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

Cobalt traded flat at 33,335 USD/T on July 24, 2025. Over the past month, Cobalt's price has remained flat, but it is still 25.20% 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.

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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 market surged to $X in 2021, rising by 22% against the previous year. Over the period under review, consumption, however, saw resilient growth. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the global market remained at a somewhat lower figure.

After four years of growth, the New Zealand cobalt market decreased by -23.1% to $26K in 2024. Over the period under review, consumption, however, showed slight growth. As a result, consumption attained the peak level of $40K. From 2015 to 2024, the growth of the market failed to regain momentum.

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

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

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.

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 TARGET MARKET SISE AND FORECAST 2025 TO 2033

The Cobalt Target market is experiencing significant growth driven by the escalating demand for advanced materials in various high-tech applications. The pervasive integration of thin-film technologies across industries, particularly in electronics, memory devices, and specialized coatings, is a primary catalyst. For instance, the expansion of t

Cobalt-57 Market Outlook

The global Cobalt-57 market size was valued at approximately USD 75 million in 2023 and is projected to reach around USD 120 million by 2032, growing at a compound annual growth rate (CAGR) of 5.5% during the forecast period. The market's expansion is primarily driven by the increasing application of Cobalt-57 in diverse sectors, including medical imaging, industrial radiography, and scientific research. With the rise in demand for precision in diagnostic imaging and non-destructive testing technologies, Cobalt-57 is gaining substantial attention, thereby fueling market growth. Emerging technological advancements and growing investments in healthcare and industrial sectors further serve as significant growth catalysts for the Cobalt-57 market.

One of the primary growth factors propelling the Cobalt-57 market is its critical role in medical imaging technologies. Cobalt-57 serves as a pivotal isotope in nuclear medicine, particularly in the calibration of gamma cameras used in single-photon emission computed tomography (SPECT) imaging. The global healthcare sector's rapid growth and the increasing prevalence of chronic diseases necessitate enhanced diagnostic tools, thereby amplifying the demand for Cobalt-57. As healthcare infrastructure expands, particularly in emerging markets, the adoption of Cobalt-57 in medical imaging is anticipated to witness significant growth, contributing substantially to the overall market expansion.

Industrial radiography represents another vital growth segment for the Cobalt-57 market. The isotope's application in non-destructive testing allows industries to inspect the integrity of materials and components without causing damage. With the burgeoning demand for quality assurance in manufacturing and construction, the use of Cobalt-57 in industrial radiography is on the rise. The push for stringent safety standards and the need for robust quality control mechanisms across various industrial domains are key drivers nourishing the market for Cobalt-57. This application segment is expected to maintain a steady growth trajectory through the forecast period as industries continue to value precision and safety.

In addition to its medical and industrial applications, Cobalt-57 is also extensively used in scientific research. Research institutions leverage the isotope for various experimental purposes, including tracing and studying molecular interactions and reactions. The expanding research and development expenditures across the globe, particularly within fields such as material science and chemistry, underpin the growth of the Cobalt-57 market. As academic and research institutions continue to demand isotopes for advanced studies, the market for Cobalt-57 is likely to benefit from increased consumption, thereby supporting overall market growth.

Regionally, North America dominates the Cobalt-57 market, holding the largest market share due to its advanced healthcare infrastructure and significant investments in research and development. The presence of key market players and the early adoption of nuclear medicine technologies further bolster the region's standing in the global market. Conversely, the Asia Pacific region is anticipated to witness the highest growth rate, driven by rapid industrialization and increased healthcare spending. Countries like China and India are investing heavily in their healthcare and industrial sectors, creating a fertile ground for the expansion of the Cobalt-57 market.

Application Analysis

The application of Cobalt-57 in medical imaging is a significant driver of the market, as the isotope plays an essential role in enhancing the accuracy and efficacy of diagnostic procedures. Cobalt-57 is used primarily in the calibration of gamma cameras, which are crucial for conducting accurate SPECT imaging. This application is particularly important given the rise in chronic diseases and the subsequent need for advanced diagnostic solutions. The medical imaging segment is expected to maintain robust growth as healthcare providers continue to invest in cutting-edge diagnostic technologies, which require the precision and reliability that Cobalt-57 offers.

Industrial radiography represents another critical application for Cobalt-57, where it is used to inspect the structural integrity of materials and components in a non-destructive manner. This application is vital for industries such as automotive, aerospace, and construction, which require thorough quality checks to ensure safety and durability. The demand for Cobalt-57 in industrial radiography is fueled by the increasing emp

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

The global cobalt market is expected to reach a value of XX million by 2033, with a CAGR of 3% during the forecast period 2025-2033. The market is driven by the growing demand for cobalt in various applications, including batteries, alloys, catalysts, tool materials, magnets, ceramics and pigments. The increasing adoption of electric vehicles (EVs) is expected to further boost the demand for cobalt, as it is a key component in EV batteries. The major players in the global cobalt market include BHP, CMOC, Cobalt Blue Holdings Limited, Eramet, Eurasian Resources Group, Gécamines SA, Glencore, Huayou Cobalt Co Ltd, Jervois, Jinchuan Group International Resources Co Ltd, Panoramic Resources, Sherritt International Corporation, Umicore NV, Vale, and Wheaton Precious Metals Corp. These players are investing in research and development to improve their cobalt production processes and reduce their environmental impact. Recent developments include: November 2023: Glencore signed an agreement with Teck Resources Limited for the acquisition of a 77% effective interest in the entirety of Teck’s steelmaking coal business, Elk Valley Resources. This acquisition amounted to USD 6.93 billion., April 2022: Glencore and General Motors announced their multi-year sourcing agreement. It involves Glencore supplying GM with cobalt from its Murrin operation in Australia. Also, the cobalt processed from Australia is expected to be used in GM's Ultium battery cathodes, powering electric vehicles such as the Chevrolet Silverado EV, GMC HUMMER EV, and Cadillac LYRIQ., March 2022: MMG announced the expansion of the Kinsevere operation in the Democratic Republic of Congo (DRC), with an investment between USD 500 million and USD 600 million, extending the project's operational life by at least 13 years. MMG expects that the expansion project will increase the production of the copper cathode to up to 80,000 tpa and 4,000-6,000 tpa of cobalt in cobalt hydroxide.. Key drivers for this market are: Extensive Usage in the Manufacturing of Rechargeable Batteries, Rising Usage in the Production of High Speed Cutting Tools. Potential restraints include: Extensive Usage in the Manufacturing of Rechargeable Batteries, Rising Usage in the Production of High Speed Cutting Tools. Notable trends are: The Batteries Segment is Expected to Dominate the Market.

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 Estonian cobalt market was finally on the rise to reach $424K in 2024, after two years of decline. Overall, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $756K. From 2015 to 2024, the growth of the market 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 U.S. cobalt market soared to $209M in 2024, rising by 22% 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). In general, consumption, however, continues to indicate a relatively flat trend pattern.

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.

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

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