Cobalt traded flat at 33,335 USD/T on July 3, 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.

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.

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

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.

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 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.

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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

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.

Cobalt price in the United States: Find statistics from the world's leading and most famous BI tool. 2 million reports updated monthly.

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.

Access historical monthly Cobalt Hydroxide prices and forecasts. Delivered via online charts, Excel, Power BI, and API. Free preview.

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

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.

Access global Cobalt Metal prices in locations such as Global, China and Europe. Includes monthly historical series and forecasts. Delivered via online charts, Excel, Power BI, and API. Free preview.

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).

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

Cobalt is available in various forms, including chemical compounds, metal, and purchased scrap. Chemical compounds, comprising cobalt salts and oxides, find applications in catalysts, pigments, and magnetic materials. Metallic cobalt is utilized in super alloys, hardfacing materials, and coatings. Purchased scrap plays a significant role in recycling and waste reduction efforts. Recent developments include: December 2021 - , In December 2021, Kabanga Nickel announced their plan to invest heavily in their upcoming project of nickel-cobalt-copper property to increase their production., April 2022 - , In April 2022, Glencore and General Motors signed a sourcing agreement, where Glencore will be bound to supply cobalt from its Murrin operations to General Motors. , March 2022 - , In March 2022, MMG announced its business expansion in the Democratic Republic of Congo (DRC) by investing about USD 500 million., . Key drivers for this market are: The Cobalt Market is propelled by several driving forces. The rising popularity of electric vehicles and their growing battery capacity requirements drive cobalt demand. The increasing adoption of cobalt-based catalysts in various industries and the expanding use of cobalt in energy storage systems further contribute to market growth.. Potential restraints include: The Cobalt Market faces certain challenges and restraints. Concerns over the sustainable and ethical sourcing of cobalt, particularly from conflict-prone regions, pose a challenge. The dependence on a few key production regions, such as the Democratic Republic of Congo, raises supply chain vulnerability concerns. Additionally, market dynamics may be impacted by fluctuations in the price of cobalt.. Notable trends are: Growing demand for polymerization and blowing agents.

The global cobalt nickel alloy market is poised for significant growth, driven by increasing demand across diverse sectors. While precise market size figures for the base year (2025) are not provided, let's assume a conservative estimate of $2 billion based on industry reports and the projected CAGR. This robust market is fueled by the unique properties of cobalt nickel alloys, including high strength, corrosion resistance, and magnetic properties. These qualities are crucial in engineering materials for high-performance applications such as aerospace components, specialized tools, and chemical processing equipment. The market's expansion is further propelled by technological advancements leading to improved alloy formulations and enhanced manufacturing processes. Significant growth is anticipated in the engineering materials segment, driven by increasing demand for lightweight, high-strength materials in the aerospace and automotive industries. However, fluctuating cobalt and nickel prices pose a significant challenge, along with environmental concerns surrounding cobalt mining. The projected CAGR, while unspecified, can be reasonably estimated to be between 5-7% for the forecast period (2025-2033), reflecting a healthy growth trajectory. This growth will be influenced by the successful adoption of sustainable sourcing practices and the development of alternative, cost-effective alloy compositions. Further segmentation reveals strong growth potential within specific alloy types such as Iron Nickel Cobalt alloys and Aluminum Nickel Cobalt alloys, each offering unique performance characteristics catering to niche applications. Regional analysis indicates a substantial market share held by North America and Asia Pacific, driven by strong industrial growth and the presence of key manufacturers. The European market is also a significant contributor, with demand driven by the aerospace and chemical industries. However, the emerging economies in Asia Pacific are anticipated to witness the fastest growth rate during the forecast period, driven by increased industrialization and infrastructure development. Competition in the market is moderately concentrated, with established players like American Element, HC Starck Solutions, and Hitachi Metals Neomaterial dominating the landscape. However, opportunities exist for smaller companies specializing in niche applications or innovative alloy formulations. Sustained growth hinges on addressing environmental concerns, improving supply chain resilience, and fostering technological advancements that enhance the performance and cost-effectiveness of cobalt nickel alloys.

In 2023, cobalt exports from Saudi Arabia surged to 134 kg, rising by 60% compared with the previous year.