Cobalt Market Research Report By Application (Electric Vehicle Batteries, Industrial Batteries, Superalloys, Electrolytes, Magnetic Materials), By End Use Industry (Electronics, Aerospace, Electric Vehicles, Energy Storage, Defense), By Chemical Form (Cobalt Compounds, Cobalt Sulfate, Cobalt Hydroxide, Cobalt Oxide), By Source of Extraction (Primary Mining, Recycling, By-product from Nickel Extraction) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa)-Forecast to 2035

Cobalt Market Summary

As per MRFR Analysis, the Global Cobalt Market was valued at 11.24 USD Billion in 2023 and is projected to grow to 30.0 USD Billion by 2035, driven by the increasing demand for electric vehicles and advancements in battery technologies. The market is expected to witness a CAGR of 8.53% from 2025 to 2035, highlighting the critical role of cobalt in lithium-ion batteries and renewable energy storage solutions. Ethical sourcing and supply chain transparency are becoming increasingly important due to concerns over mining practices, particularly in the Democratic Republic of Congo.

Key Market Trends & Highlights

The Cobalt Market is experiencing significant growth driven by various trends.

• Electric Vehicle Batteries segment projected to reach 12.0 USD Billion by 2035.
• Industrial Batteries expected to grow from 3.2 USD Billion in 2024 to 7.5 USD Billion by 2035.
• Cobalt Sulfate is crucial for lithium-ion battery production, reflecting the surge in electric mobility.
• Energy storage capacity is anticipated to double by 2030, increasing cobalt demand.

Market Size & Forecast

2023 Market Size: USD 11.24 Billion

2024 Market Size: USD 12.2 Billion

2035 Market Size: USD 30.0 Billion

CAGR (2025-2035): 8.53%

Largest Regional Market Share in 2024: Asia-Pacific.

Major Players

Key players include China Molybdenum, Jinchuan Group, Glencore, First Cobalt, and Norilsk Nickel.

Key Cobalt Market Trends Highlighted

The Cobalt Market is experiencing notable trends driven primarily by the surging demand for electric vehicles (EVs) and rechargeable batteries.

As countries worldwide commit to reducing carbon emissions, policies aimed at promoting sustainable transport solutions have led to significant investments in EV technology, subsequently increasing cobalt consumption, particularly in high-performance lithium-ion batteries.

This transition to cleaner energy alternatives forms a crucial driver of cobalt demand, especially as automotive manufacturers transition their production lines to focus on electric models.

Opportunities in the Cobalt Market lie in the burgeoning development of alternative battery technologies and recycling methods.

Companies are looking into sustainable mining methods and getting cobalt out of old batteries because they are under more and more pressure to make sure their supply chain is stable and ethical.

In addition, new battery chemistries, like cobalt-free ones, open up new ways to innovate that can cut down on the need for cobalt without hurting performance.

Market trends have also brought attention to the geopolitical problems that come with getting cobalt, since a lot of the world's cobalt comes from places where politics are unstable and there are moral issues with mining.

This has led stakeholders to look for other ways to get cobalt and diversify their supply chains in order to lower the risks that come with getting cobalt.

Furthermore, collaboration between governments and industries is growing to establish a more responsible cobalt market. Overall, the Cobalt Market is adapting to a dynamic landscape characterized by technological advancements and shifting economic priorities toward sustainability and ethical practices.

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

Cobalt Market Drivers

Rising Demand from Electric Vehicle Production

The Cobalt Market Industry is experiencing robust growth due to the surging demand for electric vehicles (EVs). As automakers increasingly pivot towards electrification, global EV sales reached approximately 6.6 million units in 2021 and are projected to exceed 28 million units by 2030, according to the International Energy Agency.

This dramatic increase demonstrates a potential tenfold growth in the near future, which directly correlates with cobalt usage in lithium-ion batteries, essential for EV technology.

Leading automotive manufacturers such as Tesla and General Motors are making significant investments in EV production, driving the need for cobalt as a critical component in battery production. Furthermore, policies set forth by various governments, including commitments to zero-emission vehicles, are catalyzing the demand for cobalt, heralding a new era in sustainable transportation.

The transition to greener solutions, combined with the ongoing technological advancements in battery efficiency, furthers the expansion of the Cobalt Market Industry.

Growth in Renewable Energy Storage Solutions

The Cobalt Market Industry is poised for substantial growth due to the escalating investments in renewable energy storage systems. With a notable pivot towards solar and wind energy, the need for efficient energy storage solutions has never been more paramount.

The International Renewable Energy Agency reported that global renewable energy capacity reached 2,799 gigawatts in 2020, with further growth expected in the coming years. This surge fuels the demand for high-performance batteries, where cobalt plays a pivotal role in ensuring longevity and efficiency.

Organizations like the International Energy Agency underscore the importance of boosting storage capacity to integrate renewable energy into existing infrastructures.

Thus, the growth in renewable energy investments directly supports the expansion of the Cobalt Market Industry, aligning with global efforts to transition towards cleaner energy sources.

Increasing Technological Advancements in Battery Manufacturing

Technological advancements in battery manufacturing processes are significantly driving the Cobalt Market Industry forward. Recent innovations, particularly in battery chemistry and production techniques, have improved performance characteristics such as charge density and lifespan.

Industry groups like the Battery Innovation Alliance highlight that new variations of lithium-ion batteries, which utilize cobalt more efficiently, are being developed.

Moreover, patents related to advanced cobalt usage in batteries have been on the rise, suggesting a robust pipeline of emerging technologies focused on cobalt efficiency.

As new applications and enhanced formulations come to market, projecting growth in battery applications beyond just electric vehicles, the Cobalt Market Industry stands to benefit immensely from these advancements.

With increasing investments in Research and Development by major technology companies and manufacturers, the imperative for cobalt remains pivotal.

Cobalt Market Segment Insights

Cobalt Market Application Insights

The Cobalt Market is poised for robust growth with an increasing focus on applications across various sectors. In 2024, this segment is expected to account for a comprehensive valuation of 12.2 USD Billion, reflecting the rising demand driven by technological advancements and sustainability initiatives.

A significant portion of the market is attributed to Electric Vehicle Batteries, which alone is estimated to reach 4.5 USD Billion in 2024 and is projected to expand further to 10.5 USD Billion by 2035. This dominance underscores the critical role cobalt plays in the push for electrification and reducing reliance on fossil fuels, with electric vehicles leading the charge toward sustainable transportation.

Following closely, the Industrial Batteries segment is forecasted to generate 3.2 USD Billion in 2024, anticipated to grow to 8.2 USD Billion by 2035. This application is significant due to its essential use in energy storage solutions and backup power systems that support various industrial processes.

The Superalloys category, valued at 2.0 USD Billion in 2024 and expected to rise to 5.0 USD Billion in 2035, highlights cobalt's vital role in high-temperature applications, particularly in aerospace and gas turbine engines that demand superior performance and reliability under extreme conditions.

Electrolytes, a smaller but crucial application within the market, are valued at 1.5 USD Billion in 2024 and projected to grow to 3.5 USD billion by 2035. The growth in this area reflects the increasing need for advanced battery technologies that enhance performance and energy efficiency.

Finally, the Magnetic Materials segment, while currently at 0.9 USD Billion in 2024, is expected to see significant growth, reaching 2.8 USD billion by 2035 as the demand for efficient magnets in various electronic devices increases.

The overall market segmentation for the Cobalt Market reveals a clear trajectory of growth driven by diverse applications, emphasizing the importance of cobalt in enabling advancements in energy storage and sustainable technologies while also presenting opportunities for innovation across various industries.

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

Cobalt Market End Use Industry Insights

The Cobalt Market focuses heavily on the End Use Industry, which encompasses diverse sectors such as Electronics, Aerospace, Electric Vehicles, Energy Storage, and Defense. In 2024, the overall market is expected to reach a valuation of 12.2 billion USD, reflecting strong demand fueled by the rapid adoption of advanced technologies.

The Electronics segment is particularly significant due to the increasing reliance on cobalt for high-performance batteries and components essential for smartphones and laptops.

Furthermore, the Electric Vehicles segment is dominating, driven by the global shift toward sustainable transportation solutions, significantly enhancing cobalt's importance in battery production.

Energy Storage applications are also growing, supported by the need for reliable power solutions, especially from renewable energy sources. In Aerospace, cobalt's durability and resistance to extreme conditions make it suitable for high-performance alloys, contributing to safety and efficiency in aviation.

The Defense sector utilizes cobalt in various military applications, underscoring its strategic importance. Overall, the Cobalt Market statistics indicate strong growth across these sectors, driven by innovation and a growing focus on sustainability in the technology and energy sectors.

Cobalt Market Chemical Form Insights

The Cobalt Market, specifically within the Chemical Form segment, shows a diversified landscape attended by several key components. The market was valued at 12.2 USD Billion in 2024 and is on a robust growth trajectory.

Within this segment, Cobalt Compounds, Cobalt Sulfate, Cobalt Hydroxide, and Cobalt Oxide each play a significant role in various applications, including battery manufacturing and catalysts.

Cobalt Sulfate, in particular, has gained traction due to its use in lithium-ion batteries, making it an essential element in the energy transition.

Cobalt Oxide is notably important for its application in electronic devices, reinforcing its standing in the market. The broader market dynamics exhibit a focus on sustainable sourcing and advancements in recycling technologies, aiming to cater to the growing electric vehicle market and renewable energy sectors.

As countries pivot towards greener technologies, the demand for these chemical forms of cobalt continues to rise, confirming their substantial contribution to the overall Cobalt Market revenue.

Market growth is buoyed by increasing industrial applications and the shift towards electrification across various sectors, thus making this segment a key area of interest for stakeholders aiming to capitalize on emerging opportunities.

Cobalt Market Source of Extraction Insights

The Cobalt Market, with a significant focus on the Source of Extraction, displays diverse methodologies catering to the growing demand for cobalt. Revenues derived from this segment reflect its increasing importance within the industry.

Primary mining remains a leading contributor, driven by the robust need for cobalt in various applications, especially in batteries and electric vehicles.

Recycling has emerged as a critical approach to harnessing cobalt from used products, promoting sustainability and circular economy practices while reducing dependency on newly extracted cobalt.

Additionally, the by-product from nickel extraction plays a vital role, providing an efficient means to source cobalt as the demand for nickel rises, particularly in the stainless steel and battery markets. This synergy among extraction methods not only supports the continuous supply of cobalt but also aligns with global sustainability goals.

The Cobalt Market segmentation underscores these essential extraction sources, highlighting their interdependent nature and collective impact on market dynamics.

As the demand for cobalt continues to soar, particularly with increasing electrification, understanding these extraction sources becomes imperative for stakeholders aiming to navigate the evolving landscape of the Cobalt Market.

Cobalt Market Regional Insights

The Cobalt Market is projected to see diverse growth across various regional segments, offering a broad landscape of investment and utilization. In 2024, North America is valued at 3.2 USD Billion, showing robust potential for the electric vehicle and renewable energy sectors, which significantly drive demand for cobalt.

Europe follows closely with a valuation of 3.0 USD billion, highlighting its commitment to sustainable energy initiatives and battery production, making it a critical market in the Cobalt Market industry.

The Asia Pacific region stands out with a valuation of 4.0 USD billion in 2024, primarily due to its large manufacturing base and increasing adoption of electric vehicles, hence dominating in terms of volume.

South America, valued at 1.5 USD Billion, holds a significant role due to its rich cobalt mineral reserves, while the Middle East and Africa, valued at 0.5 USD Billion, presents emerging opportunities as the region enhances its mining capacity and explores cobalt trading.

The Cobalt Market segmentation reflects these distinct characteristics and growth drivers, each region contributing uniquely to the overall market dynamics, thus portraying a complex yet promising industry landscape where majority holding is evident in Asia Pacific and North America.

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

Cobalt Market Key Players and Competitive Insights

The Cobalt Market is characterized by its dynamic nature and is influenced by a variety of factors, including demand from the electric vehicle sector, electronics, and energy storage systems. The competitive landscape is shaped by the presence of several key players, each vying for a share of this rapidly growing market.

Companies are continually seeking to enhance their production capabilities, improve supply chain efficiencies, and develop sustainable mining practices to meet rising global consumption.

Furthermore, fluctuations in cobalt prices, geopolitical considerations, and regulatory frameworks surrounding mining operations contribute to the complexity of the competitive environment. As market demand accelerates, innovation and strategic partnerships will play critical roles in determining the competitive positioning of companies in the cobalt sector.

Glencore stands out as a prominent player within the Cobalt Market due to its expansive mining operations in diverse geographies and its vertically integrated business model. The company has established a significant market presence, allowing it to leverage economies of scale and efficient production processes.

Glencore's strength lies not only in its substantial cobalt reserves but also in its strategic sourcing of materials, enabling it to maintain a competitive edge against market fluctuations.

Additionally, its strong financial backing allows Glencore to invest in technology upgrades and sustainability initiatives, reinforcing its commitment to responsible mining practices.

The company has also been proactive in exploring partnerships and joint ventures that enhance its operational capabilities in the cobalt sphere, solidifying its position as a key player in this burgeoning market.

eCobalt Solutions has carved out a specialized niche in the Cobalt Market, focusing on the development of cobalt projects with an emphasis on sustainability and innovation.

The company is known for its high-purity cobalt production, which caters to the growing demands of battery manufacturers and technology firms looking for reliable and ethically sourced materials. eCobalt Solutions prides itself on its environmentally responsible practices, which resonate with the increasing consumer demand for sustainable products.

In terms of market presence, the company has been actively pursuing strategic acquisitions and partnerships aimed at enhancing its resource base and production capabilities.

Its strengths are rooted in a strong commitment to research and development, resulting in the implementation of cutting-edge technologies that improve extraction processes and overall efficiency. The firm aims to play an integral role within the Cobalt Market, focusing on delivering high-quality products while adhering to stringent environmental standards.

Key Companies in the Cobalt Market Include

• Glencore


• eCobalt Solutions


• First Cobalt


• China Molybdenum


• Australian Mines


• Lundin Mining


• Norilsk Nickel


• Cobalt Blue Holdings


• Umicore


• Shaanxi J&R Cobalt


• ADBRI


• Fengshun Cobalt


• Imperial Mining Group

Cobalt Market Developments

The Cobalt Market has seen significant developments recently, with increasing demand driven by electric vehicle production and battery technologies. Companies such as Glencore and China Molybdenum have been actively expanding their operations to capitalize on this growth.

In July 2023, eCobalt Solutions announced a joint venture with First Cobalt to advance a cobalt refining project in North America. Additionally, in August 2023, Lundin Mining completed its acquisition of a 51 percent interest in a cobalt mining project in the Democratic Republic of Congo, further solidifying its position in the cobalt industry.

Norilsk Nickel has also reported a significant increase in cobalt production, contributing to a growth in market valuation, which has positively impacted investor confidence.

In recent years, from September 2021 to October 2023, the market witnessed major fluctuations due to geopolitical tensions and trade policies affecting cobalt supply chains.

Companies like Cobalt Blue Holdings and Umicore are investing heavily in Research and Development for sustainable mining practices, showcasing the industry's shift towards environmentally friendly operations.

The continuous push for innovation and sustainability remains a priority within the Cobalt Market, influencing both market dynamics and pricing strategies.

Cobalt Market Segmentation Insights

• 
  Cobalt Market Application Outlook
  
  
  
  • Electric Vehicle Batteries
  
  
  • Industrial Batteries
  
  
  • Superalloys
  
  
  • Electrolytes
  
  
  • Magnetic Materials
  
  
  
  

• 
  Cobalt Market End Use Industry Outlook
  
  
  
  • Electronics
  
  
  • Aerospace
  
  
  • Electric Vehicles
  
  
  • Energy Storage
  
  
  • Defense
  
  
  
  

• 
  Cobalt Market Chemical Form Outlook
  
  
  
  • Cobalt Compounds
  
  
  • Cobalt Sulfate
  
  
  • Cobalt Hydroxide
  
  
  • Cobalt Oxide
  
  
  
  

• 
  Cobalt Market Source of Extraction Outlook
  
  
  
  • Primary Mining
  
  
  • Recycling
  
  
  • By-product from Nickel Extraction
  
  
  
  

• 
  Cobalt Market Regional Outlook
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa
  
  
  
  

Report Attribute/Metric	Details
Market Size 2023	11.24 (USD Billion)
Market Size 2024	12.2 (USD Billion)
Market Size 2035	30.0 (USD Billion)
Compound Annual Growth Rate (CAGR)	8.52% (2025 - 2035)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Base Year	2024
Market Forecast Period	2025 - 2035
Historical Data	2019 - 2024
Market Forecast Units	USD Billion
Key Companies Profiled	Glencore, eCobalt Solutions, First Cobalt, China Molybdenum, Australian Mines, Lundin Mining, Norilsk Nickel, Cobalt Blue Holdings, Umicore, Shaanxi J&R Cobalt, ADBRI, Fengshun Cobalt, Imperial Mining Group
Segments Covered	Application, End Use Industry, Chemical Form, Source of Extraction, Regional
Key Market Opportunities	Electric vehicle battery demand, Renewable energy storage solutions, Aerospace component manufacturing, Medical device applications, Sustainable mining practices
Key Market Dynamics	Supply chain disruptions, increasing electric vehicle demand, growing renewable energy applications, fluctuating mining regulations, and rising investment in battery technologies
Countries Covered	North America, Europe, APAC, South America, MEA