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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 development. How

The market volume of cobalt is forecast to amount to a total of nearly ******* metric tons worldwide in 2025, an increase of more than 100 percent from the 2017 market volume of ****** metric tons.

Cobalt traded flat at 33,335 USD/T on August 28, 2025. Over the past month, Cobalt's price has remained flat, but it is still 37.18% 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.

In 2022 the global supply of mined cobalt amounted to a total of ******* metric tons, which was an increase of ****** metric tons compared to the previous year. The Democratic Republic of the Congo accounted for a ** percent share of the overall year-over-year increase in global cobalt supply, having produced an increased ****** metric tons of cobalt from mines in 2022 compared to 2021.

Cobalt Market size was valued at USD 14.64 Billion in 2023 and is projected to reach USD 35.27 Billion by 2030, growing at a CAGR of 8.5% during the forecast period 2024-2030.

Global Cobalt Market Drivers

The market drivers for the Cobalt Market can be influenced by various factors. These may include:

Revolution of the Electric Vehicle (EV): One of the main factors propelling the cobalt industry is the increase in demand for EVs, which run on lithium-ion batteries that contain cobalt. An essential part of these batteries' cathodes is cobalt.

Battery Energy Storage Systems (BESS): The demand for cobalt in energy storage applications is rising due to the increasing use of BESS in grid stabilization and renewable energy integration.

Portable Electronics: The demand for cobalt is influenced by the increasing usage of portable electronics, which include laptops, tablets, and smartphones. These gadgets run on rechargeable batteries that contain cobalt.

Aerospace Industry: Superalloys for aviation engines are one application where cobalt is utilized. The demand for cobalt may increase due to the expansion of the aerospace sector.

Medical Applications: The demand for cobalt in the healthcare industry is influenced by the usage of cobalt alloys in medical devices and implants.

Cobalt-Chromium Alloys: The demand for cobalt is supported by the use of cobalt-chromium alloys in a variety of industrial applications, such as cutting tools and wear-resistant parts.

China accounted for more than three-quarters of the total global production of refined cobalt in 2023. In a distant second place that year, Finland accounted for 8.8 percent share of global refined cobalt production.

Cobalt Acetylacetonate Market Outlook

The cobalt acetylacetonate market size is expected to grow from USD 50 million in 2023 to USD 85 million by 2032, at a compound annual growth rate (CAGR) of 6.5%. The significant growth factors contributing to this market include increasing demand in the catalytic and pharmaceutical industries and rising applications in advanced material science.

One of the primary growth factors for the cobalt acetylacetonate market is its extensive usage as a catalyst. In the chemical industry, catalysts play a crucial role in speeding up reactions and enhancing the efficiency of chemical processes. The unique properties of cobalt acetylacetonate, such as its ability to act as a homogeneous catalyst, are driving its demand in various chemical reactions, particularly in polymerization and oxidation processes. This extensive utilization in catalysis is anticipated to propel market growth over the forecast period.

Another significant growth driver is the increasing application of cobalt acetylacetonate in the pharmaceutical industry. As a metal-organic compound, it has shown promise in drug formulation and delivery systems. The pharmaceutical sector is continually seeking innovative compounds to improve drug efficacy and delivery mechanisms. The unique properties of cobalt acetylacetonate, including its stability and reactivity, make it a valuable component in pharmaceutical research and manufacturing. This trend is expected to further drive market growth.

The market is also witnessing growth due to advancements in material science and its application in coatings and adhesives. Cobalt acetylacetonate's excellent adhesive properties and its ability to enhance the durability and performance of coatings make it highly desirable in the automotive and aerospace industries. As these industries continue to prioritize high-performance materials that can withstand harsh environmental conditions, the demand for cobalt acetylacetonate is likely to increase substantially.

From a regional perspective, the Asia Pacific region is expected to lead the market growth due to its robust chemical and pharmaceutical sectors. Countries like China and India are investing heavily in research and development, leading to increased utilization of advanced chemical compounds like cobalt acetylacetonate. Furthermore, the growing automotive industry in this region, driven by rising consumer demand and manufacturing capabilities, is expected to boost market growth. North America and Europe are also significant markets due to their developed pharmaceutical and aerospace industries.

Product Type Analysis

The cobalt acetylacetonate market, segmented by product type, includes two primary categories: purity ≥99% and purity <99%. The high purity segment (≥99%) is particularly crucial in applications requiring strict quality and performance standards. This includes pharmaceutical formulations and high-end catalysts in the chemical industry. The demand for high purity cobalt acetylacetonate is growing as industries seek to comply with stringent regulatory standards and ensure the safety and efficacy of their products.

The high purity segment's growth is further driven by advancements in manufacturing processes that allow for the production of more refined and consistent products. With high purity levels, cobalt acetylacetonate exhibits better performance characteristics, making it the preferred choice for critical applications. This segment is expected to witness significant growth, supported by ongoing research and development activities aimed at enhancing product quality.

On the other hand, the purity <99% segment is primarily used in applications where extreme precision is not as critical. This includes various industrial processes and applications where cost-effectiveness is more important than high purity. The segment continues to hold a substantial market share due to its affordability and adequate performance in less demanding applications. The ongoing industrial expansion, particularly in emerging economies, is expected to maintain the demand for this segment.

Moreover, advancements in purification techniques and the development of cost-effective production methods are expected to impact both segments positively. As the technology evolves, the gap between the high purity and standard purity segments may narrow, leading to more competitive pricing and broader application ranges. This trend will likely benefit the overall growth of the cobalt acetylacetonate market, making it

The cobalt market, valued at approximately $XX million in 2025, is projected to experience robust growth, exhibiting a CAGR exceeding 3.00% from 2025 to 2033. This expansion is primarily driven by the burgeoning electric vehicle (EV) industry's insatiable demand for lithium-ion batteries, a key component of which is cobalt. The increasing adoption of renewable energy technologies and the growing focus on energy storage solutions further fuel this market's growth trajectory. Significant technological advancements in cobalt extraction and processing are also contributing to improved efficiency and reduced environmental impact, thereby mitigating some of the historical concerns surrounding cobalt mining. However, price volatility, geopolitical risks associated with concentrated supply chains primarily in the Democratic Republic of Congo, and environmental regulations pose significant challenges to sustained market growth. The industry is actively pursuing sustainable sourcing initiatives and exploring alternative battery chemistries to lessen reliance on cobalt, although these efforts are not yet fully offsetting the impact of strong demand. Market segmentation reveals significant variations across geographical regions, with North America, Europe, and Asia-Pacific emerging as key players. Competition within the cobalt market is intense, involving a diverse mix of multinational mining giants like BHP, Glencore, and Vale, alongside smaller, specialized producers. These companies are actively engaged in expansion projects, strategic partnerships, and technological innovations to improve their market share and profitability. The forecast period (2025-2033) suggests a continuous upward trend in demand, driven by sustained growth in the EV and energy storage sectors. While challenges remain, the long-term outlook for the cobalt market remains positive, albeit subject to fluctuations in global economic conditions and evolving technological landscapes. Recent developments include: November 2023: Glencore signed an agreement with Teck Resources Limited for the acquisition of a 77% effective interest in the entirety of Teck’s steelmaking coal business, Elk Valley Resources. This acquisition amounted to USD 6.93 billion., April 2022: Glencore and General Motors announced their multi-year sourcing agreement. It involves Glencore supplying GM with cobalt from its Murrin operation in Australia. Also, the cobalt processed from Australia is expected to be used in GM's Ultium battery cathodes, powering electric vehicles such as the Chevrolet Silverado EV, GMC HUMMER EV, and Cadillac LYRIQ., March 2022: MMG announced the expansion of the Kinsevere operation in the Democratic Republic of Congo (DRC), with an investment between USD 500 million and USD 600 million, extending the project's operational life by at least 13 years. MMG expects that the expansion project will increase the production of the copper cathode to up to 80,000 tpa and 4,000-6,000 tpa of cobalt in cobalt hydroxide.. Key drivers for this market are: Extensive Usage in the Manufacturing of Rechargeable Batteries, Rising Usage in the Production of High Speed Cutting Tools. Potential restraints include: Extensive Usage in the Manufacturing of Rechargeable Batteries, Rising Usage in the Production of High Speed Cutting Tools. Notable trends are: The Batteries Segment is Expected to Dominate the Market.

Recycled Cobalt Market Outlook

According to our latest research, the global recycled cobalt market size reached USD 610 million in 2024, reflecting robust industry momentum and growing emphasis on sustainable resource management. The market is expected to expand at a CAGR of 7.9% during the forecast period, with projections indicating the market will attain a value of USD 1.23 billion by 2033. This growth is predominantly driven by surging demand for cobalt in battery manufacturing, particularly for electric vehicles (EVs), alongside tightening regulations and corporate mandates on responsible sourcing and recycling. The increasing adoption of circular economy principles across industries is further accelerating the uptake of recycled cobalt, positioning it as a critical material in the global transition towards greener technologies and sustainable supply chains.

One of the primary growth factors for the recycled cobalt market is the exponential rise in demand for lithium-ion batteries, especially in the automotive and electronics sectors. With the global push towards electrification, the automotive industry is rapidly transitioning to EVs, which require significant quantities of cobalt for battery cathodes. Simultaneously, consumer electronics such as smartphones, laptops, and tablets continue to proliferate, further fueling the need for reliable cobalt sources. As virgin cobalt mining faces increasing scrutiny due to environmental and ethical concerns, recycling has emerged as a preferred alternative for manufacturers seeking to secure stable, ethical, and cost-effective cobalt supplies. This shift is supported by advancements in recycling technologies, which have improved recovery rates and reduced processing costs, making recycled cobalt more competitive with its mined counterpart.

Another significant driver is the regulatory landscape, which is evolving to promote responsible sourcing and recycling of critical minerals like cobalt. Governments in major economies, including the European Union, the United States, and China, are implementing stringent policies and incentives to encourage recycling and reduce dependency on primary cobalt mining, which is often associated with social and environmental challenges. These regulatory frameworks are compelling manufacturers across diverse sectors to integrate recycled cobalt into their supply chains. Additionally, leading corporations are setting ambitious sustainability targets, mandating the use of recycled materials in their products to enhance their environmental, social, and governance (ESG) credentials. This convergence of regulatory pressure and corporate responsibility is catalyzing investments in recycling infrastructure and fostering innovation in cobalt recovery processes.

Technological advancements and the adoption of circular economy models are also playing a pivotal role in the market's expansion. Enhanced recycling techniques, such as hydrometallurgical and pyrometallurgical processes, have increased the efficiency and scalability of cobalt recovery from various waste streams, including used batteries and industrial scrap. Collaborations between battery manufacturers, recyclers, and technology providers are leading to the development of closed-loop systems, where end-of-life batteries are systematically collected, processed, and reintroduced into the production cycle. This not only reduces waste and environmental impact but also ensures a more resilient and transparent supply chain for critical minerals. The growing awareness among consumers and businesses about the environmental benefits of recycled cobalt is further propelling demand, as stakeholders increasingly prefer products with lower carbon footprints and sustainable material sourcing.

From a regional perspective, Asia Pacific dominates the recycled cobalt market, accounting for the largest share in 2024, driven by the region's robust electronics manufacturing base and the rapid expansion of the EV industry in China, Japan, and South Korea. Europe follows closely, supported by progressive recycling regulations and significant investments in battery recycling infrastructure, particularly in Germany and the Nordic countries. North America is also witnessing substantial growth, fueled by increasing EV adoption, government incentives, and a strong focus on sustainable manufacturing practices. Latin America and the Middle East & Africa, while smaller in market share, are expected to register notable growth rates as local industries and governments recognize the st

According to Cognitive Market research, the global cobalt market is expected to have a market size of XX million in 2024 with a growing CAGR of XX% during the forecast period.

The Global Cobalt Market is expected to have a market size of XX million in 2024 with a growing CAGR of XX% during the forecast period. 
The rising production of electric vehicles (EVs) is expected to increase the consumption of cobalt during the forecast period.
The aerospace, chemical processing, and power-generating industries all use cobalt-based superalloys, therefore it is anticipated that expanded aircraft manufacturing will promote the production of superalloys.
The Asia-Pacific region has the largest market share in with an expected market size of XX million in 2024 with a growing CAGR of XX% during the forecast period. 
Europe region is the fastest growing region with an expected market size of XX million in 2024 with a growing CAGR of XX% during the forecast period.

Market Dynamic

Key Drivers

The rising adoption of Electric Vehicles (EVs) across the globe is favoring market growth 

Cobalt is used in the production of batteries for EVs. This is because cobalt serves multiple vital functions. Cobalt helps lithium-ion batteries have a better energy density, especially when paired with nickel. For electric cars, this means greater performance and longer driving ranges. Long cycle life and stability are well-known characteristics of cobalt-based cathodes. This implies that before encountering appreciable capacity deterioration, EV batteries can go through several cycles of charging and discharging. It also provides voltage stability. Cobalt-containing batteries provide a stable voltage output for the duration of their life, which is essential for the dependable and constant operation of electric cars. Because of their high charging rate capability, these batteries enable quick charging, cutting down on the amount of time needed to recharge an EV's battery. The demand for alternative fuel vehicles has also been facilitated by rising fuel prices and the detrimental environmental effects of conventional gasoline-powered cars. The EV market is expected to grow as a result of consumers' growing preference for hybrid or battery-powered cars. The market for electric vehicles is growing as a result of the governments of both developed and developing nations implementing rigorous legislation and providing market participants with incentives. For instance, the FAME II initiative in India offers funding of up to USD 135 million to incentivize investment in EVSE for electric buses. This should cover one low-power and one rapid charger for every ten buses. Furthermore, a non-profit organization named "Veloz" was established by legislators, automakers, and charging network providers to advance electric vehicles in North America. The organization's goals were to spur market expansion, innovation, investment, and marketing for electric vehicles. Thereby with the rising electric vehicles market the market for cobalt will also be increasing rapidly.

The rising electronics sector globally is favoring market growth 

The electronics sector is growing rapidly globally. Nearly all modern laptops, tablets, and smartphones cannot recharge their batteries without Kolwezi. Rechargeable batteries can keep more charge and run safely for longer because of cobalt's maximum stability and energy density. Found in almost all rechargeable batteries used in cell phones and other battery-powered devices, cobalt plays a significant role in extending battery life. The demand for cell phones is rising significantly on a global scale. According to the International Telecommunication Union (ITU), there were more than 8.58 billion mobile subscriptions in use worldwide in 2022, compared to a global population of 7.95 billion halfway through the year. Additionally, by 2027, there will probably be 7,690 million subscriptions, which will increase cobalt's use in the smartphone market. It is anticipated that the US electronics industry will grow at a moderate pace. The United States is leading the world in technological innovation and electronics sector R&D, which is driving the need for faster and newer electronic equipment. Retail sales of technology and consumer electronics in the US are expected to bring in USD 505 billion in revenue in 2022, up from USD 461 b...

About this dataset

Context

The dataset tabulates the Cobalt population over the last 20 plus years. It lists the population for each year, along with the year on year change in population, as well as the change in percentage terms for each year. The dataset can be utilized to understand the population change of Cobalt across the last two decades. For example, using this dataset, we can identify if the population is declining or increasing. If there is a change, when the population peaked, or if it is still growing and has not reached its peak. We can also compare the trend with the overall trend of United States population over the same period of time.

Key observations

In 2023, the population of Cobalt was 262, a 0.38% decrease year-by-year from 2022. Previously, in 2022, Cobalt population was 263, an increase of 0.38% compared to a population of 262 in 2021. Over the last 20 plus years, between 2000 and 2023, population of Cobalt increased by 43. In this period, the peak population was 263 in the year 2022. The numbers suggest that the population has already reached its peak and is showing a trend of decline. Source: U.S. Census Bureau Population Estimates Program (PEP).

Content

When available, the data consists of estimates from the U.S. Census Bureau Population Estimates Program (PEP).

Data Coverage:

• From 2000 to 2023

Variables / Data Columns

• Year: This column displays the data year (Measured annually and for years 2000 to 2023)
• Population: The population for the specific year for the Cobalt is shown in this column.
• Year on Year Change: This column displays the change in Cobalt population for each year compared to the previous year.
• Change in Percent: This column displays the year on year change as a percentage. Please note that the sum of all percentages may not equal one due to rounding of values.

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Cobalt Population by Year. You can refer the same here

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.

The global cobalt market attained a volume of around 200.10 KMT in the year 2024. The market is further expected to grow at a CAGR of 8.90% between 2025 and 2034 to reach a volume of almost 469.38 KMT by 2034.

The cobalt market has seen a gradual increase due to the rapid rise in electric vehicles (EV) and their respective battery chemistries. The market is expected to grow at a rapid rate as cobalt consumption will increase in the future, owing to its essentiality in NMC batteries which are mostly used in EVs. All-purpose Li-ion batteries, like those used in power tools and e-bikes, for example, require cobalt for performance, durability, and range. More importantly,

The global market growth depends heavily on the U.S. market as manufacturers are increasingly competing to optimize battery efficiency. Cobalt is expected to remain an important element in future battery technologies, as demand for EVs keeps increasing.

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.

Cobalt is available in various forms, including chemical compounds, metal, and purchased scrap. Chemical compounds, comprising cobalt salts and oxides, find applications in catalysts, pigments, and magnetic materials. Metallic cobalt is utilized in super alloys, hardfacing materials, and coatings. Purchased scrap plays a significant role in recycling and waste reduction efforts. Recent developments include: December 2021 - , In December 2021, Kabanga Nickel announced their plan to invest heavily in their upcoming project of nickel-cobalt-copper property to increase their production., April 2022 - , In April 2022, Glencore and General Motors signed a sourcing agreement, where Glencore will be bound to supply cobalt from its Murrin operations to General Motors. , March 2022 - , In March 2022, MMG announced its business expansion in the Democratic Republic of Congo (DRC) by investing about USD 500 million., . Key drivers for this market are: The Cobalt Market is propelled by several driving forces. The rising popularity of electric vehicles and their growing battery capacity requirements drive cobalt demand. The increasing adoption of cobalt-based catalysts in various industries and the expanding use of cobalt in energy storage systems further contribute to market growth.. Potential restraints include: The Cobalt Market faces certain challenges and restraints. Concerns over the sustainable and ethical sourcing of cobalt, particularly from conflict-prone regions, pose a challenge. The dependence on a few key production regions, such as the Democratic Republic of Congo, raises supply chain vulnerability concerns. Additionally, market dynamics may be impacted by fluctuations in the price of cobalt.. Notable trends are: Growing demand for polymerization and blowing agents.

Cobalt Market Outlook

According to our latest research, the global cobalt market size in 2024 is valued at USD 9.4 billion, with a robust growth trajectory fueled by surging demand from the battery and electric vehicle (EV) sectors. The market is projected to expand at a CAGR of 7.2% from 2025 to 2033, reaching an estimated value of USD 17.5 billion by 2033. This growth is primarily driven by the rapid adoption of lithium-ion batteries in automotive and consumer electronics, as well as increasing investments in renewable energy infrastructure. As per the latest research, the cobalt market is poised for significant transformation, underpinned by technological advancements, evolving end-use applications, and a growing emphasis on sustainable sourcing and recycling.

One of the key growth factors for the cobalt market is the exponential rise in demand for lithium-ion batteries, particularly for electric vehicles (EVs) and energy storage systems. The automotive industry is undergoing a paradigm shift toward electrification, with major automakers committing to ambitious EV production targets. Cobalt, as a critical component in cathode materials, enhances battery energy density, lifespan, and safety, making it indispensable for high-performance batteries. Additionally, the proliferation of portable electronic devices, such as smartphones, laptops, and tablets, continues to fuel the need for reliable and efficient energy storage solutions, further propelling cobalt consumption. As governments worldwide implement stringent emission regulations and incentivize clean mobility, the demand for cobalt-based batteries is expected to witness sustained growth throughout the forecast period.

Another significant driver of the cobalt market is the increasing application of cobalt in superalloys, hard materials, and catalysts. Superalloys containing cobalt are widely used in the aerospace and defense sectors for the manufacture of turbine blades, jet engines, and other high-temperature components, owing to their superior mechanical strength and corrosion resistance. The chemical industry also relies on cobalt-based catalysts for the production of various petrochemicals and synthetic fuels. Furthermore, cobalt compounds are utilized in ceramics, pigments, and magnetic materials, contributing to the material’s diverse industrial footprint. The ongoing advancements in manufacturing processes, coupled with rising investments in research and development, are expected to unlock new avenues for cobalt utilization across multiple sectors.

Sustainability concerns and supply chain dynamics are shaping the future of the cobalt market. The majority of cobalt production is concentrated in the Democratic Republic of Congo (DRC), raising concerns regarding ethical sourcing, supply security, and price volatility. In response, industry stakeholders are investing in recycling technologies, traceability initiatives, and alternative battery chemistries to reduce dependence on primary cobalt sources. The emergence of circular economy models, coupled with regulatory support for responsible sourcing, is expected to mitigate risks associated with supply disruptions and environmental impacts. These trends are fostering a more resilient and transparent cobalt market, positioning it for long-term growth and stability.

From a regional perspective, Asia Pacific dominates the global cobalt market, accounting for the largest share in both production and consumption. The region’s leadership is attributed to the presence of major battery manufacturers, robust electronics industries, and a rapidly expanding EV market, particularly in China, Japan, and South Korea. North America and Europe are also witnessing significant growth, driven by policy support for clean energy and technological innovation. Meanwhile, Latin America and the Middle East & Africa are emerging as important players, leveraging their resource potential and strategic investments in value-added processing. The global cobalt market is thus characterized by dynamic regional interplay, with each geography contributing to the overall market expansion.

Refined Cobalt Market Outlook

The global refined cobalt market size was valued at approximately USD 7.5 billion in 2023 and is projected to reach USD 14.2 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.6% during the forecast period. This growth is primarily driven by increasing demand for battery-grade cobalt due to the rising production of electric vehicles (EVs), which significantly influences the market dynamics. The push towards renewable energy sources and the surge in electronic device usage are further propelling the market expansion. As industries undergo rapid technological advancements, the utility of cobalt in various applications is expected to grow exponentially, augmenting its market prospects.

The transition towards electrification, particularly in the automotive sector, is a significant growth factor for the refined cobalt market. Electric vehicles are witnessing unprecedented adoption globally, necessitating a steady supply of battery-grade cobalt for lithium-ion batteries. As governments worldwide enact policies to reduce carbon emissions and promote the use of clean energy vehicles, the demand for cobalt, a critical component in EV batteries, is likely to surge. Additionally, technological innovations in battery technology, aiming to improve energy density and reduce costs, are expected to further escalate the demand for cobalt, contributing to the market's robust growth trajectory.

Furthermore, the energy sector's evolution towards renewable energy sources plays a pivotal role in the market's growth. Cobalt's application in energy storage solutions, such as grid-level batteries, is gaining prominence as more countries invest in renewable energy infrastructure. Energy storage systems are essential for stabilizing power grids and ensuring a steady supply of electricity, especially when integrating volatile renewable energy sources like solar and wind. This need for efficient energy storage solutions is pushing the demand for refined cobalt, thereby supporting market expansion. The strategic importance of cobalt in enabling energy transition and ensuring energy security is expected to maintain its demand in the foreseeable future.

In addition to the automotive and energy sectors, the aerospace and electronics industries are also contributing to the increasing demand for refined cobalt. Cobalt is used in superalloys that provide high-temperature stability and strength, making them ideal for aerospace applications. Furthermore, the electronics industry relies on cobalt for its magnetic properties, which are crucial in the production of components such as hard drives and mobile phones. As technological advancements continue to proliferate, these industries are anticipated to escalate their demand for cobalt, thereby fostering market growth. The symbiotic growth across these diverse applications underlines cobalt's integral role in modern industrial processes.

Regionally, Asia Pacific is emerging as a dominant player in the refined cobalt market, driven by rapid industrialization and urbanization. The region's burgeoning middle class and increasing disposable incomes are propelling the demand for consumer electronics and electric vehicles, thus augmenting the need for cobalt. China, in particular, with its extensive EV production and consumption, acts as a major hub for cobalt demand. North America and Europe are also significant markets due to their mature automotive sectors and ongoing investments in renewable energy infrastructure. Meanwhile, Latin America, backed by its rich cobalt reserves, is seeing growing interest from international mining companies aiming to secure supply chains. The varied regional dynamics highlight the global interconnectedness of the refined cobalt market.

Product Type Analysis

The refined cobalt market is segmented by product type into battery grade, chemical grade, and metallurgical grade, each playing a distinct role in different industrial applications. Battery-grade cobalt holds the largest market share, primarily driven by its extensive use in the production of lithium-ion batteries for electric vehicles and portable electronics. The demand for battery-grade cobalt is propelled by the growing electrification of vehicles and the proliferation of electronic devices. This segment's growth is further supported by ongoing research and development aimed at optimizing battery performance and efficiency, which continues to highlight the significance of high-purity cobalt in advanced energy storage solutions. The strategic importance of this segment is underscored by its crucial role in driving sustainability

The electronic grade cobalt oxide market size was valued at XXX million in 2025 and is projected to grow at a CAGR of XX% during the forecast period 2025-2033. The increasing demand for electronic devices such as smartphones, laptops, and tablets is driving the market growth. Electronic grade cobalt oxide is used as a cathode material in lithium-ion batteries, which are widely used in these devices. The rising adoption of electric vehicles is also contributing to the market growth as cobalt oxide is used in the production of batteries for electric vehicles. The major drivers of the electronic grade cobalt oxide market include the increasing demand for electronic devices, the rising adoption of electric vehicles, and the growing demand for cobalt oxide in the production of batteries. The major trends in the market include the development of new and improved cathode materials for lithium-ion batteries, the increasing use of cobalt oxide in the production of batteries for electric vehicles, and the growing demand for cobalt oxide in the production of other applications such as catalysts and pigments. The major restraints in the market include the volatility in the price of cobalt and the concerns over the environmental impact of cobalt mining. Here are some of the key players in the electronic grade cobalt oxide market:

Tq-jtg Shanghai Chaowei Nanotechnology Iwatani Corporation Sumitomo Metal Mining CoreMax Corporation Stanford Advanced Materials Bluestone Metals and Chemicals Ataman Kimya Avis Metal Industries Umicore

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Cobalt Sulfate Market Size 2024-2028

The cobalt sulfate market size is forecast to increase by USD 502.9 billion at a CAGR of 6.52% between 2023 and 2028.

The market is experiencing significant growth due to the increasing demand for this compound in the electric vehicle industry. The rising popularity of electric vehicles (EVs) and their increasing adoption in North America is driving the market's growth. Additionally, the emergence of primary cobalt mines, particularly in countries like the Democratic Republic of Congo, is increasing the supply of cobalt sulfate. However, the market is also facing challenges, including the rising price of cobalt sulfate due to its high demand and limited supply. This trend is expected to continue, making it crucial for market players to adopt strategic initiatives to mitigate the impact of price volatility and ensure a stable supply chain. Overall, the market is poised for strong growth in the coming years, driven by the electric vehicle industry and the increasing production of primary cobalt mines.

What will the size of the market be during the forecast period?

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The market is witnessing significant growth due to its extensive applications in various industries. Cobalt sulfate, an inorganic salt, plays a crucial role in diverse sectors, including material science, chemical additives, battery technology, and coating materials. In material science, cobalt sulfate is used as a precursor in the synthesis of advanced ceramic materials. Its unique properties make it an essential component in the production of high-performance ceramics. In the realm of chemical additives, cobalt sulfate finds extensive use as a colorant and a catalyst in various industries. The battery industry is the largest consumer of cobalt sulfate. Its use in lithium-ion batteries is primarily driven by the increasing demand for clean energy and energy transition. The growing battery industry, fueled by the need for energy independence and the reduction of battery costs, is expected to boost the market. Cobalt sulfate is also used in coating materials, particularly in the production of high-performance coatings. Its excellent adhesion properties make it an ideal choice for various applications in surface treatment and metal processing.
Moreover, cobalt sulfate is used as an inorganic pigment in various industries, including paint and plastics. Its vibrant colors and high stability make it a preferred choice for artists and manufacturers. The market dynamics of cobalt sulfate are influenced by several factors. The scarcity of cobalt resources and the ethical sourcing of raw materials are critical issues that are gaining increasing attention. The battery industry's reliance on cobalt for battery technology is a significant factor driving the market. However, the exploration and development of cobalt alternatives, such as nickel and manganese, are expected to challenge the market's growth. The market for cobalt sulfate is also influenced by the battery industry's growth. The increasing demand for green battery solutions, battery life cycle management, and safety regulations are driving the market

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Battery
  Pigment
  Others


Grade Type

  Battery grade
  Industrial grade
  Agriculture and feed grade


Geography

  APAC

    China
    India
    Japan


  Europe



  North America

    US


  Middle East and Africa



  South America

By Application Insights

The battery segment is estimated to witness significant growth during the forecast period.

The market for cobalt sulfate in the United States is witnessing substantial growth, particularly in the battery sector. This inorganic compound, which is a divalent cobalt salt, is an integral part of alloys and storage batteries, including lithium-ion batteries. The latter are widely utilized in electric vehicles (EVs), energy storage systems, and portable electronic devices. The expanding EV industry, driven by the increasing focus on sustainable transportation, is a significant growth driver for the market in the US. Cobalt sulfate enhances the efficiency and energy density of lithium-ion batteries, making it indispensable for the EV sector. In addition to batteries, cobalt sulfate is also employed as a coloring agent in various industries and as a foliar spray in agriculture.

Furthermore, it is used in electroplating processes due to its cost-effectiveness and excellent performance characteristics. However, the potential health concerns associated with the carcinogenicity of cobalt and its compounds may pose challenges to marke

Electrolytic Cobalt Market Outlook

The global electrolytic cobalt market size was valued at approximately USD 1.45 billion in 2023 and is projected to reach USD 2.31 billion by 2032, growing at a compounded annual growth rate (CAGR) of 5.4% during the forecast period. This growth is driven by increasing demand from various end-user industries, including automotive, aerospace, and electronics, as well as the expanding application of cobalt in batteries, particularly lithium-ion batteries.

One of the primary growth factors for the electrolytic cobalt market is the burgeoning electric vehicle (EV) industry. As the world shifts towards greener energy solutions, the demand for lithium-ion batteries, which utilize cobalt as a crucial component, is skyrocketing. Cobalt enhances battery life and stability, making it indispensable for EV manufacturers aiming to offer longer driving ranges and more reliable performance. This surge in EV production directly correlates with an increased demand for high-purity electrolytic cobalt.

Another significant growth driver is the aerospace industry, which relies heavily on superalloys containing cobalt for critical engine and structural components. Cobalt-based superalloys are renowned for their high-temperature strength, corrosion resistance, and durability, which are crucial for aerospace applications. As air travel continues to expand globally, the demand for advanced materials like electrolytic cobalt is expected to rise, further propelling market growth.

Additionally, the electronics industry is fostering demand for electrolytic cobalt, particularly in the production of magnets and catalysts. Cobalt’s magnetic properties make it a key ingredient in permanent magnets used in various electronic devices and renewable energy technologies. Moreover, its application as a catalyst in the petrochemical and chemical industries is expanding, driven by the need for efficient and sustainable production processes. These applications underscore cobalt’s versatility and indispensability across multiple sectors.

Regionally, the Asia Pacific region dominates the global electrolytic cobalt market, driven by significant industrial growth in countries such as China, Japan, and South Korea. The robust manufacturing sectors in these nations, coupled with strong investments in battery production and electronics, are key contributors to regional market expansion. North America and Europe also represent significant markets, bolstered by advancements in automotive technologies and aerospace industries.

Product Type Analysis

High-purity electrolytic cobalt is garnering increased attention and demand due to its essential role in high-performance applications such as electric vehicle batteries and aerospace superalloys. This segment is characterized by cobalt’s superior purity levels, which ensure optimal performance in critical applications that demand stringent quality standards. Companies are investing heavily in refining processes to achieve high-purity levels, which, in turn, enhance product reliability and market competitiveness. The continuous innovation in refining technologies is expected to drive the growth of this segment.

In contrast, standard-purity electrolytic cobalt caters to applications where ultra-high purity is not a primary requirement but where the material's intrinsic properties still provide significant benefits. This segment finds its main applications in industrial catalysts and magnets used in electronics and renewable energy sectors. The relatively lower cost of standard-purity cobalt makes it an attractive option for many industries, especially in regions where cost-containment is a major concern. This segment's growth is largely driven by steady demand from traditional industries and incremental advancements in cobalt applications.

Both product types are integral to the overall market dynamics. High-purity electrolytic cobalt, while catering to niche and high-value applications, sets the technological benchmark and drives innovation. Meanwhile, standard-purity cobalt ensures widespread adoption across various industries, maintaining a balance between cost and performance. The interplay between these segments highlights the diverse applications and the market’s adaptability to meet different industry needs.

Looking forward, advancements in extraction and refining technologies are expected to further enhance the quality and availability of both high-purity and standard-purity electrolytic cobalt. Companies that can efficiently scal