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Report Overview
The global cobalt market attained a volume of around 200.10 KMT in the year 2024. The market is further expected to grow at a CAGR of 8.90% between 2025 and 2034 to reach a volume of almost 469.38 KMT by 2034. The market for cobalt has seen a gradual increase due to the rapid rise in electric vehicles (EV) and their respective battery chemistries. The market is expected to grow at a rapid rate as cobalt consumption will increase in the future owing to its essentiality in NMC batteries which are mostly used in EVs. All-purpose li-ion batteries, like those used in power tools and e-bikes, for example, require cobalt for performance, durability, and range. More importantly, the global market growth depends heavily on the U.S. market as manufacturers are increasingly competing to optimize battery efficiency. Cobalt is expected to remain an important element in future battery technologies, as demand for EVs keeps increasing.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
Cobalt Market Analysis
Cobalt is an extremely important and rare chemical element. With the growth in consumer electronics industry, the demand for rechargeable batteries is also growing, thus, supporting the growth of the global cobalt industry. Cobalt is a major chemical used for the production of batteries and, thus, the demand growth for the metal is aided by the rising demand for rechargeable batteries. Urbanisation and globalisation, along with the rising disposable incomes, are other factors guiding the growing demand for the latest gadgets like laptops, mobiles, smartwatches, etc. This further boosts the growth of the cobalt industry. The rise in gadget usage, especially among the youth, is also driving the growth of the industry.
The cobalt industry is also aided by the rising demand for the metal in the production of high-speed cutting tools for cutting products like diamonds, which are extremely hard. Electric vehicles are emerging as another significant driving factor for the rising cobalt demand. Electric vehicles, which are powered on batteries, also use cobalt-based batteries. Thus, the robust growth of the electric vehicles industry, globally, is expected to drive the cobalt industry growth in the forecast period. The rising population and the increasing penetration of consumer electronics in emerging economies are expected to act as additional catalysts for the industry growth in the coming years.
Cobalt Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2024, the global cobalt market attained a volume of almost 200.10 KMT.
The market is projected to grow at a CAGR of 8.90% between 2025 and 2034.
The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach a volume of almost 469.38 KMT by 2034.
The major drivers of the industry, such as rising disposable incomes, increasing population, increased demand for new energy vehicle-use batteries, rising demand from the developing regions, and rising demand for the metal, are expected to aid the market growth.
The key trend guiding the growth of the market is the emergence of electric vehicles.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Batteries, alloys, tool materials, catalysts, pigments, magnets, and soaps, among others, are the major application segments of cobalt in the industry.
The major players in the industry are Glencore plc, Vale S.A., Umicore, Missouri Cobalt, LLC, CMOC International, Eurasian Resources Group, Freeport-McMoRan, Umicore, Sumitomo Metal Mining Co., Ltd., Norilsk Nickel, Huayou Cobalt, and Jinchuan Group, among others.
Cobalt sulfate dominated the market with the largest share.
The market report covers the forecast period from 2025 to 2034.
The Democratic Republic of Congo dominates the global cobalt market share.
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