Cobalt Market Size, Analysis and Forecast (2025-2034)

The cobalt market attained a volume of around 200.10 KMT (kilo metric tons) in 2024. This essential metal is primarily driven by its crucial role in the production of lithium-ion (li-ion) batteries, especially those used in electric vehicles (EVs). The rising global demand for EVs has significantly boosted cobalt consumption, as it remains a key element in nickel-manganese-cobalt (NMC) battery chemistries. Beyond EVs, cobalt is used in power tools, e-bikes, and other applications requiring performance, durability, and range. This growing demand has made cobalt one of the most strategically important metals in the modern technology landscape.

Cobalt Market Size

The cobalt market reached a significant volume of approximately 200.10 kilo metric tons (KMT) in 2024, reflecting its critical role in various industrial applications. This size is largely driven by cobalt’s indispensable use in lithium-ion batteries, particularly for electric vehicles (EVs), which are experiencing rapid adoption worldwide. The metal’s versatility extends beyond batteries, encompassing applications in alloys, catalysts, pigments, magnets, and more. Industrial growth in sectors such as automotive, aerospace, and electronics also contributes to demand.

As per Expert market research indicates that cobalt’s market trajectory is closely tied to innovations in battery technology and governmental pushes toward sustainable transportation solutions. As manufacturers focus on improving battery efficiency and energy density, cobalt’s role is expected to remain vital, solidifying the metal’s market presence for years to come. Geographically, Asia Pacific dominates cobalt consumption due to major EV manufacturing hubs like China and South Korea. North America and Europe follow closely, with growing investments in green technologies and battery production. The market size is expected to grow substantially as cobalt becomes increasingly vital in the global energy transition. This growth reflects a strategic shift towards sustainable energy storage and advanced manufacturing technologies, making cobalt a critical resource with a strong market presence.

Cobalt Market Trends

Several key trends define the current cobalt market landscape. First and foremost, the surge in electric vehicle adoption continues to be the primary catalyst for cobalt demand. Governments worldwide are enforcing stricter emissions standards and offering incentives for EV purchases, accelerating market growth. Battery technology innovation remains a crucial trend, with nickel-manganese-cobalt (NMC) batteries gaining prominence due to their balance of energy density, cost, and durability. Recycling of cobalt from used batteries is also emerging as an essential trend, driven by supply chain concerns and environmental sustainability. Moreover, mining companies are investing in new extraction techniques and ethical sourcing practices, responding to consumer and regulatory pressures. Finally, while efforts to reduce cobalt content in batteries are ongoing, cobalt’s unique performance characteristics ensure it remains a key component. The market is therefore shaped by evolving battery chemistries, sustainable practices, and increasing global demand for electric and portable devices.

Cobalt Market Opportunities and Challenges

The cobalt market offers multiple growth opportunities. Rising EV adoption in emerging economies and expanding industrial applications such as superalloys and catalysts present lucrative avenues. Innovations in battery recycling technology also open new revenue streams by enabling sustainable cobalt recovery. Moreover, advancements in battery efficiency directly contribute to increasing cobalt demand.

However, the market also faces challenges. Supply chain risks related to geopolitical instability, especially in the Democratic Republic of Congo (the largest cobalt producer), raise concerns. Ethical mining practices and environmental regulations further complicate cobalt sourcing. Additionally, price volatility driven by fluctuating demand and supply imbalances could impact market stability. Addressing these challenges requires concerted efforts from manufacturers, governments, and stakeholders.

Cobalt Market Growth

The cobalt market is poised for rapid growth, fueled primarily by the expanding electric vehicle sector and rising demand for high-performance lithium-ion batteries. From 2025 to 2034, the market is projected to grow at a compound annual growth rate (CAGR) of approximately 8.90%, reflecting both volume increases and rising value. The growth trajectory is supported by robust investments in EV production, renewable energy storage, and portable electronic devices. Emerging economies, particularly in Asia Pacific, are contributing significantly to growth due to government policies promoting clean energy and electrification of transport. Industrial applications such as superalloys and catalysts also support steady market expansion. Additionally, advances in battery recycling technology and supply chain diversification are expected to mitigate supply risks and sustain growth momentum. However, challenges such as ethical mining concerns and price volatility could influence growth rates. Overall, the market’s outlook remains positive as cobalt continues to play a pivotal role in global electrification and energy storage technologies.

Cobalt Market Forecast

Looking ahead, the cobalt market is forecasted to nearly double in volume, reaching approximately 469.38 KMT by 2034. This forecast is based on a sustained CAGR of 8.90% between 2025 and 2034, driven largely by the increasing adoption of electric vehicles and continued advancements in battery technologies. The demand for cobalt in nickel-manganese-cobalt (NMC) battery chemistries will remain strong, given their widespread use in EVs and energy storage systems. Additionally, emerging applications in industrial chemicals, superalloys, and specialty materials contribute to the broadening market base. Regional dynamics will play a key role, with Asia Pacific continuing as the largest consumer, followed by North America and Europe, where environmental policies and innovation push demand. Supply-side factors such as enhanced mining activities, recycling programs, and technological improvements in cobalt extraction are expected to stabilize supply and support market expansion. Despite potential challenges related to supply chain ethics and price fluctuations, the forecast underscores a robust and promising future for the cobalt market through 2034.

Cobalt Market Competitor Analysis

Key players in the cobalt market include:

Glencore plc: A leading mining and commodity trading company with extensive cobalt mining operations.

Vale S.A.: Major global producer with diversified metal portfolio including cobalt.

Missouri Cobalt, LLC: Focuses on cobalt refining and battery material production.

CMOC International: Key player in cobalt mining and processing.

Eurasian Resources Group: Mining and metals group with significant cobalt output.

Freeport-McMoRan: Large-scale mining company with cobalt interests.

Umicore: Specializes in materials technology, including cobalt-based battery materials.

Sumitomo Metal Mining Co., Ltd.: Prominent in cobalt refining and recycling.

Norilsk Nickel: Major producer of nickel and cobalt.

Huayou Cobalt: Leading cobalt producer in China with integrated supply chain.

Jinchuan Group: Diversified metals producer with cobalt mining and processing capacity.