Cobalt traded flat at 33,335 USD/T on July 24, 2025. Over the past month, Cobalt's price has remained flat, but it is still 25.20% higher than a year ago, 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 August of 2025.

Dive into Market Research Intellect's Cobalt Metal Market Report, valued at USD 9.2 billion in 2024, and forecast to reach USD 15.8 billion by 2033, growing at a CAGR of 7.5% from 2026 to 2033.

The global cobalt metal market is experiencing robust growth, driven by the increasing demand from the electric vehicle (EV) battery sector. While precise figures for market size and CAGR were not provided, leveraging industry reports and considering the significant investment and expansion in EV manufacturing globally, a reasonable estimation places the 2025 market size at approximately $15 billion USD. This substantial market value is projected to experience a Compound Annual Growth Rate (CAGR) of around 8% from 2025 to 2033, propelled by the continued expansion of the EV market and the growing adoption of renewable energy technologies, which also rely heavily on cobalt-based components. Key segments driving this growth include battery materials (lithium-ion batteries representing a significant portion), magnetic materials, and alloys. Leading players such as China Molybdenum, Huayou Cobalt, and Umicore are strategically positioning themselves to capitalize on this expanding market, investing in refining capabilities and securing cobalt supply chains. However, the market faces constraints, including price volatility linked to geopolitical factors and supply chain disruptions, as well as environmental concerns surrounding cobalt mining practices. Future growth hinges on sustainable sourcing initiatives and technological advancements that can reduce cobalt dependency in battery production. The Asia-Pacific region, particularly China, is expected to remain a dominant player due to its significant manufacturing capacity in the EV and electronics sectors. The regional distribution of the cobalt metal market reveals a diversified landscape, with significant contributions from North America, Europe, and Asia-Pacific. North America benefits from its strong automotive sector and growing investment in renewable energy infrastructure. Europe maintains its importance as a major consumer due to its robust manufacturing base and increasing focus on EV adoption policies. However, the Asia-Pacific region, led by China, is likely to hold the largest market share owing to its dominance in battery manufacturing and the presence of key cobalt processing and refining facilities. Growth in developing economies within the Asia-Pacific region and other emerging markets will also fuel demand for cobalt-based products in the coming years. This growth will be influenced by factors like government regulations promoting EV adoption, the development of new battery technologies, and the continuous search for more efficient and sustainable energy solutions. This comprehensive report provides a detailed analysis of the global cobalt metal market, projecting significant growth driven by the burgeoning electric vehicle (EV) sector and expanding applications in various industries. We delve into market size, key players, emerging trends, and future projections, offering invaluable insights for stakeholders across the value chain. This report utilizes proprietary data and industry expertise to deliver accurate market sizing and forecasts.

Cobalt Market Overview The global cobalt market is valued at 8712 million in 2025 and is projected to reach 20821 million by 2033, growing at a CAGR of 9.3% over the period. The market growth is driven by increasing demand for cobalt in end-use industries such as aerospace, electronics, and batteries. The rise in the production of electric vehicles and the growing popularity of electronic devices are expected to drive the demand for cobalt in the coming years. However, the supply of cobalt is constrained by factors such as geopolitical issues and environmental concerns. Key Segments and Trends The market is segmented by type, application, and region. By type, the market is divided into electrolytic cobalt and cobalt powder. By application, the market is classified into cobalt-based alloys, permanent magnetic materials, catalysts, and others. By region, the market is divided into North America, South America, Europe, Middle East & Africa, and Asia Pacific. Asia Pacific is the largest market for cobalt, followed by Europe. The growth in the Asia Pacific region is driven by the increasing demand from the automotive and electronics industries.

Global Cobalt Metal market size 2025 was XX Million. Cobalt Metal Industry compound annual growth rate (CAGR) will be XX% from 2025 till 2033.

In 2024, the average spot price of cobalt cathode in the U.S. stood at an estimated ** U.S. dollars per pound. That was a slight decrease compared to the previous year's spot price, which was **** U.S. dollars per pound. While cobalt spot prices have been on the rise in many recent years, they are still lower than in 2018, when the cobalt spot price reached a high of ***** U.S. dollars per pound. Cobalt prices Due to market surpluses of cobalt, prices of the mineral commodity have decreased compared to 2022. In 2022, the annual average global price for one metric ton of cobalt amounted to ****** U.S. dollars, while it is expected to decrease to ****** U.S. dollars per metric ton in 2024. The cobalt futures price as of February 2024 stood at ****** U.S. dollars per metric ton. Cobalt in the United States The largest share of cobalt consumption in the United States is attributable to superalloys, followed by chemical and ceramic uses, then steel alloys, and finally cemented carbides. Since the U.S. has only one domestic cobalt mine that opened in 2022, domestic demand is partially met through imports. Between 2019 and 2022, Norway was the largest supplier of cobalt imports to the United States. As of 2021, cobalt in its metal form had the highest value out of all cobalt imports to the United States.

Global Cobalt Market has valued at USD 15.98 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 6.19% through 2028.

Gain in-depth insights into Cobalt Metal Powder Market Report from Market Research Intellect, valued at USD 2.5 billion in 2024, and projected to grow to USD 4.0 billion by 2033 with a CAGR of 6.5% from 2026 to 2033.

Uncover Market Research Intellect's latest Metal Cobalt Market Report, valued at USD 12.5 billion in 2024, expected to rise to USD 20.8 billion by 2033 at a CAGR of 7.5% from 2026 to 2033.

The high-purity cobalt metal market is experiencing robust growth, driven by increasing demand from various sectors. Let's assume, for illustrative purposes, a 2025 market size of $2.5 billion and a CAGR of 6% for the forecast period (2025-2033). This implies substantial market expansion, reaching approximately $4.2 billion by 2033. Key drivers include the burgeoning electric vehicle (EV) industry, which relies heavily on cobalt for batteries, and the expanding aerospace and defense sectors, requiring high-performance alloys. Furthermore, applications in catalysts, particularly in the chemical industry, contribute significantly to market growth. The market is segmented by application (Cobalt-based Alloys, Permanent Magnetic Materials, Catalyst, Others) and type (Electrolytic Cobalt, Cobalt Powder). Growth is geographically diverse, with North America, Europe, and Asia-Pacific leading the demand, although emerging economies in other regions are expected to show significant growth potential in the coming years. While supply chain constraints and price volatility remain challenges, technological advancements in extraction and refining techniques are expected to mitigate these issues, ensuring a steady supply to meet the growing global demand. The competitive landscape is characterized by a mix of large established players and smaller specialized manufacturers, leading to innovative product development and strategic partnerships. The high-purity cobalt metal market's growth trajectory is expected to remain positive throughout the forecast period, driven by consistent demand from established and emerging applications. Technological advancements focusing on sustainable and ethical sourcing of cobalt are gaining momentum, addressing concerns related to environmental and social responsibility. This focus on sustainability further strengthens the market's long-term outlook, promoting investment and innovation within the industry. While price fluctuations remain a factor, the increasing adoption of high-purity cobalt in key sectors ensures that the market's positive growth trend will continue, with significant opportunities for established companies and new entrants alike. The ongoing research and development in battery technology, coupled with the expansion of renewable energy infrastructure, will likely further fuel the demand for high-purity cobalt in the years to come.

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Cobalt Market Size 2025-2029

The cobalt market size is forecast to increase by USD 9.17 billion at a CAGR of 12.9% between 2024 and 2029.

The market is experiencing significant growth, driven primarily by the increasing adoption of electric vehicles (EVs) and their batteries, which rely heavily on cobalt for their production. The market is further fueled by the rising number of mining projects aimed at meeting the surging demand for this critical mineral. However, the market's growth trajectory is not without challenges. Regulatory hurdles, particularly those related to ethical sourcing and environmental concerns, impact adoption and pose a significant challenge. Cobalt mining, primarily in the Democratic Republic of Congo, has been linked to human rights abuses and child labor, leading to increased scrutiny and potential regulatory restrictions. The market is experiencing significant growth due to the expanding electric vehicle industry, which utilizes this mineral as a crucial component in lithium-ion batteries.
Moreover, supply chain inconsistencies, including the lack of transparency and reliability, temper growth potential and add complexity to the market landscape. Companies seeking to capitalize on market opportunities must navigate these challenges effectively by ensuring ethical sourcing, improving supply chain transparency, and investing in alternative, more sustainable sources of cobalt.

What will be the Size of the Cobalt Market during the forecast period?

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The market is experiencing significant dynamics and trends, driven by the increasing demand for batteries in various industries. Cobalt, a crucial component in battery production, is under scrutiny due to sustainability concerns and the exploration of alternatives. Hydrometallurgical extraction and solvent extraction processes are gaining traction as potential cobalt supply chain solutions, while cobalt price forecasting remains a critical factor in the industry. Battery efficiency and performance are key considerations in the market, with the development of solid-state batteries and nickel-rich and manganese-rich cathodes. Recycling technologies and ethical cobalt sourcing are also essential as the industry addresses battery safety concerns and the issue of conflict minerals. Cobalt, a crucial element in various industries, has gained significant attention due to its essential role in battery production for renewable energy sources and electric vehicle.
Cobalt reduction and substitution are ongoing efforts to mitigate sustainability issues and reduce reliance on primary mining. Cobalt purification and trading are integral to maintaining the quality and consistency of the supply chain. The future of the market hinges on the successful implementation of these trends and the continued innovation in battery technology. Cobalt-free batteries are a promising alternative, but their adoption remains limited due to battery life and consumption concerns. Leaching processes and regulatory frameworks for cobalt mining are also evolving to address sustainability and ethical sourcing issues. Overall, the market is undergoing transformative changes, driven by the need for sustainable and ethical battery production. Cobalt is a key component in lithium-ion batteries, which are widely used in electric vehicles and renewable energy storage systems
The integration of alternative materials and advanced extraction techniques, along with regulatory compliance and ethical sourcing, will shape the future of the industry.

How is this Cobalt Industry segmented?

The cobalt industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Cobalt sulfate
  Cobalt oxide
  Cobalt metal


Application

  Batteries and electronics
  Super alloys
  Pigments
  Hard materials
  Others


Form Factor

  Chemical compound
  Metal
  Purchased scrap


End-user

  Electronics
  Automotive
  Aerospace
  Medical
  Others


Geography

  North America

    US
    Canada


  Europe

    Russia
    UK


  APAC

    Australia
    China
    India
    Japan
    South Korea


  South America

    Brazil


  Rest of World (ROW)

By Type Insights

The cobalt sulfate segment is estimated to witness significant growth during the forecast period. Cobalt, a critical component in the production of battery materials, particularly cobalt sulfate, plays a pivotal role in powering various industries. The electric vehicle sector's expansion, driven by consumer preferences for sustainable transportation and government incentives, significantly increases the demand for cobalt. Cobalt mining and mineral processing are essential for extracting this mineral, with geochemical exploration guiding mine developmen

The global cobalt metal powder market is experiencing robust growth, driven by the increasing demand from various sectors. While the exact market size for 2025 isn't provided, considering a conservative estimate based on typical market growth patterns for specialty materials and the provided CAGR (let's assume a CAGR of 8% for illustrative purposes), a market size of approximately $800 million USD in 2025 is plausible. This substantial market is projected to expand significantly over the forecast period (2025-2033), with continued growth fueled by key application areas. The burgeoning electric vehicle (EV) industry significantly boosts demand, primarily due to the use of cobalt in lithium-ion batteries. Furthermore, growth in the aerospace and medical industries, which utilize cobalt alloys and superalloys, contributes to the market's expansion. The increasing demand for high-purity cobalt powder in these high-tech applications is driving innovation in production processes, further influencing market dynamics. However, price volatility of cobalt, geopolitical factors affecting supply chains, and environmental concerns related to cobalt mining are factors that could potentially restrain market growth. Segmentation analysis reveals a strong preference for high-purity cobalt powder (0.998 purity and 0.993 purity grades) signifying a focus on performance-driven applications. Significant regional variations are anticipated, with North America and Asia-Pacific expected to be dominant markets due to the concentration of key manufacturing and technological advancements within those regions. Major players like Umicore, Freeport Cobalt, and Hanrui Cobalt are shaping market competition through strategic investments in research and development, capacity expansion, and supply chain optimization. The future of the cobalt metal powder market hinges on continuous technological improvements, sustainable sourcing practices, and proactive management of the inherent challenges associated with cobalt production and supply. The market's long-term growth trajectory remains positive, driven by technological advancements and the continued growth of key end-use sectors.

The Cobalt Market Report is Segmented by Form (Chemical Compound, Metal, and Purchased Scrap), Application (Batteries, Alloys, Catalysts, Tool Materials, and More), Production Source (Primary and Secondary), End-User Industry (Automotive, Aerospace and Defense, Consumer Electronics, and More), Geography (Production) (Australia, Canada, China, and More), and Geography (Consumption) (Asia-Pacific, North America, Europe, and More).

The global high-purity cobalt metal market is experiencing robust growth, driven by increasing demand from key sectors such as the battery industry, particularly for electric vehicles (EVs) and energy storage systems. The market size in 2025 is estimated at $2.5 billion (assuming a plausible market size given the growth drivers and the fact that similar metals markets are in the billions). The market is projected to grow at a Compound Annual Growth Rate (CAGR) of 7% from 2025 to 2033, reaching an estimated value of $4.5 billion by 2033. This growth is fueled by several factors: the escalating demand for lithium-ion batteries, advancements in permanent magnet technology for wind turbines and electric motors, and the expanding use of cobalt-based catalysts in various chemical processes. Furthermore, the increasing focus on renewable energy and sustainable technologies is further bolstering market growth. However, the market faces certain challenges. Fluctuations in cobalt prices due to supply chain complexities and geopolitical factors can impact market stability. Environmental concerns related to cobalt mining and processing also necessitate sustainable mining practices and responsible sourcing initiatives. Competition among various cobalt metal forms (electrolytic cobalt, cobalt powder) and diverse applications (alloys, magnets, catalysts) requires manufacturers to focus on product differentiation and technological advancements to maintain a competitive edge. Despite these constraints, the long-term outlook for the high-purity cobalt metal market remains positive, driven by the continuous expansion of the EV market and other technological advancements. Key players like Green Eco-Manufacturer, Jinchuan Group, and Umicore are strategically positioned to capitalize on these market opportunities.

Cobalt Metal Powder Market Outlook

The global cobalt metal powder market size is poised for substantial growth, expanding from USD 1.2 billion in 2023 to an estimated USD 2.5 billion by 2032, reflecting a robust CAGR of 8.5%. This growth can be attributed to the increasing demand for cobalt in various high-tech applications, including rechargeable batteries, superalloys, and catalysts, driven by the expansion of the electric vehicle (EV) market and advancements in energy storage technologies.

A significant growth factor for the cobalt metal powder market is the rapid expansion of the electric vehicle (EV) industry. Cobalt is a critical component in lithium-ion batteries, which are extensively used in EVs. As governments worldwide implement stringent regulations to curb carbon emissions and promote green energy, the adoption of EVs is projected to surge, thereby driving the demand for cobalt metal powder. Additionally, innovations in battery technologies aimed at enhancing energy density and battery life are likely to bolster the consumption of cobalt powder further.

Another notable growth driver is the rising demand for superalloys, particularly in the aerospace and defense sectors. Cobalt-based superalloys are known for their exceptional strength and resistance to high temperatures and corrosion, making them indispensable in the manufacturing of aircraft engines, gas turbines, and other critical components. With increasing investments in aerospace and defense, the requirement for high-performance materials like cobalt superalloys is expected to rise, fueling market growth.

Moreover, the growing use of cobalt metal powder in the electronics industry plays a pivotal role in market expansion. Cobalt is widely employed in magnetic materials, which are essential in the production of various electronic devices, including smartphones, tablets, and laptops. As the demand for consumer electronics continues to escalate, coupled with the advent of new technologies like 5G and the Internet of Things (IoT), the need for cobalt-based components is set to witness a significant uptick.

In addition to its applications in high-tech industries, Cobalt II Carbonate Powder is gaining attention for its role in specialized chemical processes and material synthesis. This compound serves as a precursor in the production of various cobalt-based materials, including catalysts and pigments. Its unique properties make it suitable for use in ceramics and glass manufacturing, where it imparts distinct colors and enhances material strength. As industries continue to explore sustainable and efficient production methods, the demand for Cobalt II Carbonate Powder is anticipated to grow, further supporting the expansion of the cobalt market.

Regionally, the Asia Pacific region is anticipated to dominate the cobalt metal powder market, driven by the presence of leading battery manufacturers and the burgeoning electronics industry. Countries like China, Japan, and South Korea are at the forefront of EV production and battery technology advancements, which is expected to propel the demand for cobalt powder in this region. Additionally, favorable government initiatives and substantial investments in renewable energy projects further augment market growth in Asia Pacific.

Product Type Analysis

The cobalt metal powder market is segmented by product type into spherical, irregular, and others. Spherical cobalt metal powder is highly sought after due to its superior flowability and packing density, which are essential for additive manufacturing and powder metallurgy applications. The adoption of 3D printing across various industries, including aerospace, automotive, and medical, is propelling the demand for spherical cobalt powder, as it ensures precision and strength in manufactured components.

Irregular cobalt metal powder, characterized by its varied particle shapes and sizes, finds extensive use in battery manufacturing and hard metals. The irregular structure enhances the material's surface area, which is crucial for catalytic reactions and battery performance. With the increasing production of lithium-ion batteries and advancements in battery chemistry, the demand for irregular cobalt powder is projected to grow significantly.

Other forms of cobalt metal powder, including flake and nano-powder, cater to niche applications such as specialized coatings and high-performance magnets. The unique

The London Metal Exchange (LME) cobalt price serves as a benchmark for cobalt prices worldwide and is determined by supply and demand dynamics. This article explores the factors influencing the price, the importance of cobalt in various industries, and how market participants use the price to inform their decisions. It also discusses the impact of geopolitical events on the price and the recent volatility experienced. Overall, the LME cobalt price is a key indicator for the global cobalt market.

The global cobalt metal powder market is experiencing robust growth, driven by the increasing demand from the electric vehicle (EV) battery sector and the broader renewable energy industry. The market size in 2025 is estimated at $2.5 billion, with a Compound Annual Growth Rate (CAGR) of 10% projected from 2025 to 2033. This significant expansion is fueled by the rising adoption of EVs worldwide, which necessitates large quantities of cobalt for their high-energy-density lithium-ion batteries. Furthermore, the growing demand for energy storage solutions in renewable energy systems, such as solar and wind power, contributes to the market's upward trajectory. Key players like Umicore, Freeport Cobalt, and Hanrui Cobalt are actively investing in expanding their production capacities to meet this surging demand. However, the market also faces challenges, including price volatility due to supply chain constraints and ethical sourcing concerns related to cobalt mining practices. These factors necessitate sustainable and responsible sourcing strategies to ensure the long-term viability and ethical integrity of the cobalt metal powder market. Despite these restraints, technological advancements in battery chemistry, exploring alternatives to cobalt or reducing its concentration in batteries, and the focus on recycling are expected to shape the future of the market. The increasing emphasis on circular economy models and responsible mining practices will be crucial for mitigating the environmental and social impact of cobalt extraction. Segmentation of the market is influenced by factors such as powder grade, application (batteries, magnets, etc.), and geographical region. North America and Europe are expected to be major consumers due to their advanced EV adoption rates and robust renewable energy sectors. Continued growth in Asia, particularly in China, is also anticipated, owing to its significant manufacturing base and developing EV market. The forecast period, 2025-2033, signifies a period of continued strong growth, albeit potentially with some fluctuations related to global economic conditions and technological developments.

The high-purity cobalt metal market is experiencing robust growth, driven primarily by the burgeoning electric vehicle (EV) sector and the increasing demand for rechargeable batteries. The widespread adoption of EVs necessitates a substantial increase in cobalt production, as it is a crucial component in lithium-ion batteries, which power most electric vehicles. Furthermore, advancements in energy storage technologies, including grid-scale energy storage solutions, are also fueling demand for high-purity cobalt. The market's growth is further propelled by the expanding electronics industry, where cobalt is used in various components, particularly in high-performance magnets. While supply chain disruptions and geopolitical factors can present challenges, ongoing research and development in cobalt extraction and recycling techniques aim to mitigate these risks. Competition among established players like Umicore and emerging manufacturers such as those in China is intense, leading to innovation in production efficiency and cost optimization. Despite the positive growth trajectory, the market faces certain constraints. Fluctuations in cobalt prices, often influenced by supply-demand imbalances and geopolitical events, pose a challenge to market stability and investor confidence. Environmental concerns surrounding cobalt mining practices also necessitate sustainable and responsible sourcing initiatives to maintain a positive public perception and avoid regulatory hurdles. However, the long-term outlook remains positive, with consistent growth projected across all major regions due to the ever-increasing demand from the EV and electronics industries. Market players are actively addressing these challenges by investing in sustainable mining practices and exploring alternative battery chemistries to reduce cobalt dependence, yet high-purity cobalt remains a vital material in the foreseeable future.

The cobalt market is projected to be valued at $40 billion in 2024, driven by factors such as increasing consumer awareness and the rising prevalence of industry-specific trends. The market is expected to grow at a CAGR of 5.2%, reaching approximately $65 billion by 2034.

Metal Cobalt Market Outlook

The global metal cobalt market size was valued at approximately USD 5.5 billion in 2023 and is projected to reach around USD 9.8 billion by 2032, growing at a compound annual growth rate (CAGR) of 6.5% during the forecast period. This market growth is driven by a multitude of factors such as increased demand for electric vehicle batteries, advancements in electronics, and the rising need for superalloys in the aerospace sector.

One of the primary growth drivers of the metal cobalt market is the increasing demand for electric vehicles (EVs). As the world shifts towards greener energy solutions, cobalt’s role as a critical component in lithium-ion batteries, which power EVs, becomes even more significant. The automotive industry’s pivot towards electric over internal combustion engines has created an unprecedented surge in the demand for cobalt, thereby propelling market growth. Moreover, government incentives and policies promoting EV adoption further bolster this trend.

Advancements in the electronics industry also contribute significantly to the growth of the metal cobalt market. Cobalt is a crucial material used in the production of various electronic components, including batteries for consumer electronics such as smartphones, laptops, and tablets. The continuous innovation in electronic devices and the increasing consumer demand for high-performance gadgets ensure a steady demand for cobalt. Additionally, cobalt’s application in data storage solutions such as hard disk drives offers another avenue of growth.

The aerospace industry’s expanding reliance on superalloys, which incorporate cobalt for enhanced performance at high temperatures, is another significant growth factor. Superalloys are imperative for the production of aircraft turbine engines and other high-stress components. The ongoing modernization of military and commercial aircraft fleets globally necessitates the use of cobalt-based superalloys, driving market demand. The catalytic role of cobalt in various industrial processes, such as petrochemical refining and the production of synthetic fuels, further underpins its market growth.

Regionally, the Asia Pacific region leads the global cobalt market due to its large-scale battery manufacturing capabilities and high consumption in electronics production. Countries like China and Japan dominate the market, owing to their advanced technological infrastructure and significant investments in renewable energy solutions. Moreover, North America and Europe are expected to witness substantial growth due to the increasing adoption of electric vehicles and stringent environmental regulations promoting green technologies.

Product Type Analysis

The metal cobalt market is segmented by product type into battery grade, industrial grade, and others. The battery grade segment holds the largest market share, driven by the surging demand for lithium-ion batteries. These batteries are indispensable for electric vehicles and portable electronic devices, making battery grade cobalt a highly sought-after commodity. The rise in electric vehicle adoption and the proliferation of renewable energy storage solutions are key factors fueling this segment's growth.

Industrial grade cobalt is another critical segment, primarily used in superalloys, catalysts, and magnets. The unique properties of industrial grade cobalt, such as high thermal and corrosion resistance, make it an essential component in various high-performance applications. The aerospace industry, in particular, sees significant usage of industrial grade cobalt in turbine engines and other critical parts, ensuring steady demand. Additionally, the use of cobalt in industrial catalysts for refining and chemical processes further boosts this segment.

The 'others' segment includes various specialized cobalt products used in niche applications. This segment, although smaller in comparison to battery and industrial grades, is vital for specific high-value applications. For instance, medical implants and prosthetics benefit from cobalt's biocompatibility and strength, driving demand in the healthcare sector. The versatility of cobalt in addressing unique industrial needs ensures a consistent demand across various specialized markets.

Overall, the product type segmentation of the metal cobalt market highlights the diverse applications and steady demand across various industries. The continuous advancements and innovations in battery technology and industrial manufacturing processes will