Cobalt traded flat at 48,570 USD/T on November 27, 2025. Over the past month, Cobalt's price has remained flat, but it is still 99.88% 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 December 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 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.

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...

The Chinese cobalt market skyrocketed to $5.5B in 2024, growing by 36% against the previous year. In general, consumption continues to indicate a strong expansion. Over the period under review, the market reached the maximum level at $5.7B in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

The global cobalt market size is estimated to rise from USD 17.73 billion in 2025 to USD 34.23 billion by 2035, advancing at a CAGR greater than 6.8%. Companies leading innovation in the industry are Glencore, China Molybdenum, Vale, Umicore, Sherritt International, contributing to the sector’s development and expansion.

According to Cognitive Market Research, the global Cobalt Sulphate market size was USD 1142.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 8.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 456.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 342.66 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 262.71million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.00% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 57.11 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 22.84 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031.
The Agricultural & Feed-Grade held the highest Cobalt Sulphate market revenue share in 2024.

Market Dynamics of Cobalt Sulphate Market

Key Drivers for Cobalt Sulphate Market

Growth of the Electric Vehicle (EV) Industry to Increase the Demand Globally

The speedy boom of the Electric Vehicle (EV) enterprise is a prime driver for the multiplied call for cobalt sulphate. Cobalt sulphate is important for the manufacturing of lithium-ion batteries, which are the number one strength supply for EVs. As the EV market expands, the want for cobalt sulphate grows correspondingly due to its position in enhancing battery performance and sturdiness. This growing call displays a broader shift in the direction of sustainable transportation solutions and highlights the critical position of cobalt in supporting the transition to electric-powered mobility. Consequently, securing a solid supply of cobalt sulphate is becoming more and more essential to fulfill the needs of the burgeoning EV quarter and its technological improvements.

Increasing Demand for Consumer Electronics to Propel Market Growth

The surge in purchaser electronics, inclusive of smartphones, laptops, and other devices, is significantly increasing the demand for lithium-ion batteries. Cobalt sulphate is a vital aspect of these batteries, enhancing their performance, strength density, and lifespan. As the market for electronic devices expands, so does the need for cobalt sulphate, riding its demand upward. This fashion displays the broader reliance on lithium-ion technology to energy contemporary electronics, highlighting the developing intersection between technological improvements and the materials required to guide them. With consumer electronics becoming increasingly more crucial to each day's lifestyles, the cobalt sulphate market is poised for widespread growth, fueled by the ongoing proliferation of battery-powered gadgets.

Restraint Factor for the Cobalt Sulphate Market

Price Volatility to Limit the Sales

The rate of cobalt, a key uncooked material for cobalt sulphate, is notably unstable due to geopolitical tensions and supply chain disruptions. These fluctuations can substantially impact the stability of the cobalt sulphate market. Geopolitical factors, inclusive of political instability in primary cobalt-generating regions and deliver chain troubles, like logistical demanding situations or manufacturing bottlenecks, contribution to this fee volatility. As cobalt expenses rise and fall unpredictably, it influences the fee shape and profitability for manufacturers and end-customers of cobalt sulphate. This instability can lead to marketplace uncertainty, influencing investment choices and potentially using up expenses for industries reliant on cobalt-based total merchandise, along with batteries for electric motors and customer electronics.

Impact of Covid-19 on the Cobalt Sulphate Market

The COVID-19 pandemic had a giant impact on the cobalt sulphate marketplace. Supply chain disruptions resulting from lockdowns and restrictions brought about delays in the production and transportation of cobalt and related materials. This resulted in shortages and rate volatility for cobalt sulphate as a call from industries like electric cars and purchaser electronics continued to grow. The ...

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

Cobalt Alloys Market Outlook

The global cobalt alloys market size was valued at approximately USD 8.5 billion in 2023 and is projected to reach around USD 14.3 billion by 2032, growing at a compound annual growth rate (CAGR) of about 6.1% during the forecast period. The market's growth is primarily driven by the rising demand for high-performance materials in critical industries such as aerospace, automotive, and medical devices. The inherent properties of cobalt alloys, such as high-temperature resistance, wear resistance, and corrosion resistance, make them indispensable in manufacturing components that require extreme durability and reliability.

One of the key growth factors in the cobalt alloys market is the continuous advancement in aerospace technology, where these alloys are extensively used due to their ability to withstand extreme temperatures and pressures. The aerospace industry is experiencing a surge in demand for new aircraft, driven by increasing air travel and the need for more fuel-efficient planes. Cobalt alloys play a critical role in manufacturing jet engines and other aircraft components, contributing significantly to the market's expansion. Moreover, the push for innovation in aerospace materials to enhance performance and safety is further boosting the demand for cobalt alloys.

In the automotive sector, the shift towards electric vehicles (EVs) and hybrid vehicles is another significant driver of market growth. Cobalt alloys are used in the production of batteries and electric motor components due to their excellent thermal conductivity and structural stability. As the global automotive industry transitions towards sustainable and energy-efficient vehicles, the demand for cobalt alloys is expected to rise. Additionally, cobalt alloys are utilized in the production of wear-resistant engine components, which is crucial for extending the lifespan and performance of traditional combustion engines, thereby supporting market growth.

The medical industry also represents a significant market for cobalt alloys, particularly in the manufacture of medical implants and surgical instruments. The biocompatibility and durability of cobalt-chromium alloys make them ideal for orthopedic and dental implants, which are in high demand due to the increasing prevalence of joint-related ailments and dental issues. As the global population ages and healthcare technology advances, the demand for medical-grade cobalt alloys is projected to increase, further fueling market growth.

Cobalt-Chrome Alloys, a subset of cobalt alloys, are particularly noteworthy for their exceptional biocompatibility and mechanical properties, making them highly suitable for medical applications. These alloys are extensively used in the production of orthopedic implants, dental prosthetics, and surgical instruments due to their ability to withstand bodily fluids and maintain structural integrity over time. The demand for Cobalt-Chrome Alloys is expected to rise as the medical industry continues to innovate and develop more advanced and durable medical devices. Additionally, the aging global population and the increasing prevalence of joint-related ailments further drive the need for reliable materials in healthcare, positioning Cobalt-Chrome Alloys as a critical component in medical advancements.

Regional outlook suggests that Asia Pacific is poised to dominate the cobalt alloys market, driven by rapid industrialization and significant investments in infrastructure and manufacturing. The region's expanding aerospace and automotive industries are key contributors to market growth, along with burgeoning medical applications. North America and Europe are also significant markets, with strong aerospace and automotive sectors and a focus on advanced manufacturing technologies. The Middle East & Africa and Latin America are expected to witness moderate growth, supported by increasing industrial activities and investments in energy and defense sectors.

Product Type Analysis

High-temperature alloys are a crucial segment of the cobalt alloys market, with wide applications across industries demanding materials that can endure extreme conditions. These alloys are predominantly utilized in aerospace applications, particularly in the production of turbine blades and other critical components of jet engines. The ability of high-temperature cobalt alloys to retain strength and resist oxidation at elevated temperatures makes them indispensable in enhancing aircraft perf

Qatar Cobalt Market is valued at USD 31 million, driven by demand in EV batteries and renewable energy, with growth from technological advancements and sustainability focus.

Global Cobalt 57 market size 2021 was recorded $134.271 Million whereas by the end of 2025 it will reach $203.1 Million. According to the author, by 2033 Cobalt 57 market size will become $464.689. Cobalt 57 market will be growing at a CAGR of 10.9% during 2025 to 2033.

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.

US Cobalt Market is valued at USD 260 million, driven by EV demand and battery tech, with growth in aerospace and recycling. Forecasted expansion amid sustainable trends.

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.

In 2024, the GCC cobalt market decreased by -7.9% to $2M, falling for the second consecutive year after three years of growth. Over the period under review, consumption, however, recorded a resilient increase. The level of consumption peaked at $8.9M in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

The global cobalt alloy powder market is expected to grow from USD 357.7 Million in 2024 to USD 617.34 Million by 2032, at a CAGR of 7.1% during the forecast period. The market is projected to reach USD 376.58 Million in 2025.

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

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

The global the nickel cobalt manganese (NCM) industry is projected to reach USD 2.7 billion in 2025. The industry will rise tremendously, led by the growing demand for lithium-ion batteries in electric vehicles and energy storage systems. With a compound annual growth rate (CAGR) of 15.7%, the industry is expected to grow to USD 11.5 billion by 2035.

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