Cobalt traded flat at 33,335 USD/T on June 26, 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 July of 2025.

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In 2024, the average spot price of cobalt cathode in the U.S. stood at an estimated 17 U.S. dollars per pound. That was a slight decrease compared to the previous year's spot price, which was 17.2 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 37.43 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 63,739 U.S. dollars, while it is expected to decrease to 50,320 U.S. dollars per metric ton in 2024. The cobalt futures price as of February 2024 stood at 28,137 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.

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.

Zhejiang Huayou Cobalt stock price, live market quote, shares value, historical data, intraday chart, earnings per share and news.

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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

Get the latest insights on price movement and trend analysis of Cobalt Acetate in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

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Nickel fell to 15,260 USD/T on July 4, 2025, down 0.62% from the previous day. Over the past month, Nickel's price has fallen 1.20%, and is down 12.00% 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 July of 2025.

Cobalt Energy market cap as of June 29, 2025 is $0B. Cobalt Energy market cap history and chart from 2010 to 2017. Market capitalization (or market value) is the most commonly used method of measuring the size of a publicly traded company and is calculated by multiplying the current stock price by the number of shares outstanding.

Molybdenum traded flat at 437 CNY/Kg on July 4, 2025. Over the past month, Molybdenum's price has fallen 8.86%, and is down 8.00% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Molybdenum - values, historical data, forecasts and news - updated on July of 2025.

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.

Cobalt Energy net worth as of June 22, 2025 is $0B. Interactive chart of historical net worth (market cap) for Cobalt Energy (CIEIQ) over the last 10 years. How much a company is worth is typically represented by its market capitalization, or the current stock price multiplied by the number of shares outstanding.

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...

Zhejiang Huayo reported 15.19B in Cost of Sales for its fiscal quarter ending in March of 2025. Data for Zhejiang Huayou Cobalt | 603799 - Cost Of Sales including historical, tables and charts were last updated by Trading Economics this last July in 2025.

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Cobalt Hydroxide Market Outlook

The global cobalt hydroxide market size was valued at approximately USD 1.5 billion in 2023 and is projected to reach around USD 2.7 billion by 2032, growing at a compound annual growth rate (CAGR) of 6.7% during the forecast period. The growth in this market is primarily driven by the rising demand for electric vehicles (EVs) and the rapid technological advancements in battery storage solutions.

One of the primary growth factors for the cobalt hydroxide market is the increasing adoption of electric vehicles. Governments worldwide are implementing stringent regulations to curb carbon emissions, which has led to a surge in the adoption of EVs. Cobalt hydroxide is a critical component in the manufacturing of lithium-ion batteries, which are extensively used in EVs. As the global automotive industry aggressively shifts toward electrification, the demand for cobalt hydroxide is expected to witness substantial growth. Additionally, consumer awareness about the environmental benefits of EVs further propels market expansion.

The advancements in renewable energy storage technology also significantly contribute to the market's growth. With the global energy sector transitioning towards sustainable energy sources such as solar and wind, there is a growing need for efficient energy storage solutions. Cobalt hydroxide-based batteries are known for their high energy density and long lifecycle, making them ideal for renewable energy storage applications. The increasing investments in renewable energy infrastructure are thus expected to bolster the demand for cobalt hydroxide in the coming years.

Moreover, the expanding electronics industry is another crucial factor driving the cobalt hydroxide market. The proliferation of portable electronic devices, such as smartphones, tablets, and laptops, has led to an increased demand for high-performance batteries. Cobalt hydroxide is an essential material in the production of these batteries, owing to its superior electrochemical properties. As global consumers continue to demand advanced electronic gadgets with extended battery life, the market for cobalt hydroxide is anticipated to grow accordingly.

The demand for Battery Grade Cobalt Sulfate is also on the rise as it plays a crucial role in the production of high-performance lithium-ion batteries. This compound is particularly valued for its purity and consistency, which are essential for ensuring the efficiency and longevity of batteries used in electric vehicles and portable electronics. As the market for electric vehicles expands, manufacturers are increasingly focusing on sourcing high-quality materials like Battery Grade Cobalt Sulfate to enhance the performance of their battery systems. This trend is expected to significantly contribute to the growth of the cobalt hydroxide market as well.

In terms of regional outlook, Asia Pacific holds a dominant position in the cobalt hydroxide market. The region's market growth is primarily driven by the presence of major battery manufacturers and the high demand for electric vehicles in countries like China, Japan, and South Korea. Furthermore, the rapid industrialization and urbanization in the region have led to increased consumption of electronics and renewable energy solutions, further propelling the market. North America and Europe also contribute significantly to the market, driven by the adoption of clean energy initiatives and the burgeoning EV market.

Grade Analysis

The cobalt hydroxide market is segmented by grade into battery grade and technical grade. Battery grade cobalt hydroxide holds the largest market share, owing to its extensive usage in the production of lithium-ion batteries. These batteries power a multitude of applications, from electric vehicles to portable electronic devices. The superior electrochemical properties of battery grade cobalt hydroxide, including high energy density and stability, make it a preferred choice for battery manufacturers. The rapid growth of the electric vehicle market is expected to further boost the demand for battery grade cobalt hydroxide.

Technical grade cobalt hydroxide, on the other hand, finds applications in various industrial processes such as catalysts, pigments, and ceramics. This grade is particularly valued for its cost-effectiveness and versatility. In the catalyst industry, technical grade cobalt hydroxide is used in chemical reactions to speed up processes and

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The Nigerien cobalt market rose markedly to $72K in 2024, surging by 15% against the previous year. Overall, the total consumption indicated a temperate increase from 2012 to 2024: its value increased at an average annual rate of +3.3% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -13.8% against 2022 indices.