth.
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Cobalt Market Recent development 2025-2026
United States
✅ December 2025: Freeport-McMoRan announced advancements in cobalt recovery optimization at its U.S.-linked copper operations, improving by-product cobalt extraction efficiency to support domestic battery supply chains amid rising EV demand.
✅ November 2025: Tesla, Inc. expanded its cobalt sourcing strategy by strengthening supply agreements with North American refiners, focusing on reducing reliance on overseas cobalt while improving traceability and ESG compliance.
✅ October 2025: Jervois Global restarted development activities at its Idaho Cobalt Operations, targeting increased domestic cobalt production to support U.S. defense and EV battery requirements.
Asia Pacific / Japan
✅ December 2025: China Molybdenum Co., Ltd. reported increased cobalt output from its Tenke Fungurume mine in the Democratic Republic of Congo, strengthening supply to Asian battery manufacturers amid surging EV production.
✅ November 2025: Sumitomo Metal Mining enhanced its nickel-cobalt refining capacity in Japan, focusing on high-purity battery-grade materials for lithium-ion battery manufacturers.
✅ October 2025: LG Energy Solution advanced low-cobalt battery chemistries (NCMA and cobalt-reduced cathodes), aiming to reduce cobalt dependency while maintaining high energy density for electric vehicles.
Strategic M&A(2025-2026)-
April 2026: Virtus Minerals, in partnership with Lloyds Metals and Energy Limited, acquired CHEMAF Group (Democratic Republic of Congo) for approximately $30 million with an additional investment commitment of about $720 million to secure cobalt and copper supply chains.
April 2026: Lloyds Metals and Energy Limited, through a joint venture (Virtus Lloyds Minerals Holdings), completed a $250 million acquisition of CHEMAF Group to strengthen access to cobalt resources and expand production capacity in the DRC.
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Major Market 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.
Cobalt Market Market Segmentation Analysis-
By Product (Cobalt Sulfate, Cobalt Oxide, Cobalt Metal, Others),
By End-user: Batteries Segment Commands Strong Demand Base
Batteries lead with 49% share, fueled by exponential growth in electric vehicles and portable electronics requiring high energy density storage solutions.
Electric vehicles account for 22%, reflecting rapid global EV adoption and direct cobalt consumption in battery manufacturing supply chains.
Superalloys hold 11%, driven by aerospace and defense demand for heat-resistant materials.
Industrial chemicals represent 8%, used in catalysts, pigments, and drying agents.
Industrial metals capture 6%, supporting tool manufacturing and wear-resistant applications.
Others contribute 4%, including medical and specialty applications.
Regional Insights
Asia Pacific: 42% (Largest share, driven by dominant battery manufacturing hubs in China, strong demand from Japan and South Korea, and rapid EV adoption; Japan plays a key role in advanced cathode and battery technologies).
North America: 23% (Second largest, led by the United States with ~72.8% regional share, supported by EV expansion, energy storage investments, and aerospace demand for cobalt-based alloys).
Europe: 21% (Steady growth, driven by strong EV production, sustainability regulations, and increasing investments in battery supply chains across Germany and other EU countries).
Growth Forecast Projected 2033:
The Global Cobalt Market is anticipated to rise at a considerable rate during the forecast period, between 2026 and 2033. In 2025, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
How Our Market Research Process Works:
The global Cobalt Market research report is developed using a comprehensive combination of primary and secondary data sources. The study evaluates a wide range of industry-influencing factors, including government regulations, evolving market dynamics, competitive intensity, and historical performance trends. It also analyzes technological advancements, emerging innovations, and developments across related industries. In addition, the report assesses market volatility, growth opportunities, potential barriers, and key challenges that could impact the future expansion of the Low-Power Wide-Area Network ecosystem.
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