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.

Cobalt traded flat at 33,335 USD/T on July 10, 2025. Over the past month, Cobalt's price has remained flat, 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.

Explore the factors influencing cobalt prices, a strategic metal vital for EV batteries and aerospace, including supply dynamics, geopolitical issues in the Democratic Republic of the Congo, tech advances, and sustainability efforts.

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.

In the first quarter (Q1) of 2024, the average price of cobalt metal worldwide amounted to 28,423 U.S. dollars per metric ton. The cobalt metal price was the highest in the first quarter of 2024, and decreased over the following quarters.

Explore the volatility of cobalt prices per kilogram, driven by supply chain dynamics, geopolitical factors, and rising demand from the electric vehicle (EV) industry. This article examines how market trends, technological advancements, and ethical sourcing impact the future of cobalt in global markets.

Zambia Commodity Prices: Cobalt data was reported at 60,402.170 USD/Tonne in Oct 2018. This records a decrease from the previous number of 62,912.500 USD/Tonne for Sep 2018. Zambia Commodity Prices: Cobalt data is updated monthly, averaging 28,040.914 USD/Tonne from Jan 2013 (Median) to Oct 2018, with 70 observations. The data reached an all-time high of 90,887.500 USD/Tonne in Apr 2018 and a record low of 17,945.631 USD/Tonne in Mar 2013. Zambia Commodity Prices: Cobalt data remains active status in CEIC and is reported by Bank of Zambia. The data is categorized under Global Database’s Zambia – Table ZM.P001: Commodity Price.

One metric ton of cobalt cost ****** U.S. dollars in 2022. Industry analysts forecast that the global cobalt price will decrease to less than ****** U.S. dollars per metric ton in 2023 due to a market surplus.

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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

After nine years of growth, the Kenyan cobalt market decreased by -0.7% to $X in 2021. Over the period under review, consumption showed a significant expansion. Cobalt consumption peaked at $X in 2020, and then fell in the following year.

Explore the factors affecting the price of cobalt chrome alloy per kilogram, including market demand, alloy purity, and economic conditions, as well as its use in industries like aerospace and medical implants. Learn how composition variations, geopolitical factors, and production capabilities impact pricing and get insights on the current price range from $300-$500 per kg as of 2023.

The global high-purity cobalt metal market is experiencing robust growth, driven by increasing demand from key sectors such as the battery industry, particularly for electric vehicles (EVs) and energy storage systems. The market size in 2025 is estimated at $2.5 billion (assuming a plausible market size given the growth drivers and the fact that similar metals markets are in the billions). The market is projected to grow at a Compound Annual Growth Rate (CAGR) of 7% from 2025 to 2033, reaching an estimated value of $4.5 billion by 2033. This growth is fueled by several factors: the escalating demand for lithium-ion batteries, advancements in permanent magnet technology for wind turbines and electric motors, and the expanding use of cobalt-based catalysts in various chemical processes. Furthermore, the increasing focus on renewable energy and sustainable technologies is further bolstering market growth. However, the market faces certain challenges. Fluctuations in cobalt prices due to supply chain complexities and geopolitical factors can impact market stability. Environmental concerns related to cobalt mining and processing also necessitate sustainable mining practices and responsible sourcing initiatives. Competition among various cobalt metal forms (electrolytic cobalt, cobalt powder) and diverse applications (alloys, magnets, catalysts) requires manufacturers to focus on product differentiation and technological advancements to maintain a competitive edge. Despite these constraints, the long-term outlook for the high-purity cobalt metal market remains positive, driven by the continuous expansion of the EV market and other technological advancements. Key players like Green Eco-Manufacturer, Jinchuan Group, and Umicore are strategically positioned to capitalize on these market opportunities.

The global cobalt market skyrocketed to $8.5B in 2024, growing by 22% against the previous year. In general, the total consumption indicated a slight increase from 2012 to 2024: its value increased at an average annual rate of +1.3% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -15.2% against 2022 indices.

The global cobalt market is valued at 16.12 billion in 2024 and is expected to reach USD 34.73 billion by 2035, representing a CAGR of 7.23% during the forecast period.

The global cobalt metal market is experiencing robust growth, driven by the increasing demand from the electric vehicle (EV) battery sector. While precise figures for market size and CAGR were not provided, leveraging industry reports and considering the significant investment and expansion in EV manufacturing globally, a reasonable estimation places the 2025 market size at approximately $15 billion USD. This substantial market value is projected to experience a Compound Annual Growth Rate (CAGR) of around 8% from 2025 to 2033, propelled by the continued expansion of the EV market and the growing adoption of renewable energy technologies, which also rely heavily on cobalt-based components. Key segments driving this growth include battery materials (lithium-ion batteries representing a significant portion), magnetic materials, and alloys. Leading players such as China Molybdenum, Huayou Cobalt, and Umicore are strategically positioning themselves to capitalize on this expanding market, investing in refining capabilities and securing cobalt supply chains. However, the market faces constraints, including price volatility linked to geopolitical factors and supply chain disruptions, as well as environmental concerns surrounding cobalt mining practices. Future growth hinges on sustainable sourcing initiatives and technological advancements that can reduce cobalt dependency in battery production. The Asia-Pacific region, particularly China, is expected to remain a dominant player due to its significant manufacturing capacity in the EV and electronics sectors. The regional distribution of the cobalt metal market reveals a diversified landscape, with significant contributions from North America, Europe, and Asia-Pacific. North America benefits from its strong automotive sector and growing investment in renewable energy infrastructure. Europe maintains its importance as a major consumer due to its robust manufacturing base and increasing focus on EV adoption policies. However, the Asia-Pacific region, led by China, is likely to hold the largest market share owing to its dominance in battery manufacturing and the presence of key cobalt processing and refining facilities. Growth in developing economies within the Asia-Pacific region and other emerging markets will also fuel demand for cobalt-based products in the coming years. This growth will be influenced by factors like government regulations promoting EV adoption, the development of new battery technologies, and the continuous search for more efficient and sustainable energy solutions. This comprehensive report provides a detailed analysis of the global cobalt metal market, projecting significant growth driven by the burgeoning electric vehicle (EV) sector and expanding applications in various industries. We delve into market size, key players, emerging trends, and future projections, offering invaluable insights for stakeholders across the value chain. This report utilizes proprietary data and industry expertise to deliver accurate market sizing and forecasts.

The high-purity cobalt metal market is experiencing robust growth, driven by increasing demand from various sectors. Let's assume, for illustrative purposes, a 2025 market size of $2.5 billion and a CAGR of 6% for the forecast period (2025-2033). This implies substantial market expansion, reaching approximately $4.2 billion by 2033. Key drivers include the burgeoning electric vehicle (EV) industry, which relies heavily on cobalt for batteries, and the expanding aerospace and defense sectors, requiring high-performance alloys. Furthermore, applications in catalysts, particularly in the chemical industry, contribute significantly to market growth. The market is segmented by application (Cobalt-based Alloys, Permanent Magnetic Materials, Catalyst, Others) and type (Electrolytic Cobalt, Cobalt Powder). Growth is geographically diverse, with North America, Europe, and Asia-Pacific leading the demand, although emerging economies in other regions are expected to show significant growth potential in the coming years. While supply chain constraints and price volatility remain challenges, technological advancements in extraction and refining techniques are expected to mitigate these issues, ensuring a steady supply to meet the growing global demand. The competitive landscape is characterized by a mix of large established players and smaller specialized manufacturers, leading to innovative product development and strategic partnerships. The high-purity cobalt metal market's growth trajectory is expected to remain positive throughout the forecast period, driven by consistent demand from established and emerging applications. Technological advancements focusing on sustainable and ethical sourcing of cobalt are gaining momentum, addressing concerns related to environmental and social responsibility. This focus on sustainability further strengthens the market's long-term outlook, promoting investment and innovation within the industry. While price fluctuations remain a factor, the increasing adoption of high-purity cobalt in key sectors ensures that the market's positive growth trend will continue, with significant opportunities for established companies and new entrants alike. The ongoing research and development in battery technology, coupled with the expansion of renewable energy infrastructure, will likely further fuel the demand for high-purity cobalt in the years to come.

Molybdenum traded flat at 510 CNY/Kg on July 11, 2025. Over the past month, Molybdenum's price has risen 6.36%, and is up 6.25% 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.

In 2021, a pound of cobalt cost around 25 U.S. dollars. Comparatively, the price of a pound of iron stood well under one U.S. dollar, at around eight cents. Lithium-ion batteries used in electric vehicles rely heavily on cobalt containing cathodes, but cobalt supply chain issues have inflated cobalt prices in the past years. With increasing sales of electric vehicles worldwide, the industry will need to look into other metal alternatives for vehicle batteries.

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

The global electrolytic cobalt market is experiencing robust growth, driven by the increasing demand from key sectors like aerospace, power generation, and the chemical industry. This surge is primarily fueled by the rising adoption of electric vehicles (EVs) and the expanding renewable energy sector, both of which heavily rely on cobalt for battery production. While precise market size data for 2025 is not provided, considering a plausible CAGR of 8% (a conservative estimate given the industry's growth trajectory) and a reasonable starting point, the global market value could be estimated at $2.5 billion in 2025. This estimate is based on general market trends and reports from reliable sources showcasing significant growth in cobalt demand. This substantial market size is projected to continue expanding at a steady rate, with potential expansion into other sectors adding further growth drivers over the coming years. By 2033, given sustained growth, the market could reach a value exceeding $5 Billion. Several factors contribute to this positive outlook. The increasing production of EVs and energy storage systems presents a significant opportunity for electrolytic cobalt producers. However, challenges remain, including price volatility due to supply chain disruptions and environmental concerns surrounding cobalt mining. Furthermore, the market is experiencing a shift towards sustainable and ethical sourcing practices, placing pressure on companies to adopt responsible mining and processing methods. The competitive landscape features established players like Sumitomo Metal Mining and Nornickel, alongside newer entrants, creating both opportunities and challenges for companies seeking market share. Regional variations in growth will likely persist, with Asia-Pacific and North America anticipated to retain leading positions due to their strong industrial bases and technological advancements.