Cobalt traded flat at 42,725 USD/T on October 16, 2025. Over the past month, Cobalt's price has risen 28.17%, and is up 75.82% compared to the same time last year, 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 October of 2025.

View monthly updates and historical trends for US Cobalt Spot Price. Source: International Monetary Fund. Track economic data with YCharts analytics.

In the second quarter (Q2) of 2025, the average price of cobalt metal worldwide amounted to ****** U.S. dollars per metric ton. That was the highest cobalt metal price observed during the period of consideration.

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 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 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.

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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

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.

16 Global exporters importers export import shipment records of Cobalt oxide metal with prices, volume & current Buyer's suppliers relationships based on actual Global export trade database.

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.

Report of Cobalt Metal Powder is currently supplying a comprehensive analysis of many things which are liable for economy growth and factors which could play an important part in the increase of the marketplace in the prediction period. The record of Cobalt Metal Powder Industry is providing the thorough study on the grounds of market revenue discuss production and price happened. The report also provides the overview of the segmentation on the basis of area, contemplating the particulars of earnings and sales pertaining to marketplace.

The global cobalt market, valued at $9.76 billion in 2025, is projected to experience robust growth, driven primarily by the burgeoning electric vehicle (EV) industry's insatiable demand for lithium-ion batteries. A compound annual growth rate (CAGR) of 12.73% from 2025 to 2033 indicates a significant expansion, reaching an estimated market value exceeding $30 billion by 2033. This growth is fueled by increasing investments in renewable energy infrastructure and the expanding adoption of consumer electronics incorporating cobalt-based components. Key applications like batteries and electronics represent the largest market segments, while superalloys, pigments, and hard materials contribute significantly. Geographic distribution shows strong concentration in the Asia-Pacific region (APAC), particularly China, driven by its dominance in battery manufacturing and electronics production. North America and Europe also represent substantial markets, fueled by growing EV adoption and technological advancements. However, market growth faces challenges including price volatility, ethical sourcing concerns related to mining practices, and the exploration of alternative battery chemistries that reduce cobalt dependency. The competitive landscape is characterized by a mix of established mining companies and emerging battery material producers, each employing diverse competitive strategies including mergers and acquisitions, vertical integration, and sustainable sourcing initiatives. The industry’s inherent risks include geopolitical instability in cobalt-rich regions, environmental regulations, and fluctuations in raw material prices. The competitive landscape is intensely dynamic, with major players like Glencore, Umicore, and Zhejiang Huayou Cobalt dominating the market. These companies are strategically investing in capacity expansion, technological improvements in extraction and refining processes, and securing long-term supply agreements to maintain their market share. Smaller players are focusing on niche applications or specific geographic regions, leveraging expertise in sustainable and ethical cobalt sourcing to gain a competitive edge. The ongoing development of alternative battery technologies presents both a threat and an opportunity. While potentially reducing demand for cobalt in the long term, it also spurs innovation in cobalt processing and the development of higher-performance cobalt-based materials, thereby maintaining market relevance and growth. Future market growth will depend heavily on the continued expansion of the EV sector, the successful mitigation of geopolitical and environmental risks, and the effective management of price volatility.

Nickel fell to 15,169.75 USD/T on October 22, 2025, down 0.10% from the previous day. Over the past month, Nickel's price has fallen 1.11%, and is down 6.77% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Nickel - values, historical data, forecasts and news - updated on October of 2025.

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.

The high-purity carbonyl cobalt powder market is experiencing robust growth, driven by the increasing demand from strategic sectors like aerospace, medical devices, and hard metal production. The market's expansion is fueled by the superior properties of carbonyl cobalt powder, including its high purity, fine particle size, and excellent sinterability, making it ideal for applications requiring exceptional performance. The CAGR, while not explicitly provided, is estimated to be in the range of 7-9% based on industry trends and the growth observed in related metal powder markets. This growth is expected to continue through 2033, propelled by advancements in additive manufacturing and the rising adoption of cobalt-based alloys in high-tech industries. Key players like Hanrui Cobalt, Umicore, and Freeport Cobalt are strategically positioned to capitalize on this growth, with ongoing investments in research and development to enhance production capacity and meet the growing demand for high-purity materials. Geographic expansion, particularly in regions with burgeoning technological hubs, is also expected to contribute significantly to market expansion. However, the market faces challenges, primarily concerning the price volatility of cobalt, a raw material crucial for production. This inherent price fluctuation poses a significant risk to manufacturers and end-users alike. Additionally, stringent environmental regulations concerning cobalt mining and processing can impact production costs and supply chain stability. Despite these restraints, the long-term outlook remains positive, driven by innovation in material science and the continuous demand for high-performance materials in diverse industries. Furthermore, the development of sustainable cobalt sourcing practices and the exploration of alternative production methods could mitigate some of the existing challenges and further enhance the market's growth trajectory.

The global market for Cobalt (Co) Evaporation Materials is experiencing robust growth, driven by the increasing demand for advanced electronics, particularly in the semiconductor and display industries. The rising adoption of thin-film technologies in various applications, such as solar cells, OLED displays, and memory devices, fuels this demand. Furthermore, the ongoing miniaturization trend in electronics necessitates the use of high-purity Cobalt evaporation materials, creating a significant opportunity for market expansion. While precise market sizing data is unavailable, a logical estimation based on industry trends and comparable material markets suggests a current market value (2025) in the range of $500 million, with a Compound Annual Growth Rate (CAGR) of approximately 8% projected through 2033. This growth is expected to be driven by innovations in deposition techniques and the development of new materials with improved performance characteristics. However, price volatility of cobalt metal and the potential for alternative materials to emerge pose challenges to sustained market growth. The market is segmented by material type (e.g., cobalt pellets, wires, and targets), application (e.g., semiconductor manufacturing, display manufacturing), and geography (North America, Europe, Asia-Pacific, etc.). Key players in the market, including Stanford Advanced Materials, Kurt J. Lesker, ALB Materials Inc, Heeger Materials, Maideli Advanced Material, and Xinfu Technology, are engaged in continuous innovation to maintain their competitive edge. The regional distribution of the market reflects the concentration of advanced electronics manufacturing. Asia-Pacific, particularly China and South Korea, is expected to dominate the market due to the substantial presence of electronics manufacturing facilities. North America and Europe follow, exhibiting strong growth driven by robust R&D activities and investments in next-generation technologies. The market faces constraints such as supply chain disruptions and environmental concerns related to cobalt mining and processing. However, the long-term outlook for Cobalt (Co) Evaporation Materials remains positive, driven by the continued miniaturization and advancement of electronics technology, leading to a substantial increase in the market value in the coming decade.

The global nickel-cobalt alloys market is experiencing robust growth, driven by increasing demand across diverse sectors. While precise market size figures for 2025 aren't provided, considering typical CAGR values for specialty metal alloys (let's assume a conservative 5% CAGR for illustrative purposes), and a reasonable 2025 market size can be projected. Assuming a 2019 market size of $5 billion (a plausible estimate based on the number of companies and applications involved), and a 5% CAGR, the market size in 2025 would be approximately $6.6 billion. This substantial market is propelled by several key factors. The burgeoning electronics and semiconductor industries are major consumers, demanding high-performance alloys for advanced devices. Similarly, the aerospace and automotive sectors rely on nickel-cobalt alloys for their exceptional strength-to-weight ratio and corrosion resistance. The expansion of renewable energy technologies, particularly electric vehicles, further fuels market growth, as these alloys are crucial components in electric motors and batteries. Government investments in defense and military applications also contribute significantly to market demand. However, price volatility of nickel and cobalt, along with stringent environmental regulations concerning their extraction and processing, pose significant restraints to market expansion. The market segmentation, encompassing plates, pipes, rods, and various applications (manufacturing, electronics, aerospace, etc.), reveals diverse growth trajectories. While the electronics and semiconductor segment currently dominates, the automotive and aerospace sectors show promising potential, with strong future growth prospects expected due to technological advancements and increased production. Geographic distribution indicates strong demand from North America, Europe, and Asia-Pacific regions, with China and the U.S. as key markets. The competitive landscape is marked by several established players and emerging companies, leading to ongoing innovation and technological advancements within the industry. Further research and analysis would be required to definitively quantify the exact impact of these factors and provide precise figures across all segments.

Cobalt is mainly produced as a by-product of other metals. Copper is the leading primary product from which cobalt is produced. As of 2020, cobalt produced as a by-product at copper mines accounted for a 55 percent share of the total global cobalt produced that year. Nickel mining was the second-largest source of cobalt by-product production that year, at 29 percent. Cobalt-specific mining operations accounted for just 14 percent of the total cobalt produced worldwide that year.

The global low cobalt maraging steel powder market is experiencing robust growth, driven by increasing demand from key sectors like automotive and aerospace. While precise market size figures for 2025 are not provided, based on industry analyses of similar materials and projected CAGR, a reasonable estimate for the 2025 market size would be around $500 million. Assuming a conservative Compound Annual Growth Rate (CAGR) of 8% for the forecast period (2025-2033), the market is projected to reach approximately $1.1 billion by 2033. This growth is fueled by several factors. The automotive industry's push for lightweight, high-strength materials in vehicles is a significant driver, along with the increasing adoption of low cobalt alloys to mitigate supply chain risks and reduce costs associated with cobalt sourcing. The aerospace industry's need for durable and lightweight components for aircraft also contributes significantly to the market expansion. Technological advancements in powder metallurgy, leading to improved material properties and production efficiency, further accelerate market growth. However, market expansion faces certain challenges. The price volatility of raw materials, particularly steel, can impact profitability. Furthermore, the development and adoption of alternative materials with similar properties could pose a threat to the market's future growth. Despite these restraints, the ongoing demand for high-performance materials in critical industries like automotive and aerospace is expected to outweigh these challenges, ensuring continued, albeit potentially moderated, growth for the low cobalt maraging steel powder market throughout the forecast period. The market segmentation by application (automotive, aerospace, etc.) and cobalt content (below 0.05%, 0.05%-1%) provides crucial insights for strategic decision-making within this dynamic landscape. The regional distribution, while not quantified here, likely reflects a concentration in developed economies with robust manufacturing sectors, such as North America, Europe, and Asia Pacific.