Cobalt traded flat at 33,335 USD/T on August 20, 2025. Over the past month, Cobalt's price has remained flat, but it is still 33.88% 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 the first quarter (Q1) of 2024, the average price of cobalt metal worldwide amounted to ****** U.S. dollars per metric ton. The cobalt metal price was the highest in the first quarter of 2024, and decreased over the following quarters.

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.

Explore the crucial role of cobalt in the production of lithium-ion batteries, its market volatility influenced by supply chain challenges, ethical concerns, and technological innovations, and how geopolitical factors impact its pricing.

The futures price of cobalt ranged between ****** and ****** 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 ****** 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 ****** 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 ** 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 ** 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.

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 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.

The global electrolytic cobalt market is experiencing robust growth, driven by the increasing demand from key sectors such as the aerospace industry, power generators, and the chemical industry. The market size in 2025 is estimated at $1.5 billion USD, projecting a Compound Annual Growth Rate (CAGR) of 7% from 2025 to 2033. This growth is fueled by the rising adoption of electric vehicles (EVs) and renewable energy technologies, both of which heavily rely on cobalt for battery production and energy storage solutions. Furthermore, the expanding aerospace industry's need for high-performance alloys and the growing demand for cobalt in chemical applications are significantly contributing to market expansion. The high-purity segments, particularly above 99.9%, are witnessing higher growth rates due to their critical role in advanced technologies. Major players like Sumitomo Metal Mining, Nornickel, and Umicore are actively shaping the market landscape through strategic investments in production capacity and technological advancements. However, price volatility and supply chain constraints, particularly concerning responsible sourcing and ethical mining practices, present significant challenges to sustained market growth. Government regulations promoting sustainable mining and recycling initiatives are expected to mitigate these risks in the coming years. While challenges exist, the long-term outlook for the electrolytic cobalt market remains positive. Continued technological advancements in battery technology and the expanding renewable energy sector are anticipated to drive demand, despite the restraints. The market segmentation by application and purity level provides opportunities for specialized players to cater to niche requirements within these rapidly evolving industries. Regional variations in growth are expected, with Asia-Pacific projected to lead due to its substantial EV manufacturing base and growing chemical industry. North America and Europe will also contribute significantly, driven by advancements in aerospace and renewable energy sectors. The market's growth trajectory is expected to be influenced by geopolitical factors and global economic conditions, but the underlying demand drivers remain powerful and suggest continued expansion throughout the forecast period.

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 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.

Explore the factors influencing cobalt prices, a strategic metal vital for EV batteries and aerospace, including supply dynamics, geopolitical issues in the Democratic Republic of the Congo, tech advances, and sustainability efforts.

229 Global export shipment records of Cobalt Metal with prices, volume & current Buyer's suppliers relationships based on actual Global export trade database.

The global cobalt market is valued at 16.12 billion in 2024 and is expected to reach USD 34.73 billion by 2035, representing a CAGR of 7.23% during the forecast period.

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 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 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.

4637 Global import shipment records of Cobalt Metal with prices, volume & current Buyer's suppliers relationships based on actual Global export trade database.

After slowing down due to the COVID-19 pandemic, demand for metals grew dramatically in 2021. This led to inflation and an unprecedented increases in their prices. Metals such as lithium and cobalt, needed for the production of batteries, were among the best performers in 2021, with a price return of around *** and *** percent, respectively. On the other hand, the prices of palladium and iron ore decreased by ** and ** percent, respectively.

The global nickel/cobalt alloys market is experiencing robust growth, driven by increasing demand across diverse sectors. While the exact market size for 2025 isn't provided, considering the growth trajectory of related metal markets and the expanding applications of nickel/cobalt alloys in high-performance industries, a reasonable estimation places the 2025 market value at approximately $15 billion. This represents a significant expansion from previous years, fueled by the sustained growth in the electronics, aerospace, and automotive sectors. These industries are increasingly reliant on the unique properties of nickel/cobalt alloys—their high strength, corrosion resistance, and high-temperature capabilities—in applications ranging from advanced manufacturing processes to high-precision components in electronics and electric vehicles. The consistent demand from these key sectors, coupled with advancements in alloy formulations for enhanced performance, is projected to propel the market's Compound Annual Growth Rate (CAGR) to around 6% over the forecast period (2025-2033). This growth, however, will be tempered by fluctuating raw material prices and the potential for supply chain disruptions, especially concerning cobalt, which is a critical component impacting pricing and availability. The market segmentation reveals substantial opportunities within different alloy forms (plates, pipes, rods) and application areas. Manufacturing, electronics and semiconductors, and aerospace consistently stand out as major consumers. The automotive industry's ongoing transition towards electric vehicles (EVs) is significantly boosting demand for nickel/cobalt alloys in battery components and other critical automotive parts. Regional analysis shows that North America and Asia Pacific (particularly China and Japan) are currently dominant markets, while emerging economies in other regions present significant growth potential as these countries invest in infrastructure and industrial development. The continued research and development efforts focusing on enhancing alloy properties, exploring cost-effective production methods, and mitigating environmental concerns related to cobalt mining will play a crucial role in shaping the market's future trajectory.