Cobalt Oxide Market Research Report Information By Type ( Cobalt(II) Oxide (COO), Cobalt (III) Oxide (CO2O3), Cobalt (IV) Oxide (COO2), Cobalt (II,III) Oxide (CO3O4), By Form (Powder, Granules, Pellets),By Application (Batteries, Catalysts, Ceramics and Pigments, Magnetic Materials, Electrochemical Devices, Others), By End-Use Industry (Electronics and Electrical, Energy Storage, Chemical Industry, Automotive, Glass and Ceramics, Paints and Coatings, Others), By Region -Global Forecast to 2032

Global Cobalt Oxide Market Overview

Cobalt Oxide Market Size was valued at USD 5,030.9 million in 2023. The Cobalt Oxide Market industry is projected to grow from USD 5,174.6 million in 2024 to USD 8,358.9 million by 2032, exhibiting a compound annual growth rate (CAGR) of 6.2% during the forecast period (2024 - 2032). Cobalt oxide refers to a group of inorganic compounds composed primarily of cobalt and oxygen, with the most common forms being cobalt (II) oxide (CoO), cobalt (III) oxide (Co2O3), and cobalt(II,III) oxide (Co3O4). These compounds exhibit distinct chemical and physical properties, making them valuable in various industrial applications. Cobalt oxide is a key material in the production of lithium-ion batteries, where it serves as a cathode material, contributing to the energy density and overall performance of the battery. Its high thermal stability, excellent catalytic properties, and ability to facilitate electron transfer make it an essential component in energy storage systems, particularly in electric vehicles and renewable energy applications.

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

Cobalt Oxide Market Trends

Growing popularity of electric vehicles

The escalating demand for electric vehicles (EVs) is one of the most significant trends influencing the Cobalt Oxide Market. As governments and consumers increasingly prioritize sustainable transportation solutions to combat climate change and reduce air pollution, the adoption of EVs has soared. This trend is supported by advancements in battery technology, which have improved vehicle performance, range, and affordability, making electric vehicles more attractive to a broader audience. Consequently, as the number of EVs on the road rises, so does the volume of lithium-ion batteries reaching the end of their lifecycle, creating a pressing need for efficient and effective recycling solutions.Overall, the increasing demand for EVs is not only reshaping the automotive landscape but also catalyzing growth and innovation in the cobalt oxide market. Rising EV battery demand is the greatest contributor to increasing demand for critical metals like cobalt. Demand for EV batteries reached more than 750 GWh in 2023, up 40% relative to 2022. Electric cars account for 95% of this growth. Globally, 95% of the growth in battery demand related to EVs was a result of higher EV sales.The rising demand for EV batteries significantly boosts the Cobalt Oxide Market. As EV sales surge, the volume of batteries increases, creating a pressing need for metals like lithium, cobalt, and nickel.As global sales of electric vehicles increase—projected to reach millions in the coming years—the need for batteries, which power these vehicles, expands correspondingly. LIBs are currently the most suitable batteries for EV applications. Consequently, the demand for LIBs has increased dramatically, which jumped from 185 GWh in 2020 to 685 GWh in 2024 and will exceed 2035 GWh by 2030, according to the statistical data from Statista. In 2023, the installed battery cell manufacturing capacity was up by more than 45% in both China and the United States relative to 2022, and by nearly 25% in Europe. If current trends continue, backed by policies like the US IRA, by the end of 2024, capacity in the United States will be greater than in Europe. The demand from battery manufacturers is continuously boosting the demand for cobalt and hence driving the overall Cobalt Oxide Market.

Rising demand for cobalt From Non-Battery Application

Super alloys demand experienced continued recovery in 2023 as the aerospace market performed well as the industry returns to normal following the Covid-19 pandemic. International air traffic rose by 42% and domestic traffic by 30% in 2023. Boeing and Airbus both saw improved demand, with commercial aircraft deliveries rising by 10% and 11% y/y in 2023, respectively. Airbus’ order book rose by 23% y/y and they reported strong demand from airlines to refresh fleets, with industry demand recovering faster than their expectations post-pandemic. They are targeting 800 deliveries in 2024 (+9%) although this still remains below their 2019 peak of 870 units. Super alloys demand experienced continued recovery in 2023 as the aerospace market performed well as the industry returns to normal following the Covid-19 pandemic. International air traffic rose by 42% and domestic traffic by 30% in 2023. Boeing and Airbus both saw improved demand, with commercial aircraft deliveries rising by 10% and 11% y/y in 2023, respectively. Airbus’ order book rose by 23% y/y and they reported strong demand from airlines to refresh fleets, with industry demand recovering faster than their expectations post-pandemic. They are targeting 800 deliveries in 2024 (+9%) although this still remains below their 2019 peak of 870 units.

Cobalt Oxide Market Insights:

Cobalt Oxide Market by Type Insights

The Cobalt Oxide Market segmentation, Cobalt (II) Oxide (COO), Cobalt (III) Oxide (CO2O3), Cobalt (IV) Oxide (COO2), Cobalt (II, III) Oxide (CO3O4). Cobalt (II, III) oxide (Co3O4) leads the market, growing from USD 2,614.0 million in 2023 to USD 4,732.5 million by 2032, driven by its use in batteries and catalysts, while Cobalt (IV) oxide (CoO2) also experiences growth due to its lithium-ion battery applications. Cobalt (II) oxide is a highly heat-stable compound with numerous uses in the form of producing ceramics, glazes, and lithium-ion batteries. Cobalt (III) Oxide (Co₂O₃) is an excellent source of cobalt and is very insoluble, thermally stable. Cobalt oxide is used for glass, optics, and ceramics applications. Cobalt (IV) oxide (CoO₂) is a compound of high oxidation state, which contains cobalt in +4 oxidation state. Typically, this compound is dark brown or black, an important material in chemical and energy storage applications. It is much less common than two other lower oxidation state analogues, CoO, and Co₃O₄, but it shows special chemical properties because of its higher oxidation state. Cobalt (II, III) oxide (Co₃O₄) is a mixed-valence compound. It contains both Co(II) and Co(III) ions in the crystal structure, whereas cobalt(II) oxide contains only Co(II). Co₃O₄ is usually a brownish-black powder and has been highly valued for chemical and physical properties such as high stability, catalytic activity, and the ability to carry out redox reactions.

Cobalt Oxide Market by Form Insights

The Cobalt Oxide Market segmentation, based on form the market has been segmented into powder, pellets and granules. Powder form dominates with USD 3,187.7 million in 2023 and is expected to reach USD 5,476.2 million by 2032, while granules and pellets also show growth. Powdered cobalt oxide refers to the fine solid state of cobalt oxide, which is a compound that has been commonly used in industrial applications. In general, cobalt oxide is formed through the heating in the presence of oxygen or air of any cobalt salt such as cobalt hydroxide or cobalt carbonate. Cobalt oxide (CoO) granules are large, compact cobalt oxide particles in comparison with the powder form. Generally, these granules are obtained by agglomeration of fine cobalt oxide powder through pelletizing or sintering. The final product of this process has coarse uniform-sized particles. Pellets are compact, solid forms of the chemical compound that can be compressed in the form of cobalt oxide powders into various small, uniform shapes.

Cobalt Oxide Market by Application

Based on application, the Cobalt Oxide Market is segmented into Batteries, Catalysts, Ceramics and Pigments, Magnetic Materials, Electrochemical Devices and Others. The battery segment remains the largest application, expanding from USD 3,263.4 million in 2023 to USD 5,685.5 million by 2032, driven by electric vehicles and energy storage needs. Cobalt oxide is widely used in batteries, especially in lithium-ion (Li-ion) batteries, because of excellent electrochemical properties and high stability along with maximum energy density. Cobalt oxide (CoO) is an important compound in catalysis because of its specific electronic structure and oxidation/reduction properties. It is a catalyst for reactions involving oxidation, such as the oxidation of organic compounds and water as a source of hydrogen. Cobalt oxide is widely used in ceramics and pigments due to its bright colorability and ability to produce stable, durable materials. Cobalt oxide (CoO) is an important material in the development of magnetic materials due to its magnetic properties and ability to form a variety of cobalt-based compounds with strong magnetic behaviour. Cobalt oxide is very much in demand in electrochemical devices due to its extraordinary electrochemical properties, such as high conductivity, stability, and redox activity. Cobalt oxide (CoO) has been used in a few sensor and superalloy applications because of its superior chemical and physical properties.

Cobalt Oxide Market by End-Use Industry

Based on end-use industry, the Cobalt Oxide Market is segmented Electronics and Electrical, Energy Storage, Chemical Industry, Automotive, Glass and Ceramics, Paints and Coatings and Others. The electronics and electrical industry leads, projected to grow from USD 1,843.4 million in 2023 to USD 3,179.8 million by 2032, with the automotive industry also seeing significant growth, particularly in electric vehicles. Cobalt oxide is used in a wide range of modern electronic and electrical applications. Lithium-ion batteries and specialist alloys are two major areas. Cobalt oxide is a very vital material in energy storage. It is applied especially as cathode in high-performance batteries and supercapacitors. Cobalt oxide is widely used in the chemical industry for various applications due to its flexible chemical properties and catalytic abilities. Cobalt oxide has played a highly significant role in the automotive sector, especially in the development of advanced energy storage systems and catalysts that are crucial in improving vehicle performance, reducing emissions, and ensuring sustainability. Cobalt oxide is used in the glass and ceramics industries to add vibrant colors and enhance material properties. Cobalt oxide is used mainly as a colorant in glass manufacturing to achieve a variety of deep blues. Cobalt oxide has good colors and excellent chemical properties which make it quite a big player in the paint and coatings industry. Cobalt oxide, due to its high-temperature resistance and magnetic properties, is in great demand in aerospace and defense industries.

Cobalt Oxide Market Regional Insights

Based on Region, the Cobalt Oxide Market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In 2023, the Cobalt Oxide Market is predominantly driven by the Asia-Pacific region, which holds the largest market share at 43.4%. Europe follows with 24.5%, while North America accounts for 21.6%. South America and the Middle East & Africa contribute 5.8% and 4.7%, respectively. Asia-Pacific (APAC) has been experiencing high growth rates in the cobalt oxide market, mainly due to the strong demand for its key sectors such as electric vehicles, consumer electronics, and renewable energy storage. China, Japan, and South Korea are leaders among these countries, but the largest market is in China. Not surprisingly, with the largest battery manufacturer in the world and a rapidly growing automotive industry, this region consumes more cobalt oxide, used in lithium-ion batteries, which is crucial for electric mobility and electronics

Cobalt Oxide Market Key Market Players & Competitive Insights

The Cobalt Oxide Market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive, with all the players competing to gain maximum market share. Intense competition, frequent changes in government policies, and regulations are key factors that impact market growth. The vendors compete based on cost, product quality, reliability, and aftermarket services. The top 10 key players in the market includes Umicore, Zhejiang Huayou Cobalt Co. Ltd, Sajan Overseas Pvt Ltd, American Elements, Jervois Finland, Particular Materials, ICoNiChem, Eastmen Chemicals, Shanghai Greenearth Chemicals Co.Ltd., and Sun Industries.

The competitive landscape in cobalt oxide is expected to be strong further in the coming years. The market is expanding due to multiple factors. These are the rise in demand in the electronics sector for the manufacture of Li-ion batteries extensively used in electronic appliances like laptops, mobile, and car cobalt, an application of cobalt oxide is now. The demand for renewable energy is on the rise, and hence cobalt oxide is being used in the health sector. The automotive companies also need to go for electric vehicles. Hence, the demands for the manufacturing of the battery are now. Cobalt oxide demand in paints and ceramics is required for projects to build infrastructure in many less developed nations.

Umicore: Umicore was founded in 1989 in Belgium & is a leading circular materials technology company with an expertise in the fields of material science, chemistry and metallurgy. It is focused on sustainability to produce and recycle materials. The company works in order to reduce harmful vehicle emissions and recycle used metals. It operates in various industries such as Energy, Automotive, Recycling, Chemicals, Manufacturing, Optics & Display, Precious Metals and Electronics. It is a leading supplier of catalysts for emission control systems in vehicles and industrial applications, produces a wide range of other materials like specialty chemicals, pigments, alloys & is involved in production of materials for rechargeable batteries which are needed for electrification of transportation and energy storage. It specializes in recycling of precious metals such as gold, silver, platinum as well as metals like cobalt and copper for the purpose of reducing environmental impact.

American Elements: American Elements founded in 1998 is a manufacturer of engineered and advanced materials essential to numerous industries, including green technology, space exploration, nanotechnology, advanced electronics, and military technology with offices in Los Angeles, California; Salt Lake City, Utah; Baotou, China; Monterrey, Mexico, and Manchester, UK. The company has been a focused-on advancement and new product development for over two decades. Its expertise is in the properties, applications, and cost-effective manufacturing of advanced and engineered materials with its clients being global manufacturers (including over 30% of the Fortune 50), all U.S. and many foreign national laboratories, universities throughout the world, and with thousands of commercial customers in a wide variety of industry groups, including energy, electronics, aerospace, defense, automotive, optics/photovoltaics, green technologies and pharma/cosmetics. The company provides both technical guidance and manufactured products in its over 12,000 page online catalog which includes over 3,000 elemental metal, chemical, ceramic and crystalline stock items &  also produces numerous customer proprietary formulations from its network of production facilities strategically placed throughout the world.

Cobalt Oxide Market Industry Developments

10 October 2024 Novonix, a leading battery materials and technology company, and ICoNiChem Widnes, a world leader in the production and commercialisation of cobalt and nickel salts based in the UK, have announced the signing of a joint collaboration agreement focused on the development of nickel-based cathode active materials. Novonix and ICoNiChem have been selected for funding under the 2024 Canada-UK critical minerals call for proposals, which is focused on advancing projects related to critical minerals essential for industries like renewable energy, electric vehicles, and electronics. To support their participation in the project, Novonix Battery Technology Solutions Inc., a Canadian division of Novonix, is receiving advisory services and up to $138,910 (USD 93,306) in funding from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP), while ICoNiChem is receiving support through Innovate UK. The two-year project, with a total budget of $559,983 between Novonix and ICoNiChem, aims to further improve the sustainability of the Novonix all-dry, zero-waste technology by incorporating recycled metal feedstock, such as cobalt and nickel carbonates and oxides, into the process.

29 May 2019: Umicore and Glencore announce that they have entered into a long-term revolving agreement for the supply of cobalt hydroxide (cobalt) to Umicore’s battery materials value chain. The cobalt will be sourced from Glencore’s state-of-the art industrial mining operations, KCC and Mutanda, located in the DRC. Umicore has assessed each operation as fully compliant with its sustainable procurement framework for cobalt which excludes artisanally mined cobalt from its supply chain, as well as any form of child labor. The cobalt units will be shipped to Umicore’s cobalt refineries globally, including the Kokkola refinery in Finland once the ongoing acquisition process is complete. The agreement guarantees Umicore’s security of supply for a substantial part of its longer-term cobalt needs for its expanding global battery materials value chain. The agreement also provides Glencore long-term market access for its cobalt raw materials in line with Umicore’s growing cathode materials sales.

Key Companies in the Cobalt Oxide Market include.

• Umicore


• Zhejiang Huayou Cobalt Co., Ltd


• Sajan Overseas Pvt Ltd


• American Elements


• Jervois Finland


• Particular Materials


• ICoNiChem


• Eastmen Chemicals


• Shanghai Greenearth Chemicals Co. Ltd


• Sun Industries

Cobalt Oxide Market Segmentation:

Cobalt Oxide Market Type Outlook

• Cobalt (II) Oxide (COO),


• Cobalt (III) Oxide (CO2O3)


• Cobalt (IV) Oxide (COO2),


• Cobalt (II, III) Oxide (CO3O4)

Cobalt Oxide Market Form Outlook

• Powder


• Granules


• Pellets

Cobalt Oxide Market Application Outlook

• Batteries


• Catalysts


• Ceramics and Pigments


• Magnetic Materials


• Electrochemical Devices


• Others

Cobalt Oxide Market End-Use Industry Outlook

• Electronics and Electrical


• Energy Storage


• Chemical Industry


• Automotive


• Glass and Ceramics


• Paints and Coatings


• Others

Cobalt Oxide Market Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  • Mexico
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Spain
  
  
  • Italy
  
  
  • Russia
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • India
  
  
  • Japan
  
  
  • South Korea
  
  
  • Malaysia
  
  
  • Thailand
  
  
  • Indonesia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Middle East & Africa
  
  
  
  • South Africa
  
  
  • GCC Countries
  
  
  • Rest of the Middle East & Africa
  
  
  
  


• South America
  
  
  
  • Brazil
  
  
  • Argentina
  
  
  • Rest of South America
  
  
  
  

Report Attribute/Metric	Details
Market Size 2023	USD 5,030.9 million
Market Size 2032	USD 8,358.9 million
Compound Annual Growth Rate (CAGR)	6.2% (2024-2032)
Base Year	2023
Forecast Period	2024-2032
Historical Data	2018 & 2022
Forecast Units	Value (USD Million) and Volume (Kilotons)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Type, Form, Application, End-Use Industry, and Region
Geographies Covered	North America, Europe, Asia Pacific, Middle East & Africa, and South America
Countries Covered	US, Canada, Mexico, Germany, UK, France, Russia, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, South Africa
Key Companies Profiled	Umicore, Zhejiang Huayou Cobalt Co., Ltd, Sajan Overseas Pvt Ltd, American Elements, Jervois Finland, Particular Materials, ICoNiChem, Eastmen Chemicals, Shanghai Greenearth Chemicals Co. Ltd, Sun Industries
Key Market Opportunities	·       Advancements in Energy Storage and Lithium-ion Batteries
Key Market Dynamics	·       Growing popularity of electric vehicles ·       Rising demand for cobalt From Non-Battery Application