Cobalt traded flat at 34,550 USD/T on September 22, 2025. Over the past month, Cobalt's price has risen 3.64%, and is up 42.18% compared to the same time last year, 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 September of 2025.

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

View monthly updates and historical trends for US Cobalt Spot Price. Source: International Monetary Fund. Track economic data with YCharts analytics.

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 second quarter (Q2) of 2025, the average price of cobalt metal worldwide amounted to ****** U.S. dollars per metric ton. That was the highest cobalt metal price observed during the period of consideration.

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.

The London Metal Exchange (LME) cobalt price serves as a benchmark for cobalt prices worldwide and is determined by supply and demand dynamics. This article explores the factors influencing the price, the importance of cobalt in various industries, and how market participants use the price to inform their decisions. It also discusses the impact of geopolitical events on the price and the recent volatility experienced. Overall, the LME cobalt price is a key indicator for the global cobalt market.

Snapshot img

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?

Request Free Sample

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

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.

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.

Nickel fell to 15,200 USD/T on September 22, 2025, down 0.46% from the previous day. Over the past month, Nickel's price has risen 0.80%, but it is still 8.12% lower than a year ago, 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 September of 2025.

In 2023, shipments abroad of cobalt was finally on the rise to reach 27 tons for the first time since 2020, thus ending a two-year declining trend.

Molybdenum traded flat at 512.50 CNY/Kg on September 19, 2025. Over the past month, Molybdenum's price has risen 2.49%, and is up 7.33% 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 September of 2025.

Electrolytic Cobalt Market Outlook

The global electrolytic cobalt market size was valued at approximately USD 1.45 billion in 2023 and is projected to reach USD 2.31 billion by 2032, growing at a compounded annual growth rate (CAGR) of 5.4% during the forecast period. This growth is driven by increasing demand from various end-user industries, including automotive, aerospace, and electronics, as well as the expanding application of cobalt in batteries, particularly lithium-ion batteries.

One of the primary growth factors for the electrolytic cobalt market is the burgeoning electric vehicle (EV) industry. As the world shifts towards greener energy solutions, the demand for lithium-ion batteries, which utilize cobalt as a crucial component, is skyrocketing. Cobalt enhances battery life and stability, making it indispensable for EV manufacturers aiming to offer longer driving ranges and more reliable performance. This surge in EV production directly correlates with an increased demand for high-purity electrolytic cobalt.

Another significant growth driver is the aerospace industry, which relies heavily on superalloys containing cobalt for critical engine and structural components. Cobalt-based superalloys are renowned for their high-temperature strength, corrosion resistance, and durability, which are crucial for aerospace applications. As air travel continues to expand globally, the demand for advanced materials like electrolytic cobalt is expected to rise, further propelling market growth.

Additionally, the electronics industry is fostering demand for electrolytic cobalt, particularly in the production of magnets and catalysts. Cobalt’s magnetic properties make it a key ingredient in permanent magnets used in various electronic devices and renewable energy technologies. Moreover, its application as a catalyst in the petrochemical and chemical industries is expanding, driven by the need for efficient and sustainable production processes. These applications underscore cobalt’s versatility and indispensability across multiple sectors.

Regionally, the Asia Pacific region dominates the global electrolytic cobalt market, driven by significant industrial growth in countries such as China, Japan, and South Korea. The robust manufacturing sectors in these nations, coupled with strong investments in battery production and electronics, are key contributors to regional market expansion. North America and Europe also represent significant markets, bolstered by advancements in automotive technologies and aerospace industries.

Product Type Analysis

High-purity electrolytic cobalt is garnering increased attention and demand due to its essential role in high-performance applications such as electric vehicle batteries and aerospace superalloys. This segment is characterized by cobalt’s superior purity levels, which ensure optimal performance in critical applications that demand stringent quality standards. Companies are investing heavily in refining processes to achieve high-purity levels, which, in turn, enhance product reliability and market competitiveness. The continuous innovation in refining technologies is expected to drive the growth of this segment.

In contrast, standard-purity electrolytic cobalt caters to applications where ultra-high purity is not a primary requirement but where the material's intrinsic properties still provide significant benefits. This segment finds its main applications in industrial catalysts and magnets used in electronics and renewable energy sectors. The relatively lower cost of standard-purity cobalt makes it an attractive option for many industries, especially in regions where cost-containment is a major concern. This segment's growth is largely driven by steady demand from traditional industries and incremental advancements in cobalt applications.

Both product types are integral to the overall market dynamics. High-purity electrolytic cobalt, while catering to niche and high-value applications, sets the technological benchmark and drives innovation. Meanwhile, standard-purity cobalt ensures widespread adoption across various industries, maintaining a balance between cost and performance. The interplay between these segments highlights the diverse applications and the market’s adaptability to meet different industry needs.

Looking forward, advancements in extraction and refining technologies are expected to further enhance the quality and availability of both high-purity and standard-purity electrolytic cobalt. Companies that can efficiently scal

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 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 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.

Snapshot img

Cobalt Sulfate Market Size 2024-2028

The cobalt sulfate market size is forecast to increase by USD 502.9 billion at a CAGR of 6.52% between 2023 and 2028.

The market is experiencing significant growth due to the increasing demand for this compound in the electric vehicle industry. The rising popularity of electric vehicles (EVs) and their increasing adoption in North America is driving the market's growth. Additionally, the emergence of primary cobalt mines, particularly in countries like the Democratic Republic of Congo, is increasing the supply of cobalt sulfate. However, the market is also facing challenges, including the rising price of cobalt sulfate due to its high demand and limited supply. This trend is expected to continue, making it crucial for market players to adopt strategic initiatives to mitigate the impact of price volatility and ensure a stable supply chain. Overall, the market is poised for strong growth in the coming years, driven by the electric vehicle industry and the increasing production of primary cobalt mines.

What will the size of the market be during the forecast period?

Request Free Sample

The market is witnessing significant growth due to its extensive applications in various industries. Cobalt sulfate, an inorganic salt, plays a crucial role in diverse sectors, including material science, chemical additives, battery technology, and coating materials. In material science, cobalt sulfate is used as a precursor in the synthesis of advanced ceramic materials. Its unique properties make it an essential component in the production of high-performance ceramics. In the realm of chemical additives, cobalt sulfate finds extensive use as a colorant and a catalyst in various industries. The battery industry is the largest consumer of cobalt sulfate. Its use in lithium-ion batteries is primarily driven by the increasing demand for clean energy and energy transition. The growing battery industry, fueled by the need for energy independence and the reduction of battery costs, is expected to boost the market. Cobalt sulfate is also used in coating materials, particularly in the production of high-performance coatings. Its excellent adhesion properties make it an ideal choice for various applications in surface treatment and metal processing.
Moreover, cobalt sulfate is used as an inorganic pigment in various industries, including paint and plastics. Its vibrant colors and high stability make it a preferred choice for artists and manufacturers. The market dynamics of cobalt sulfate are influenced by several factors. The scarcity of cobalt resources and the ethical sourcing of raw materials are critical issues that are gaining increasing attention. The battery industry's reliance on cobalt for battery technology is a significant factor driving the market. However, the exploration and development of cobalt alternatives, such as nickel and manganese, are expected to challenge the market's growth. The market for cobalt sulfate is also influenced by the battery industry's growth. The increasing demand for green battery solutions, battery life cycle management, and safety regulations are driving the market

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Battery
  Pigment
  Others


Grade Type

  Battery grade
  Industrial grade
  Agriculture and feed grade


Geography

  APAC

    China
    India
    Japan


  Europe



  North America

    US


  Middle East and Africa



  South America

By Application Insights

The battery segment is estimated to witness significant growth during the forecast period.

The market for cobalt sulfate in the United States is witnessing substantial growth, particularly in the battery sector. This inorganic compound, which is a divalent cobalt salt, is an integral part of alloys and storage batteries, including lithium-ion batteries. The latter are widely utilized in electric vehicles (EVs), energy storage systems, and portable electronic devices. The expanding EV industry, driven by the increasing focus on sustainable transportation, is a significant growth driver for the market in the US. Cobalt sulfate enhances the efficiency and energy density of lithium-ion batteries, making it indispensable for the EV sector. In addition to batteries, cobalt sulfate is also employed as a coloring agent in various industries and as a foliar spray in agriculture.

Furthermore, it is used in electroplating processes due to its cost-effectiveness and excellent performance characteristics. However, the potential health concerns associated with the carcinogenicity of cobalt and its compounds may pose challenges to marke