Cobalt Market Size

Global Cobalt Market Overview

The cobalt market Size was valued at USD 16.80 Billion in 2023. The cobalt industry is projected to grow from USD 17.80 Billion in 2024 to USD 28.38 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.00% during the forecast period (2024 - 2032). Cobalt is an elemental substance present in the earth's crust in a chemically bonded state. It is an unbound substance that is generated during the process of reductive smelting. The majority of cobalt is produced as a by-product of nickel and copper production. Cobalt, in its pure form, is a shiny, durable, silver-grey metal that is commonly employed in various industrial uses, including high-temperature superalloys, stainless steels, medical prostheses, hard-facing items, and cemented carbides. 

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cobalt Market Trends and Insights 

The evolving trend of rechargeable batteries is driving the cobalt market forward. 

With the advent of electric vehicles, there has been an increased demand for rechargeable batteries, and cobalt being an essential element in lithium-ion batteries, its demand has surged in recent times, owing to the huge demand for electric vehicles. Rechargeable batteries are widely used in several applications, including electric vehicles and small and portable electronic devices, like mobile phones, laptops & computers, games, and power tools. Cobalt is an essential constituent in lithium-ion batteries, as it prevents the cathodes from experiencing excessive heat, which is a condition that can lead to a reduction in the battery's lifespan. Cobalt is essential for prolonging battery life and is present in virtually all rechargeable batteries used in mobile phones and other battery-operated devices.

The electric vehicle market has witnessed substantial expansion due to heightened regulations on gasoline and diesel-powered automobiles. EV volumes reported a total of 10.5 million new battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) sold in 2023, showing significant growth compared to the previous years. 

The increasing use of Li-ion batteries in electric vehicles is expected to be the prominent factor boosting the demand for cobalt in the coming years. According to various industry experts, growth in the global electric vehicle (EV) industry is likely to result in a four-fold increase in the global demand for cobalt by 2027. Globally, a large number of governments have and continue to respond to the effects of climate change by raising fuel-economy standards and are promoting the use of EVs as an alternative to traditional fossil fuel-powered vehicles. With the positive outlook of the EV market, the demand for cobalt is likely to grow significantly in the years to follow.

Cobalt is an essential constituent in lithium-ion batteries. It serves to prevent the cathodes from experiencing excessive heat, a condition that can lead to a reduction in the battery's lifespan. Cobalt is essential for prolonging battery life and is present in virtually all rechargeable batteries used in mobile phones and other battery-operated devices.

The electric car market has witnessed substantial expansion due to heightened regulations on gasoline and diesel-powered automobiles. EV volumes reported a total of 10.5 million new battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) sold in 2022, showing a significant 55% growth compared to the previous year.

Global Cobalt Market Segment Insights 

The global cobalt market is primarily segmented based on form and application. 

Based on form, the cobalt market is segmented into chemical compounds and metals. Out of which, the chemical compound segmentation owes the major market share, and it is anticipated that it will be the segment that grows at the fastest rate over the forecast period. The magnetic qualities of metallic cobalt make it an attractive material for the production of high-performance magnets, which are utilized in electric motors, generators, and other forms of electronic equipment. Consequently, the demand for metallic cobalt is growing as a result of the increased utilization of electric motors and other devices, which in turn leads to the expansion of the global cobalt market. 

Based on applications, the cobalt market is further segmented into battery chemicals, super alloys, hard metals, and magnets. Out of which, the battery chemicals segment dominates the global market share and is estimated to grow rapidly over the said forecast period. The batteries industry is further sub-segmented into subcategories based on types, which include Electric Vehicles, Electronics, Energy Storage Systems (ESS), and Power devices & Motive Products. Crucially, there is a growing trend among consumers to prefer owning a car that is more ecologically sustainable. Consequently, as a result of these factors, the demand for electric vehicles (EVs) is rising, thereby contributing to the expansion of the global cobalt market.

Global Cobalt Market Region Insights 

The global cobalt market is primarily studied across four major regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World. Out of these, the Asia-Pacific region owes the major market share among all the other regions and is estimated to exhibit the highest CAGR during the forecast period. The presence of major emerging economies like India, China, and Japan makes the Asia-Pacific market a prominent region in the global cobalt market. China is the largest lithium-ion battery manufacturer in the world and is also among the leaders in the EV market. In May 2015, China announced the Made in China 2025 initiative, which demands Chinese domestic firms acquire significant domestic and global market share within ten advanced technology industries by the year 2025. Two industries within this plan, namely new-energy vehicles (primarily EVs) and aerospace, are likely to positively affect demand for cobalt chemicals and metals in the years to follow. India, the other major country-level market, announced its goal to eliminate the sale of non-electric cars by 2030 and incentivize manufacturing of lithium-ion batteries at the domestic level, which is further expected to propel the growth of the regional cobalt market during the forecast period.

Followed by the Asia-Pacific region, the European region held the second-largest market share in the global cobalt market. With the stringent regulations about fuel-economy standards and vehicle emissions, the use of EVs as an alternative to traditional fossil fuel-powered vehicles is increasing. Various European Union (EU) member states such as France and the UK, among others, have agreed to ban new sales of petrol and diesel cars by 2040 and boost regional production of rechargeable batteries, which is eventually aiding the market growth of the cobalt market. 

Global Cobalt Market Key Players & Competitive Insights 

Major key competitors in the global cobalt market often employ key business strategies like mergers & acquisitions, partnership deals, expansions, and product launches to excel in their business operations and increase their revenue generation. 

Cobalt Market Key Companies Insights 

• Umicore (Belgium)


• Glencore (Switzerland)


• Jinchuan Group International Resources Co. Ltd (Hong Kong)


• Huayou Cobalt Co., Ltd (China)


• Freeport Cobalt (Finland)


• Sherritt International Corporation (Canada)


• BHP (Australia)


• Eramet (France)


• Vale (Brazil)


• Votorantim Metais SA (Brazil)


• Sumitomo Corporation (Japan)

Recent Developments 

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.