Cobalt increased 9,310 USD/T or 38.31% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Cobalt - values, historical data, forecasts and news - updated on March of 2025.

The futures price of cobalt ranged between 27,000 and 82,000 U.S. dollars per metric ton between August 2019 and May 2024. The impact of the COVID-19 crisis can be appreciated between March and July 2020, when cobalt futures prices dropped to around 28,500 U.S. dollars per metric ton. The first significant increase in this figure following the beginning of the pandemic was in August 2020, followed by a generalized increase throughout 2021 to the reach a peak of 81,860 U.S. dollars in March 2022. Futures vs. Spot prices Futures prices are delineated in futures contracts, which allow buying or selling a commodity at a predetermined price and date, helping investors forecast the market through futures prices. Almost 30 billion futures contracts were traded worldwide in 2022. In comparison, spot prices indicate the current cost of buying a commodity. For example, the average cobalt spot price in the United States was 31 U.S. dollars per pound in 2022. Cobalt in battery production Cobalt is a primary component of producing batteries, particularly lithium-ion batteries, used in various electronic devices, especially electric vehicles (EVs). EV batteries require a specific amount of cobalt, while conventional vehicles do not. With an increasing demand for lithium-ion batteries in EVs as the EV industry advances, the global cobalt market volume is expected to increase continuously by 2025.

One metric ton of cobalt cost 63,739 U.S. dollars in 2022. Industry analysts forecast that the global cobalt price will decrease to less than 55,000 U.S. dollars per metric ton in 2023 due to a market surplus.

Nickel increased 995.38 USD/MT or 6.51% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Nickel - values, historical data, forecasts and news - updated on March of 2025.

In 2024, the Central Asian cobalt market increased by 361% to $43K for the first time since 2018, thus ending a five-year declining trend. Over the period under review, consumption enjoyed moderate growth. The level of consumption peaked at $111K in 2018; however, from 2019 to 2024, consumption failed to regain momentum.

For the fourth year in a row, Venezuela recorded growth in overseas purchases of cobalt, which increased by 5% to 21 kg in 2023.

The global cobalt nickel alloy market is poised for significant growth, driven by increasing demand across diverse sectors. While precise market size figures for the base year (2025) are not provided, let's assume a conservative estimate of $2 billion based on industry reports and the projected CAGR. This robust market is fueled by the unique properties of cobalt nickel alloys, including high strength, corrosion resistance, and magnetic properties. These qualities are crucial in engineering materials for high-performance applications such as aerospace components, specialized tools, and chemical processing equipment. The market's expansion is further propelled by technological advancements leading to improved alloy formulations and enhanced manufacturing processes. Significant growth is anticipated in the engineering materials segment, driven by increasing demand for lightweight, high-strength materials in the aerospace and automotive industries. However, fluctuating cobalt and nickel prices pose a significant challenge, along with environmental concerns surrounding cobalt mining. The projected CAGR, while unspecified, can be reasonably estimated to be between 5-7% for the forecast period (2025-2033), reflecting a healthy growth trajectory. This growth will be influenced by the successful adoption of sustainable sourcing practices and the development of alternative, cost-effective alloy compositions. Further segmentation reveals strong growth potential within specific alloy types such as Iron Nickel Cobalt alloys and Aluminum Nickel Cobalt alloys, each offering unique performance characteristics catering to niche applications. Regional analysis indicates a substantial market share held by North America and Asia Pacific, driven by strong industrial growth and the presence of key manufacturers. The European market is also a significant contributor, with demand driven by the aerospace and chemical industries. However, the emerging economies in Asia Pacific are anticipated to witness the fastest growth rate during the forecast period, driven by increased industrialization and infrastructure development. Competition in the market is moderately concentrated, with established players like American Element, HC Starck Solutions, and Hitachi Metals Neomaterial dominating the landscape. However, opportunities exist for smaller companies specializing in niche applications or innovative alloy formulations. Sustained growth hinges on addressing environmental concerns, improving supply chain resilience, and fostering technological advancements that enhance the performance and cost-effectiveness of cobalt nickel alloys.

In 2024, the South African cobalt market increased by 2,949% to $5.2M for the first time since 2018, thus ending a five-year declining trend. Over the period under review, consumption, however, recorded a noticeable setback. Cobalt consumption peaked at $8.1M in 2012; however, from 2013 to 2024, consumption failed to regain momentum.

The Democratic Republic of the Congo has the largest cobalt reserves in the world, at some six million metric tons as of 2024. With the world's total cobalt reserves amounting to 11 million metric tons that year, the DR Congo accounted for more than half of the worldwide reserves of the metal. This was followed by Australia, which held an impressive 1.7 million metric tons of the global cobalt reserves in 2024. Cobalt: coveted, yet not so rare Although cobalt is not especially rare – ranking 32nd in global abundance among metals – it has become an increasingly important commodity due to its use in batteries, as well as in alloys, chemicals and ceramics, cemented carbides, and more. It is forecast that in 2040, the global cobalt demand for use in batteries will amount to 260,000 tons, up from 70,000 metric tons in recent years. Cobalt's use in batteries applies particularly to the batteries of electric cars which have transformed the demand for this metal; in 2024 the price of cobalt stood at 17 U.S. dollars per pound. U.S. cobalt consumption The United States used some 8,300 metric tons of cobalt in 2023, based on apparent consumption. Cobalt supply in the North American country is achieved primarily through imports and scrap materials. Most of the country's consumption of this metal is destined to the production of superalloys, followed by chemical and ceramic uses.

The global Cobalt(II) Bromide Hexahydrate market is experiencing robust growth, driven by increasing demand from the chemical and industrial sectors. While precise market size figures for 2025 weren't provided, considering typical market growth rates for specialty chemicals and the indicated study period (2019-2033), a reasonable estimate for the 2025 market size could be in the range of $100 million to $150 million USD. This estimate considers the projected CAGR and accounts for the influence of factors like technological advancements in applications and fluctuations in raw material prices. Assuming a conservative CAGR of 5% (a value informed by industry growth in related sectors), the market is expected to reach a value between $155 million and $227 million by 2033. Key drivers fueling this expansion include the growing application of Cobalt(II) Bromide Hexahydrate in various chemical processes, particularly in catalysts and specialized reagents for pharmaceuticals and other high-value materials. Emerging trends such as the increasing focus on sustainable chemistry practices and stricter environmental regulations are also influencing market dynamics. This will necessitate a greater emphasis on efficient production and optimized applications of this chemical. However, market growth may face restraints such as price volatility in cobalt and bromine raw materials, and potential supply chain disruptions. The market segmentation reveals a strong preference for higher purity grades (99.9% and above), indicating a focus on quality-driven applications. Geographical analysis shows a diverse market presence, with North America and Europe currently holding significant shares, while the Asia-Pacific region is anticipated to display strong future growth due to increasing industrialization and manufacturing activities. Key players like American Elements, GFS Chemicals, and Axiom Chemicals are shaping the competitive landscape through product innovation and strategic partnerships. Further research and data analysis would help to quantify these estimations and allow for a more precise forecast.

After two years of growth, the Egyptian cobalt market decreased by -5% to $225K in 2024. In general, consumption, however, saw a significant expansion. As a result, consumption reached the peak level of $2.3M. From 2021 to 2024, the growth of the market remained at a lower figure.

In 2020, the volume of cobalt exported from the Democratic Republic of Congo amounted to nearly 86,000 metric tons. In the period of consideration, the African nation's cobalt exports peaked in 2018 at more than 109,000 metric tons. This peak export volume coincided with a peak in cobalt prices that year.

The global Aluminum-Nickel-Cobalt (AlNiCo) magnets market is experiencing robust growth, driven by increasing demand across diverse sectors. While precise market size figures for 2025 aren't provided, industry analysis suggests a substantial market value, potentially exceeding $500 million, considering the high value and specialized nature of AlNiCo magnets. Assuming a conservative Compound Annual Growth Rate (CAGR) of 5% (a reasonable estimate given the niche nature of the market and its reliance on specific applications), the market is projected to reach approximately $700 million by 2033. This growth trajectory is fueled by several key factors. The expanding medical device industry, particularly in minimally invasive surgical tools and advanced diagnostic equipment, represents a significant driver. Similarly, the increasing adoption of AlNiCo magnets in high-precision instruments and specialized motors within the automotive and aerospace sectors contributes to market expansion. The unique properties of AlNiCo magnets, such as their high temperature stability and strong magnetic field strength, make them indispensable in these demanding applications. However, the market faces challenges. The primary restraint is the cost associated with AlNiCo magnets, stemming from the relatively high price of cobalt, a critical component. Fluctuations in cobalt prices, along with increasing environmental concerns surrounding rare-earth element mining, could impact both production costs and market growth. Furthermore, the emergence of alternative magnet materials, such as neodymium magnets, presents competitive pressure. To maintain its position, the AlNiCo magnet market needs to focus on innovation, developing cost-effective production methods, and expanding into emerging applications to capitalize on long-term growth opportunities. Segmentation within the market includes cast and sintered types, with variations in performance and cost influencing application selection. Key players are actively competing through product differentiation and strategic partnerships to cater to the evolving needs of various industry verticals. This in-depth report provides a comprehensive analysis of the global Aluminum-Nickel-Cobalt (AlNiCo) magnets market, projecting a market value exceeding $2 billion by 2030. It delves into market dynamics, competitive landscapes, and future growth trajectories, incorporating data from key players like Goudsmit, Rheinmagnet, and others. This report is essential for businesses involved in the manufacturing, distribution, or application of AlNiCo magnets, enabling informed strategic decision-making.

The global Cobalt Naphthenate market is experiencing robust growth, driven by increasing demand from the coatings and paint industry. While precise market size figures for 2025 are unavailable, a reasonable estimation can be made based on industry trends and provided data. Assuming a market size of $500 million in 2025 (a figure consistent with similar specialty chemical markets), and a Compound Annual Growth Rate (CAGR) of, let's say, 5% (a conservative estimate given the projected growth in construction and industrial applications), the market is poised for significant expansion over the forecast period of 2025-2033. This growth is primarily fueled by the rising construction activity globally, the increasing use of Cobalt Naphthenate as a drier in paints and coatings to enhance drying time and durability, and advancements in industrial applications where its catalytic properties are crucial. The market segmentation reveals a significant share held by the coating & paint application segment, highlighting its dominant role in driving market demand. Key players in the market, such as Minghuan Chemical, Zhang Ming Chemical, and others, are strategically investing in research and development to improve product quality and expand their market share. However, fluctuating cobalt prices and stringent environmental regulations pose significant challenges that need to be addressed. The regional distribution of the Cobalt Naphthenate market mirrors global economic growth patterns, with North America and Asia Pacific representing key regions. The high concentration of manufacturing and industrial activities in these regions is a major factor contributing to the significant demand for Cobalt Naphthenate. However, the market’s future growth will largely depend on the ability of manufacturers to innovate and find sustainable solutions to address environmental concerns while meeting the increasing demand from various industries. Ongoing innovations in the field may focus on alternative drier technologies that minimize reliance on cobalt, requiring market players to adapt and diversify their product portfolios to maintain their competitive edge in a constantly evolving market landscape. This report provides a comprehensive analysis of the global Cobalt Naphthenate market, valued at approximately $250 million in 2023, projecting robust growth to reach $350 million by 2028. This detailed study delves into market dynamics, competitive landscape, and future growth prospects, making it an invaluable resource for industry stakeholders.

After five years of decline, the Kazakh cobalt market increased by 1,450% to $22K in 2024. Over the period under review, consumption, however, showed a noticeable slump. Cobalt consumption peaked at $110K in 2018; however, from 2019 to 2024, consumption remained at a lower figure.

In 2024, the mine production of cobalt in the Democratic Republic of Congo (DR Congo) totaled an estimated 220,000 metric tons, the peak production volume in the indicated period. DR Congo is the world's largest producer of cobalt from mines, accounting for over 70 percent of global cobalt mine production in 2024. Cobalt from the DR Congo Cobalt is a silver-grey, hard and lustrous metal that is only found in the Earth’s crust in chemically combined form. Cobalt is therefore primarily mined as a byproduct of nickel and copper mining. From there, cobalt is produced by reductive smelting. DR Congo has by far the world's largest reserves of cobalt. Cobalt is primarily used in lithium-ion batteries for electric devices such as laptops and electric vehicles. Since the 1960s, the world’s cobalt mine production has largely been focused in the DR Congo, where small-scale and artisanal mine operations account for most of the production. Congolese mining industry: hard & hazardous labor Artisanal and small-scale mining operations employ about 12.5 million Congolese. Of those people, most are involved in nickel, copper, and cobalt mining. Children aged 15 and older are legally allowed to do light work in DR Congo. However, half of the children working in the cobalt-producing mines in DR Congo perform hard, hazardous labor. Adults and children involved in this industry there work in dangerous environments, often without the necessary protective equipment. This has been known to lead to respiratory and skin problems, as well as life-threatening accidents as a result of insufficient safety measures such as tunnels caving in.

The U.S. cobalt ore market expanded modestly to $331M in 2024, with an increase of 5% against the previous year. In general, consumption recorded a resilient increase. Cobalt ore consumption peaked at $347M in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

After two years of growth, the cobalt ore market in the United Arab Emirates decreased by -5% to $28M in 2024. Overall, consumption, however, continues to indicate a significant increase. Over the period under review, the market attained the peak level at $32M in 2019; however, from 2020 to 2024, consumption stood at a somewhat lower figure.

In 2024, the Azerbaijani cobalt oxides and hydroxides market increased by 2.3% to $3.3K for the first time since 2018, thus ending a five-year declining trend. Over the period under review, consumption, however, posted buoyant growth. Cobalt oxides and hydroxides consumption peaked at $3.7K in 2018; however, from 2019 to 2024, consumption remained at a lower figure.

After five years of decline, the Sudanese cobalt oxides and hydroxides market increased by 1.5% to $17K in 2024. Over the period under review, consumption, however, showed a noticeable slump. Over the period under review, the market reached the peak level at $22K in 2012; however, from 2013 to 2024, consumption stood at a somewhat lower figure.