The market volume of cobalt is forecast to amount to a total of nearly 200,000 metric tons worldwide in 2025, an increase of more than 100 percent from the 2017 market volume of 99,300 metric tons.

Cobalt traded flat at 33,335 USD/T on June 19, 2025. Over the past month, Cobalt's price has fallen 1.08%, but it is still 22.78% 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 June of 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 developmen

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...

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

This dataset provides values for COBALT reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

This statistic shows the distribution of cobalt demand worldwide in 2010 and 2017, with a forecast for 2025, by end use. In 2017, a 30 percent share of the global demand for cobalt was attributable to battery manufacturing.

Global Cobalt Market Size reached US$ 17.12 billion in 2024 and is expected to reach US$ 29.86 billion by 2032

This dataset provides values for COBALT reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Cobalt Market Outlook 2032

The global cobalt market size was USD 16.96 Billion in 2023 and is projected to reach USD 28.89 Billion by 2032, expanding at a CAGR of 6.2% during 2024–2032. The market growth is attributed to the rising demand for rechargeable batteries across the globe.



Growing demand for rechargeable batteries is a significant driver of the cobalt market. This is primarily, due to the high energy density and long-life span of cobalt-based batteries, which are extensively used in electric vehicles, laptops, smartphones, and other portable devices. The persistent growth of these industries is leading to a marked increase in the need for cobalt, an essential ingredient in these batteries.

Impact of Artificial Intelligence (AI) in Cobalt Market

Artificial Intelligence has a significant impact on cobalt market, transforming various aspects of the market. The integration of AI technology enhances the efficiency of mining operations, leading to increased productivity. AI-powered predictive analytics help in forecasting market trends, enabling businesses to make informed decisions. Additionally, AI-driven automation in the cobalt supply chain reduces operational costs and increases speed, thereby improving overall profitability. Furthermore, AI's role in developing electric vehicles and renewable energy technologies, which heavily rely on cobalt, indirectly influences the market's growth. The advent of AI has revolutionized the cobalt market, driving its expansion and profitability.

Cobalt Market Dynamics

Major Drivers

Increasing use in superalloys is expected to boost the market in the coming years. Superalloys, which are resistant to high temperatures and corrosion, are extensively used in the aerospace, power generation, and chemical industries. Cobalt enhances the high-temperature strength and corrosion resistance of these alloys, thus drivin

This statistic represents the global demand for cobalt used in batteries in 2017, with a forecast for 2025. Global demand for cobalt in batteries is expected to reach some 117 kilotons by 2025. Demand for cobalt in batteries is expected to double between 2017 and 2025.

Global Cobalt 60 market size 2025 was XX Million. Cobalt 60 Industry compound annual growth rate (CAGR) will be XX% from 2025 till 2033.

Cobalt II Bromide Hexahydrate Market Outlook

The global cobalt II bromide hexahydrate market size was valued at USD 50 million in 2023 and is projected to reach USD 85 million by 2032, growing at a CAGR of 6% during the forecast period. The market's growth is primarily driven by increasing demand for high-purity materials in various advanced applications, as well as ongoing research and development activities in pharmaceuticals and chemicals.

One of the significant growth factors in the cobalt II bromide hexahydrate market is the rising demand from the pharmaceutical industry. Cobalt II bromide hexahydrate is extensively used in the synthesis of pharmaceutical intermediates, which are critical for drug development and production. The increasing prevalence of chronic diseases and the continuous need for new and effective medications have spurred pharmaceutical companies to invest heavily in R&D, thereby driving demand for cobalt II bromide hexahydrate. Additionally, the compound's role in catalysis and chemical synthesis further boosts its demand in pharmaceutical applications.

Another crucial factor contributing to the market's growth is the expanding chemical industry. Cobalt II bromide hexahydrate finds wide applications as a catalyst and chemical intermediate in various chemical reactions. The growth of the chemical industry, especially in emerging economies, is expected to augment the demand for cobalt II bromide hexahydrate. The increasing focus on green chemistry and sustainable practices also highlights the importance of efficient catalysts, which further accelerates market growth. Furthermore, advancements in chemical synthesis techniques and the development of novel chemical processes are likely to open new avenues for the utilization of cobalt II bromide hexahydrate.

The research and development sector is another area where cobalt II bromide hexahydrate is witnessing substantial demand. Laboratories and research institutions utilize this compound as a reagent in various experimental procedures. The growth of the R&D sector, driven by technological advancements and increased government funding, has led to a higher demand for laboratory reagents, including cobalt II bromide hexahydrate. The compound's unique properties, such as its stability and reactivity, make it indispensable for various research applications, thus contributing to market growth.

In addition to its applications in the pharmaceutical and chemical industries, Cobalt Acetate Solution is gaining traction as a versatile compound in various industrial processes. This solution is particularly valued for its role in the production of catalysts, which are essential for accelerating chemical reactions in numerous manufacturing processes. The unique properties of cobalt acetate, such as its solubility and stability, make it an ideal choice for use in high-performance catalysts. As industries continue to seek more efficient and sustainable production methods, the demand for cobalt acetate solutions is expected to rise, further contributing to the growth of the cobalt compounds market.

From a regional perspective, the Asia Pacific region is expected to witness significant growth in the cobalt II bromide hexahydrate market. This growth is attributed to the burgeoning pharmaceutical and chemical industries in countries like China and India. Additionally, the increasing investments in R&D activities and the establishment of new research institutions in the region further boost market demand. Europe and North America are also key markets due to their well-established pharmaceutical and chemical sectors. The presence of leading pharmaceutical companies and advanced chemical manufacturing facilities in these regions ensures a steady demand for cobalt II bromide hexahydrate.

Purity Level Analysis

The cobalt II bromide hexahydrate market is segmented by purity level into high purity and low purity. The high purity segment is anticipated to dominate the market due to its extensive application in high-precision industries such as pharmaceuticals and advanced chemical synthesis. High purity cobalt II bromide hexahydrate is essential for ensuring the efficacy and safety of pharmaceutical products, thereby driving its demand in the pharmaceutical industry. Additionally, the increasing focus on high-quality raw materials and stringent regulatory standards in the pharmaceutical sector further augment the demand for high purity cobalt II bromide hexahydrate.</p

Metal Cobalt Market Outlook

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

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

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

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

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

Product Type Analysis

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

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

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

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

This statistic shows the demand for cobalt worldwide in 2010 and 2017, with a forecast for 2025. In 2017, the global demand for cobalt amounted to some 71 thousand tons, and it is forecasted to increase to 222 thousand tons by 2025.

The Angolan cobalt market fell to $2.5K in 2024, approximately mirroring the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, continues to indicate a significant expansion. Cobalt consumption peaked at $3.3K in 2020; however, from 2021 to 2024, consumption failed to regain momentum.

Cobalt II Nitrate Hexahydrate Market Outlook

The global market size for Cobalt II Nitrate Hexahydrate was estimated at USD 120 million in 2023 and is forecasted to reach approximately USD 210 million by 2032, growing at a compound annual growth rate (CAGR) of 6.2%. This market's growth is driven by various factors, including the expanding applications in catalysts, pigments, and battery materials, heightened demand from end-user industries such as electronics and automotive, and the increased focus on sustainable and efficient chemical processes.

One of the primary growth factors for the Cobalt II Nitrate Hexahydrate market is its extensive use as a catalyst in various chemical reactions. Catalysts are crucial in enhancing the speed and efficiency of chemical processes, and the unique properties of Cobalt II Nitrate Hexahydrate make it particularly effective in this role. Furthermore, the global emphasis on green chemistry and sustainable industrial practices has fueled the demand for efficient catalysts, thereby bolstering the market for Cobalt II Nitrate Hexahydrate.

Another significant growth driver is the rising demand for high-performance battery materials. Cobalt compounds are integral components in lithium-ion batteries, which are widely used in electric vehicles (EVs) and portable electronic devices. The surge in EV adoption due to environmental regulations and the shift towards renewable energy sources has created a robust demand for Cobalt II Nitrate Hexahydrate, which is essential for manufacturing high-energy-density batteries.

Additionally, the market benefits from the increasing use of pigments in various industries, including paints, coatings, and plastics. Cobalt II Nitrate Hexahydrate is a vital precursor for producing cobalt-based pigments, known for their excellent color stability and resistance to environmental factors. The growing construction and automotive sectors, which are major consumers of paints and coatings, further contribute to the market's expansion.

Cobalt Acetate is another important compound in the cobalt family, widely used in various industrial applications. Its role as a catalyst in the production of terephthalic acid, which is essential for manufacturing PET plastics and fibers, highlights its industrial significance. The compound's ability to facilitate oxidation reactions makes it a valuable component in chemical synthesis processes. Additionally, Cobalt Acetate is utilized in the paint and coatings industry, where it serves as a drying agent, enhancing the performance and durability of coatings. The growing demand for efficient and sustainable chemical processes continues to drive the market for Cobalt Acetate, further supporting the expansion of the cobalt compounds market.

Regionally, the Asia Pacific area holds a significant share of the global Cobalt II Nitrate Hexahydrate market. This dominance is attributed to the rapid industrialization and urbanization in countries like China and India, which are major hubs for chemical manufacturing and electronics production. North America and Europe also present substantial growth opportunities due to their strong automotive and electronics industries, coupled with stringent environmental regulations that drive the adoption of advanced materials such as Cobalt II Nitrate Hexahydrate.

Grade Analysis

The Cobalt II Nitrate Hexahydrate market is segmented by grade into Industrial Grade, Reagent Grade, and Others. Industrial Grade Cobalt II Nitrate Hexahydrate holds a significant market share due to its widespread application in large-scale industrial processes. This grade is utilized primarily in the production of catalysts and pigments, where high purity and consistent quality are essential. The demand for Industrial Grade is propelled by the growth of industries such as automotive, electronics, and chemical manufacturing, all of which require reliable and efficient catalysts and colorants.

Reagent Grade Cobalt II Nitrate Hexahydrate is another crucial segment, primarily used in laboratory and research settings. This grade is characterized by its high purity, making it suitable for precise analytical and experimental applications. The growth in academic research, pharmaceutical development, and specialized industrial processes that require stringent quality control measures drives the demand for Reagent Grade Cobalt II Nitrate Hexahydrate. The increasing focus on R&D activities in various scientific fields fur

The Azerbaijani cobalt market rose notably to $46K in 2024, growing by 11% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, enjoyed significant growth. Cobalt consumption peaked in 2024 and is expected to retain growth in years to come.

Global Cobalt Mining Market is expected to grow during 2025-2031

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 market for cobalt 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.