Overview of the Cobalt Market

According to DataM Intelligence, the global Cobalt Market size was valued at approximately USD 17.12 billion in 2024 and is forecast to reach nearly USD 29.86 billion by 2032, growing at a CAGR of about 7.2% from 2025 to 2032. Cobalt is a critical metal essential for lithium-ion battery cathodes, superalloys in jet engines, catalysts, and pigments, making it vital to multiple rapidly growing industries.

The global cobalt market continues to experience dynamic growth fueled by surging demand in electric vehicles (EVs), energy storage systems, aerospace, and various high-tech applications. The accelerating adoption of EVs, required for global decarbonization efforts, constitutes the largest driver of market expansion, with cobalt playing a key role in ensuring battery longevity, safety, and energy density. Additionally, cobalt’s applications in aerospace, defense, medical devices, and electronics further reinforce its industrial importance. Supply chain dynamics, dominated by mining in the Democratic Republic of Congo (DRC), influence global prices, and awareness around sustainable sourcing and recycling has propelled investments in secondary cobalt supply solutions.

𝗚𝗲𝘁 𝗮 𝗦𝗮𝗺𝗽𝗹𝗲 𝗣𝗗𝗙 𝗕𝗿𝗼𝗰𝗵𝘂𝗿𝗲 𝗼𝗳 𝘁𝗵𝗲 𝗥𝗲𝗽𝗼𝗿𝘁 (𝗨𝘀𝗲 𝗖𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗲 𝗘𝗺𝗮𝗶𝗹 𝗜𝗗 𝗳𝗼𝗿 𝗮 𝗤𝘂𝗶𝗰𝗸 𝗥𝗲𝘀𝗽𝗼𝗻𝘀𝗲): https://www.datamintelligence.com/download-sample/cobalt-market?jd

Market Segmentation

By Product (Cobalt Sulfate, Cobalt Oxide, Cobalt Metal, Others)
By End-User (Electric Vehicles, Batteries, Industrial Metals, Industrial Chemicals, Superalloys, Others)

Regional Market Dynamics

The Democratic Republic of Congo (DRC) overwhelmingly dominates cobalt production, producing roughly 74% of global output in 2024. The DRC’s cobalt mining activities, often linked with ethical sourcing concerns, have driven international investment in transparency and responsible extraction.

China is the biggest cobalt consumer and refiner, accounting for over 70% of global cobalt refining capacity. China’s dominant role is underpinned by its leadership in EV manufacturing, battery production, and consumer electronics, making the Asia-Pacific region the fastest-growing market.

North America and Europe focus on demand-side growth driven by increasing EV penetration, energy storage development, and rising regulatory emphasis on sustainable sourcing and circular economy principles. The U.S. and Canada, along with the EU, are pushing for domestic cobalt supply chain development and recycling infrastructure in response to geopolitical supply concerns.

Market Drivers

• Rapid EV Adoption: Cobalt is indispensable for lithium-ion battery cathodes, crucial for high energy density and stability required in electric vehicles. The global EV fleet is expected to surpass 20 million units by 2026, amplifying cobalt consumption.
• Energy Storage Growth: Grid-scale energy storage solutions employing lithium-ion batteries also contribute significantly to cobalt demand for renewable integration.
• Aerospace and Superalloys: Demand in jet engines and high-temperature superalloys drives metallic cobalt consumption owing to its corrosion resistance and mechanical properties.
• Electronics and Consumer Devices: Rising smartphone, gadgets, and wearable production volumes sustain cobalt usage in electronic components and magnetic materials.
• Sustainability Initiatives: Increasing requirements for ethical sourcing and supply chain transparency boost investments in cobalt recycling, secondary supply, and green metallurgy.
• Technological Advances: Innovations enhancing battery cobalt efficiency, reducing cobalt content while maintaining performance, and novel recycling methods optimize cobalt resource usage.

Recent Developments

In early 2025, Glencore announced increased cobalt production capacity from cooperative projects in the DRC while reinforcing ESG compliance and local community engagement.

China Molybdenum (CMOC) expanded digital ore processing and supply chain transparency through blockchain technology to assure ethical sourcing.

Key Players

Significant players in the cobalt market encompass multinational mining companies, refiners, and chemical producers:

• Glencore plc (Switzerland): Largest cobalt producer with substantial operations in DRC.
• China Molybdenum Co., Ltd. (China): Major DRC miner and processor expanding cobalt production.
• Vale S.A. (Brazil): Diversified mining company with cobalt as a key by-product.
• Jinchuan Group International Resources Co. Ltd. (Hong Kong): Key player in cobalt mining and refining.
• Huayou Cobalt Co., Ltd. (China): Leading battery material supplier.
• Freeport Cobalt (Finland): European refiner focused on ethically sourced cobalt.
• Sherritt International Corporation (Canada/Cuba): Significant nickel-cobalt producer.
• BHP (Australia): Expanding cobalt supply through nickel mining interests.
• Eramet (France): Involved in cobalt production and processing.
• Norilsk Nickel (Russia): Large nickel and associated cobalt producer.

Conclusion

The cobalt market is set for steady expansion, supported primarily by the accelerating transition toward electric mobility and renewable energy storage needs. Asia-Pacific, led by China’s dominant refining and battery manufacturing capabilities, is the fastest-growing consumer, while the DRC remains the pivotal primary supply region. Battling supply chain complexities, sustainability expectations, and geopolitical risk, industry stakeholders are fostering innovation in responsible mining, recycling, and battery design. Major global miners and refiners such as Glencore, China Molybdenum, and Vale lead the market in capacity and influence. As the world moves closer to net-zero goals, cobalt’s strategic importance is entrenched for powering future technologies pivotal to clean energy, transportation, and electronics, sustaining the market’s growth trajectory through 2032 and beyond.

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