Report Details:
15 Companies Covered
111 Pages
Growing Electric Vehicle Adoption will positively impact the Global Cobalt Market at a CAGR of 8.52% during the forecast period 2025 to 2035.
Market Research Future (MRFR) has published a cooked research report on the “Global Cobalt Market” that contains information from 2019 to 2035. The Cobalt Market is estimated to register a CAGR of 8.52% during the forecast period of 2025 to 2035.
MRFR recognizes the following companies as the key players in the Global Cobalt Market: Glencore, China Molybdenum Co. Ltd., Jinchuan Group International Resources Co. Ltd., First Cobalt Corp. (Electra Battery Materials), Norilsk Nickel, Eurasian Resources Group, Umicore, Vale S.A., Huayou Cobalt Co. Ltd., and Trafigura Group Pte Ltd.
Market Highlights
The Global Cobalt Market is expected to register a CAGR of 8.52% during the forecast period and is estimated to reach USD 40.25 Billion by 2035, up from USD 21.20 Billion in 2024.
The expansive growth in the cobalt market is attributed to the increasing demand for electric vehicles (EVs), rapidly evolving battery technology, and the incorporation of renewable energy. Cobalt is a significant constituent of the lithium-ion batteries that power EVs and energize storage batteries, thus facilitating the deployment of clean energy.
On account of the geopolitical and environmental issues related to the cobalt mining supply chain, especially in the Democratic Republic of Congo, which provides over 60% of the world’s cobalt, ethical sourcing and supply chain transparency have become critical.
The adoption of recycling technologies and the development of sustainable extraction methods foster investment in environmental and socially sustainable mining practices. Focusing on the development of new battery technologies that minimize cobalt content will meet the growing demand for ethically supplied cobalt while maintaining product efficiency and performance.
Segment Analysis
The Global Cobalt Market has been segmented based on Application, End Use Industry, Chemical Form, and Source of Extraction.
By Application: The Electric Vehicle Batteries segment dominated the market in 2024, valued at USD 4.5 Billion, and is projected to reach USD 10.5 Billion by 2035. The Industrial Batteries segment follows closely, expected to grow from USD 3.2 Billion in 2024 to USD 8.2 Billion by 2035.
By End Use Industry: The Electric Vehicle and Energy Storage segments are anticipated to exhibit the highest growth, driven by global electrification initiatives. The Aerospace and Defense sectors also demonstrate strong potential due to cobalt’s use in superalloys and high-performance components.
By Chemical Form: Cobalt Sulfate is the leading segment, reflecting its essential role in lithium-ion battery production, followed by Cobalt Oxide and Cobalt Hydroxide, widely used in electronics and catalysts.
By Source of Extraction: Primary mining remains the major source, while recycling and by-products from nickel extraction are emerging as sustainable alternatives to support circular economy goals.
Region Analysis
By region, the Cobalt Market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The Asia Pacific region holds the largest market share, valued at USD 4.0 Billion in 2024, driven by the region’s dominance in electric vehicle manufacturing and battery production, particularly in China, Japan, and South Korea.
North America, valued at USD 3.2 Billion, shows strong potential owing to significant investments in domestic cobalt refining and electric mobility infrastructure.
Europe, valued at USD 3.0 Billion, is expected to grow rapidly due to the region’s strong policy push for sustainable energy and battery production under the EU Green Deal. Emerging opportunities in South America and Africa further highlight global diversification efforts in cobalt sourcing and processing.
Key Findings of the Study
The Global Cobalt Market is expected to reach USD 40.25 Billion by 2035, at a CAGR of 8.52% during the forecast period.
Asia Pacific accounted for the largest market share in 2024 and is projected to remain dominant through 2035.
The Electric Vehicle Batteries segment held the largest market share in 2024 and will continue leading due to EV adoption.
Cobalt Sulfate dominated the chemical form segment, driven by its use in lithium-ion battery cathodes.
Glencore, China Molybdenum, Jinchuan Group, First Cobalt (Electra Battery Materials), and Norilsk Nickel are key players shaping the global cobalt supply chain.
Industry Developments
Q2 2024: Glencore signs long-term cobalt supply deal with Tesla to strengthen Tesla’s EV battery supply chain.
Q2 2024: Eurasian Resources Group secures $800 million financing for its cobalt-copper expansion project in DRC.
Q3 2024: First Cobalt rebrands as Electra Battery Materials and opens North America’s first cobalt refinery in Ontario.
Q1 2025: BMW Group signs cobalt supply contract with Morocco’s Managem Group for sustainable sourcing.
Q2 2025: Tesla secures a direct cobalt supply from Gécamines to ensure responsible material procurement.
Future Outlook
The Global Cobalt Market is projected to expand robustly as electric mobility, renewable energy integration, and technological innovations continue to accelerate.
Future opportunities include:
- Focused on responsible, sustainable cobalt sourcing for increased visibility in supply chains.
- Implementing cobalt recovery and recycling technology from spent batteries.
- Expansion into new markets during accelerated growth in electric vehicle infrastructure.
- By 2035, the global market for cobalt will become foundational to the clean energy transition and will power the next generation of batteries and renewable energy technology.
Report Link- https://www.marketresearchfuture.com/reports/cobalt-market-6549