The cobalt market plays a critical role in powering the clean energy transition across the globe. Cobalt is a key ingredient in lithium-ion battery chemistries, especially in Nickel Manganese Cobalt (NMC) batteries, which dominate the electric vehicle (EV) sector. Its unique properties help improve energy density, battery longevity, and thermal stability. Beyond batteries, cobalt finds applications in aerospace superalloys, industrial catalysts, magnets, and pigments. The rising shift toward sustainable mobility and renewable storage solutions is driving an unprecedented surge in cobalt demand. This makes the cobalt industry a strategic pillar for future technological advancements and sustainable economic growth.
Expert Market Research Insights on the Cobalt Market
Expert Market Research highlights that the cobalt market is poised for dynamic expansion as the clean energy revolution accelerates. With sustainability taking center stage, companies are adopting advanced recycling methods and forging transparent supply chains to meet responsible sourcing demands. New policies promoting EV adoption and domestic battery production across key markets are expected to further stimulate cobalt consumption. As the global transition toward electric mobility gains momentum, cobalt’s role as an indispensable battery component cements its importance for decades to come, making it a vital element for future technologies and a key focus for investors worldwide.
Cobalt Market Size
The cobalt market attained a substantial volume of approximately 200.10 KMT in 2024. As electric vehicles gain traction worldwide, the need for cobalt as an essential battery material is on an upward curve. Increasing investments in energy storage and expanding use of all-purpose lithium-ion batteries in power tools, e-bikes, and electronic devices are pushing demand further. With supply chains developing across North America, Europe, and Asia Pacific, the market is set for significant capacity expansion. The projected volume is expected to almost double, reaching 469.38 KMT by 2034. This growth reflects cobalt’s enduring significance in both advanced battery technologies and traditional industrial sectors.
Cobalt Market Trends
The cobalt market is undergoing transformative shifts. A major trend is the rapid adoption of electric vehicles and the global push for carbon neutrality. Automotive giants are boosting investments in battery gigafactories, which increases cobalt consumption. Simultaneously, there’s a surge in recycling technologies aimed at reclaiming cobalt from spent batteries, addressing sustainability concerns and supply security. Another key trend is research into battery chemistries that reduce cobalt dependency; however, demand remains steady due to cobalt’s unmatched performance benefits. Increasing geopolitical interest in securing cobalt supply chains, especially in the U.S. and Europe, further shapes market dynamics, pushing companies toward ethical sourcing and supply diversification.
Cobalt Market Opportunities and Challenges
While the cobalt market holds enormous promise, it also faces challenges. The rise of EVs, e-bikes, and portable electronics opens up significant growth opportunities for cobalt producers and processors. Technological advancements in battery design and expanding renewable energy storage markets add to this momentum. However, the market grapples with concerns about ethical sourcing, as a substantial share of cobalt comes from regions with complex socio-political landscapes. Price volatility, driven by geopolitical tensions and fluctuating demand, remains another challenge. Companies that invest in sustainable mining, recycling, and transparent supply chains are better positioned to thrive in this evolving cobalt landscape.
Cobalt Market Segmentation
Breakup by Application:
- Batteries
- Alloys
- Tool Materials
- Catalysts
- Pigments
- Magnets
- Soaps
- Others
Breakup by Product:
- Cobalt Sulfate
- Cobalt Oxide
- Cobalt Metal
- Others
Breakup by End-Use:
- Electric Vehicles
- Other Batteries
- Industrial Metals
- Industrial Chemicals
- Superalloys
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Cobalt Market Growth
Rising global ambitions for zero-emission transport are boosting the cobalt market at an impressive pace. As battery technology evolves, the need for high-performance cobalt-based chemistries grows in tandem. This has encouraged major automakers and battery producers to secure long-term cobalt supplies, driving new mining projects and recycling ventures. The U.S. market is especially significant, with companies racing to develop secure domestic cobalt sourcing to meet future energy goals. Emerging economies are also expanding battery manufacturing capacities, amplifying global cobalt demand. With its irreplaceable role in high-energy-density batteries, cobalt’s growth trajectory appears robust for the foreseeable future.
Cobalt Market Forecast
Between 2025 and 2034, the cobalt market is projected to grow at a healthy CAGR of 8.90%, expanding its volume from around 200.10 KMT in 2024 to nearly 469.38 KMT by 2034. This optimistic forecast hinges on sustained demand from the EV industry, technological breakthroughs in battery performance, and the expansion of renewable energy storage systems. Companies are actively exploring responsible sourcing and strategic partnerships to secure supply chains. Continued R&D efforts and investments in battery recycling are expected to supplement raw material supply. If these trends persist, the cobalt market will likely maintain steady and significant growth in the decade ahead.
Cobalt Market Competitor Analysis
Glencore plc – World’s top cobalt producer with large-scale mining and refining operations worldwide.
Vale S.A. – Brazilian mining giant producing cobalt as a by-product of nickel mining.
Missouri Cobalt, LLC – Focuses on sustainable, domestic cobalt mining in the United States.
CMOC International – Major global player with diversified cobalt and metal production assets.
Eurasian Resources Group – Key supplier investing heavily in cobalt mining and ethical sourcing.
Freeport-McMoRan – Produces cobalt alongside copper operations, mainly in the Americas and Africa.
Umicore – Specializes in battery material refining, recycling, and sustainable cobalt supply.
Sumitomo Metal Mining Co., Ltd. – Major Japanese producer with significant cobalt refining capacity.
