Global Cobalt Market

The Cobalt Market size was valued at 149.61 Kilo tons  in 2024 and the total Cobalt revenue is expected to grow at a CAGR of 9% from 2025 to 2032, reaching nearly 298.11 Kilo tons.

Cobalt Market Overview:

Cobalt is metal that is used as a raw material for manufacturing Lithium-ion batteries, Cutting tools, magnetic materials, petrochemical catalysts etc. 98 % of cobalt is a by-product of nickel. In the cobalt world trade was US $ 4.83 Bn in that top exporter is Democratic Republic of Congo holding the market of US $ 1.91 Bn and Top Importer were China (the US $ 2.13 Bn). The ranking of Cobalt in the Product Complexity Index is 875th. The cobalt industry has been criticized for the high societal cost of upstream extraction, particularly in the Democratic Republic of Congo. In , the DRC is estimated to contribute around 69% of mined cobalt.To know about the Research Methodology :- Request Free Sample Report

Cobalt Market Dynamics –

The battery industry will become increasingly crucial for cobalt consumption as electric vehicle sales are expected to climb by 30% annually. Since its inception in December , cobalt futures have gained a lot of traction, with an open interest notional value of around $100 million at the beginning of July.

 Lithium-Cobalt Batteries - LCO batteries were designed as an early generation lithium-ion battery and have gained widespread adoption, especially in small portable devices. LCO has a short life period, poor temperature stability, and limited load capacity as a disadvantage (specific power). Mobile phones, tablets, laptops, and cameras are just a few examples.

 Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2), often known as NMC, contains up to 15% cobalt - In comparison to LCO batteries, NMC batteries have a longer lifespan and higher specific energy. Medical gadgets, electric vehicles, and industrial uses are among the applications.

 Lithium Nickel Cobalt Aluminum Oxide (LiNiCoAlO2), also known as NCA, is a ~9% Co lithium nickel cobalt aluminum oxide - NCA batteries are a more recent development than NMC batteries, and they have even better energy densities. They do, however, have shorter lifespans. Medical devices, industrial applications, and electric powertrains, particularly for Tesla vehicles, are among the applications.

Demand of Cobalt –

In recent years, the most important application of cobalt is in cobalt-based lithium-ion batteries. Cobalt is used in battery materials, powering EVs, Super alloys, and Catalysts. The demand for cobalt in the year 1999 was 2900 tonnes and it will reach over 70,000 tonnes in the year . Registering the CAGR of 15.6 % in those 22 years.

Application of Cobalt

The alloys of cobalt are used in industrial applications for cutting tools, catalysts, making airbags in automobiles, etc. hard alloys of cobalt are mostly used in cutting tools. The hard alloys producing countries are the US, Russia, Sweden, and France. The largest hard alloy produces globally is china accounting for 38 % of the market share followed by Europe with 26%.

The cobalt super alloys have the capacity to withstand at high temperatures greater than 6000C, high oxidizing atmosphere, and high tensile stresses. These super alloys are mainly used in aerospace is (~50%), nuclear power, automobile, etc.

Cobalt is also used in magnets having unique magnetic properties. The use of magnets in Industry is mainly rotating motors or generators. 40% of cobalt is used in permanent magnetic alloys, 20% rare earth permanent magnetic material.Supply of Cobalt -

By Country - Cobalt is the 33rd most abundant metal in the earth's crust, and while it is widely distributed, it is found in industrial quantities in just about 20 countries worldwide. Cobalt reserves in the Democratic Republic of Congo (DRC or Congo), Zambia, Cuba, Australia, and other countries were about 7.1 million tonnes in 2024. The Democratic Republic of the Congo was first in the world with a cobalt deposit of 3.4 million tonnes, followed by Australia and Cuba with 1.1 million tonnes and 0.5 million tonnes, respectively. Cobalt is mostly produced from related ores, with copper and cobalt-associated ores accounting for 60%, nickel–copper–cobalt sulphide ores accounting for 23%, lateritic nickel–cobalt ores 15%, and primary cobalt ores and other 2%. As a result, primary cobalt ores account for just a small portion of global supply.

Companies to watch -

 Cobalt Blue Holdings - Cobalt Blue Holdings is a cobalt energy Solutions Company focused on cobalt exploration and development in New South Wales, Australia. They are actively developing the Broken Hill Cobalt Project. Cobalt Blue owns the entire Broken Hill Cobalt project, which is located in the safe and stable jurisdiction of New South Wales, Australia. Broken Hill is a massive integrated mine idea that aims to produce 3,000 tonnes of cobalt metal (about 18,000 tonnes of cobalt sulphate) over the course of a 20-year mine life. The Cobalt Sulphate will be utilized to manufacture a high purity battery, and Cobalt Blue will complete a Feasibility Study in the following two years to show the metallurgical process. The Broken Hill Cobalt project is expected to start commercial production in 2024. First Cobalt - First Cobalt is a cobalt firm based in North America that owns the country's sole approved main cobalt refinery. The Company is considering restarting the First Cobalt Refinery in Ontario, Canada, which has the capacity to generate approximately 25,000 tonnes of cobalt sulphate per year using third-party feed. The Iron Creek Cobalt Project in Idaho, USA, has an Indicated Resource of 2.2 million tonnes at 0.32 percent cobalt equivalent (0.26 percent cobalt and 0.61 percent copper) for 12.3 million pounds of contained cobalt and 29 million pounds of contained copper, as well as an Inferred Resource of 2.7 million tonnes at 0.28 percent cobalt equivalent (0.22 percent cobalt and 0.68 percent copper) for an additional 12 million pounds of contained cobalt and 29 million pounds of contained

 Jervois Mining - Jervois Mining is an ASX-listed mining company that focuses on cobalt but also has nickel and copper exposure. Uganda, Australia, and the United States are all home to Jervois Mining. Jervois Mining is working to establish itself as a global supplier in the rapidly growing battery metals market.

Cobalt Scrap –

To balance market shortfalls, recycling cobalt will climb in parallel with pricing. Recycling now contributes c.10kt of supply and is likely to expand in the short term due to rising consumer battery demand, although used EV batteries will only become significant after. Hard metal and cemented carbide tools, as well as NiMH and Li-ion rechargeable batteries, are now utilised to recycle cobalt (used in consumer electronics). As cobalt prices climb, there is a big opportunity to increase recycling from the consumer electronics pool. However, recycling rates are still low.

Only 20% of 95 million tonnes of e-waste (computers, televisions, printers, telephones, and other electronic devices) was recycled in. According to the China Automotive Technology and Research Centre, the volume of used batteries in China will reach 200 kt in and 350 kt in. GEM, a prominent Chinese battery recycler, is investing $500 million to expand its recycling capacity. Apple Inc. recently announced plans to quadruple the number of sites where customers in the United States can send their iPhones to be disassembled.

Regional Insights:

The Africa region was leading the market, with the top five nations accounting for more than 80% of total production. The DRC alone supplies 71 % of the global market, demonstrating the cobalt industry's reliance on a single country to supply and maintain this vital metal. The Democratic Republic of Congo produces around 70% of the world's cobalt (DRC). Almost majority of it is shipped to China, which is the world's top refiner of cobalt. With around 3.6 million tonnes of cobalt reserves, the Democratic Republic of the Congo is the world's largest cobalt producer.

North America's cobalt reserves are expected to amount 285,000 tonnes, with Canada accounting for 230,000 tonnes. Despite the fact that these quantities are far lower than those found in Congo, Canada's cobalt is of the best quality; however, investors such as Bill Gates have set up a fund to explore for cobalt on the continent. The expansion of cobalt mining in North America will help to boost cobalt production competition, which will hopefully encourage ethical mining in Congo.

More than 380 companies have committed to source cobalt from responsible miners as part of the Responsible Mineral Initiative, which aims to increase transparency in the industry. BMW is one of the frontrunners in this endeavor, having negotiated a $110 million arrangement to source cobalt from Morocco rather than the DRC. Other firms, such as Ford, IBM, and Tesla, are attempting to alter the cobalt mining landscape, either through the use of block chain or by hunting for alternative suppliers.

The objective of the report is to present a comprehensive analysis of the global Cobalt market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global Cobalt market dynamics, structure by analyzing the market segments and projecting the global Cobalt market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Cobalt market make the report investor’s guide.

Cobalt Market Scope: Inquire before buying

Cobalt Market, by Region

North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)

Cobalt Market, key player

1. Glencore plc (Switzerland)
2. Umicore (Belgium)
3. Vale S.A. (Brazil)
4. Jinchuan Group Internation Resources Co. Ltd. (Hong Kong)
5. Huayou cobalt Co Ltd (China)
6. Freeport cobalt (Finland)
7. Sherrit International Corporation (Canada)
8. BHP (Australia)
9. Eramet (France)
10. Votorantim Metals SA (Brazil)
11. Sumitomo Corporation (Japan)
12. CMOC International
13. Missouri Cobalt, LLC
14. China Molybdenum Co., Ltd.
15. Norilsk Nickel
16. GEM Co., Ltd.
17. Yantai Cash Industrial Co Ltd.
18. Horizonte Minerals
19. Jervois Mining
20. FLEURETTE PROPERTIES LIMITED

Frequently Asked Questions:

1) What was the Global Cobalt Market size in 2024?
Ans: The Global Cobalt Market size was USD 149.61 Kilo tons in 2024.

2) What is the market segment of the Cobalt Market?
Ans -The market segments are based on Application and Form.

3) What is the forecast period considered for Global Cobalt Market?
Ans -The forecast period for Global Cobalt Market is 2025 to 2032.

4) What is the expected market size of Global Cobalt Industry in 2032?
Ans – Global Cobalt Market is estimated as worth 298.11 Kilo Tonnes.