Cobalt Market

Cobalt Market Overview

The global cobalt market is valued at USD 16.12 billion in 2024 and is expected to reach USD 34.73 billion by 2035, representing a CAGR of 7.23% during the forecast period.

To learn more about this report, request a free sample copy

The new research report provides in-depth information about current market size, growth drivers, challenges, future trends, value chain analysis and SWOT analysis to make an informed decision.

Cobalt is a form of alloy, the biproduct of copper and nickel found in the earth’s crust. Its characteristics properties such as high thermal stability, durability, high energy density and ferromagnetic made it exceptionally versatile to be used in electronic batteries. Currently, this allow has been used for the production of lithium-nickel-manganese-cobalt-oxide batteries which are installed in electronic vehicles. In addition to electric vehicles, these lithium-cobalt oxide batteries are extensively used in electronic gadgets like digital cameras, laptops and smartphones, which further increases its demand in the upcoming years. Being a sturdier element, cobalt has been extensively used in various industrial applications such as medical prosthetics, cemented carbides, high-temperature superalloys and stainless steel.

Furthermore,  several government and non-government organizations are emphasizing green technology that further raised the demand for cobalt across various industrial verticals. It is worth noting that cobalt plays an exceptional role in batteries to store green energy, making it more valuable in power generating plants like windmills and solar energy panels. Other factors that are accelerating the growth of cobalt market includes expansion of consumer electronics industry and growing focus on strengthening electronic vehicle supply chain along with introduction of IRA (Inflation Reduction Act). Owing to the ongoing demand, various industrial leaders including startups have entered into the market to maintain a robust supply chain.

Recently, First Cobalt (a leading hydrometallurgical cobalt refinery) forged a contribution agreement with Government of Canada and Government of Ontario that worth around USD 10 million. The funds will be utilized for the expansion of its refinery in Northern Ontario to support the production of electric vehicles that are powered by cobalt based next generation batteries. Similarly, various industrial leaders are expected to make considerable investment to drive innovation in the industry. These ongoing efforts from leading manufacturers are anticipated to grow the cobalt market at a steady pace during the forecast period.

Cobalt Market Segmentation Insight

The market report provides comprehensive details on the key players of the industry who are currently active across various segments as mentioned in the table below.

Cobalt Market: Report Attributes / Market Segmentation

Key Report Attributes	Details
Historical Trend	2019-2023
Base Year	2023
Forecast Period	2024-2035
Market Size 2024	$16.12billion
Market Size 2035	$34.73 billion
Market Growth Rate	CAGR of 7.23% from 2024-2035
Distribution by Product	Cobalt Sulfate Cobalt Oxide Cobalt Metal
Type of Application	Electronic Vehicles Batteries Industrial Chemicals Industrial Metals Magnets Superalloys
Company Size	Large Enterprises Small and Medium-Sized Enterprises
By Business Model	B2B B2C B2B2C
By End User	Automotive Aerospace Electronic Chemical  Medical
Key Geographical Region	North America  US Canada Mexico  Other North American countries Europe  Austria Belgium Denmark France Germany Ireland Italy Netherlands Norway Russia Spain Sweden Switzerland UK  Other European countries Asia  China India Japan Singapore South Korea  Other Asian countries Latin America  Brazil Chile Colombia Venezuela  Other Latin American countries Middle East and North Africa Egypt Iran Iraq Israel Kuwait Saudi Arabia UAE  Other MENA countries Rest of the World  Australia New Zealand
Key Companies Profiled	BHP  Dupont  Dow  DAIKIN  Eramet  Freeport Cobalt  Huayou Cobalt  Glencore  Jinchuan Group International Resources  Li-Cycle  Sherritt International Corporation  SOLVAY  Sumitomo Corporation  Umicore  Vale  Votorantim Metais SA (A full list of key companies captured is available in the report)
PowerPoint Presentation Complimentary)	Available
Customization Scope	15% Free Customization
Excel Data Packs (Complimentary)	Market Landscape Analysis Recent Trends Analysis  Market Forecast and Future Opportunity Analysis

One of the key objectives of this market report is to provide a detailed market forecast analysis in order to estimate the existing market size and future opportunities for cobalt market players over the next decade. Based on several parameters, likely industry trends, partnerships, and primary validation, we have provided an informed estimate of the market evolution during the forecast period 2024-2035. The market report also features the likely distribution of the current and forecasted opportunity within the cobalt industry based on various relevant parameters, such as Distribution by Product (Cobalt Sulfate, Cobalt Oxide, Cobalt Metal), Application (Electronic Vehicles, Batteries, Industrial Chemicals, Industrial Metals, Magnets, and Superalloys), Company Size (Large Enterprises, Small and Medium Sized Enterprises), Business Model (B2B, B2C and B2B2C), End User (Automotive, Aerospace, Electronic, Chemical, and Medical), By Geographical Region (North America, Europe, Asia Pacific, Latin America, Middle East and North Africa and Rest of the World). In order to account for future uncertainties with some of the key parameters and to add robustness to our model, we have provided three market forecast scenarios, namely conservative, base, and optimistic scenarios, representing different tracks of the industry's evolution.

All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. The financial figures mentioned in this market report are in USD unless otherwise specified.

Cobalt Market Share Insight

Market Share by Product Type

On the basis of product types, presently, the global cobalt market is segmented  into cobalt sulfate, cobalt oxide, and cobalt metal. In our market study analysis, our authors predicted that currently cobalt sulfate accounts for the highest share of the market. The highest growth share is likely due to the growing usage of cobalt sulfate across various industries such as electronic vehicle (EV) manufacturers, lithium-ion batteries, agriculture and catalysts. In the long run, carbon oxide has shown lucrative growth potential during the forecast period and is poised to grow at a higher CAGR. This can be attributed to the growing demand for cobalt oxide for the manufacturing of magnetic materials such as hard drives that are used for recording media.

Market Share by Applications

This segment highlights the distribution of global cobalt market into electronic vehicles, batteries, industrial chemicals, industrial metals, magnets, and superalloys on the basis of applications. According to our projection, currently electronic vehicles occupy the highest share of the market. The largest share is likely to be the result of growing usage of lithium-ion cobalt-based batteries in electronic vehicles. Furthermore, the growing emphasis on the production of electronic vehicles across various geographical regions is anticipated to drive the demand for cobalt. For instance, in April 2023, Samsung SDI and General Motors announced about building EV battery plant in the United States that worth around USD 3 billion. This plant is expected to with the growing demand for EV batteries for electronic vehicles. In future, industrial chemicals are expected to show lucrative growth potential and are poised to grow at a higher CAGR during the forecast period. This can be attributed to the growing usage of cobalt as catalysts in a wide range of chemical products such as petrochemical, pain & coatings, polyester and pharmaceuticals. In addition to the above segments superalloys are likely to grow at a higher rate owing to the growing usage in the production of aircraft engines and other. 

Market Share by Company Size

Based on the company size, the global cobalt market is segmented into large enterprises, and small and medium enterprises. According to our projection, currently, large enterprises account for the highest share of the market. This can be attributed to the fact that large entrepreneurs are expanding their product portfolio and are making considerable investments in the industry. Driven by the emerging opportunities, various startup companies are entering into the market to increase the production of cobalt. For instance, in August 2024, Canada based Electra Battery Material received USD 20 million award from the United State government for the manufacturing of cobalt plant near to automotive heartland in North America. The funds will be utilized in the construction of cobalt sulfate facility that can be used in the production of lithium-ion batteries for EVs.

Market Share by End User

On the basis of end user, the global cobalt market is segmented into automotive, aerospace, chemical and medical industries. Currently, automotive end users account for the highest share of the market. This can be attributed to the growing production of electronic vehicles that demand lithium-ion batteries that use cobalt as key component. In the long run, aerospace and chemical end user have shown a lucrative growth potential driven by the growing usage of cobalt in the manufacturing of air-craft engines and chemical industries.

Market Share by Geographical Insight

Based on the key geographical region, the global cobalt market is distributed into North America, Europe, Asia-Pacific, Latin America, Middle East and North Africa and Rest of the World. On the basis of our projection, currently, Asia-Pacific accounts for the highest share of the market. This can be attributed to the growing EV industry in this region that demands Lithium-ion batteries where cobalt is used in high quantity. Asian countries like China and India are emphasizing on using electric vehicles to reduce the carbon footprints. Furthermore, companies like Suzuki Motors, Nio and BYD Auto are setting up new EV battery plants which are expected to be a key driver for the market. In our market analysis, we further attributed that North America would is expected to show lucrative growth owing to the growing expansion of aerospace and automotive industry.

Cobalt Market Dynamics

The “Global Cobalt Market Forecast Till 2035, Distribution by Product (Cobalt Sulfate, Cobalt Oxide, Cobalt Metal), Application (Electronic Vehicles, Batteries, Industrial Chemicals, Industrial Metals, Magnets, and Superalloys), Company Size (Large Enterprises, Small and Medium Sized Enterprises), Business Model (B2B, B2C and B2B2C), End User (Automotive, Aerospace, Electronic, Chemical, and Medical), By Geographical Region (North America, Europe, Asia Pacific, Latin America, Middle East and North Africa and Rest of the World); Industry Trends and Future Forecast”; Industry Trends and Future Forecast: report features an extensive study of the current market landscape, market size and future opportunity within the cobalt industry, during the given forecast period. The market report highlights the efforts of several stakeholders involved in this rapidly emerging segment of the service providers industry. Key takeaways of the cobalt market report are briefly discussed below.

Cobalt Market Competitive Landscape

Currently, the market landscape features the presence of several small, medium-sized and large enterprises who are currently offering different types of cobalt based products for a variety of industries. With the aim of delivering a wide range of cobalt products including superalloys, the leading players of this growing market are taking strategic initiatives, such as mergers, collaborations, acquisitions and partnerships. Overall, the global cobalt market seems highly fragmented and competitive as leading industries in this field are continually concentrating on research and development activities for providing cost-effective as well as unique superalloys that can be used for the product of magnetic materials. It is worth highlighting here that various start-up and small companies are also leveraging a competitive edge to enhance their product portfolio and provide innovative solutions. As more industrial leaders continue to enter this industry, we believe the cobalt market will grow at a steady pace during the forecast period.

Cobalt Market Drivers

Growing Demand for Cobalt Across Various Industries

One of the significant cobalt market growth drivers is growing demand for cobalt across various industries for metallurgical purposes particularly in the production of high-temperature alloys. Furthermore, electric vehicles are increasingly gaining popularity owing to their recyclable nature which further demands cobalt based lithium-ion batteries. In addition, the growing usage of cobalt based batteries for laptops, smartphones and other devices are contributing to the growth of cobalt market.

Cobalt Market Challenges / Restraints

Lack of High-Tech Infrastructure and High Cost 

Some of the significant challenges include lack of high-tech infrastructure and high cost. It is worth noting here that the manufacturing of cobalt is expensive and requires advanced infrastructure for an uninterrupted supply chain. These challenges may hinder the market progress during the projected period.

Cobalt Market Growth Factors / Opportunities

Technological Advances and Shift Towards Environmental-Friendly Products

The global cobalt market is anticipated to grow at a lucrative rate driven by the growing technological advancements and shift towards environmental-friendly as well as energy efficient products. Furthermore, the growing commercialization of recyclable cobalt for the production of electric vehicles is anticipated to offer profitable opportunities for the industrial leaders who are currently active in the industry.

Leading Companies in Cobalt Market

Examples of key players who are currently active in the cobalt industry (which have also been captured in this market report, arranged in alphabetical order) include BHP, Dupont, Dow, DAIKIN, Eramet, Freeport Cobalt, Huayou Cobalt, Glencore, Jinchuan Group International Resources, Li-Cycle, Sherritt International Corporation, SOLVAY, Sumitomo Corporation, Umicore, Vale and Votorantim Metais SA. This market research report includes an easily searchable excel database of all the companies providing cobalt products worldwide.

Recent Developments in Cobalt Market

Several recent developments have taken place in the cobalt market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.

• In July 2024, Chilean Cobalt entered into LOI (Letter of Intent) with subsidiary of Glencore associated with an offtake agreement for its La Cobaltera project established in San Juan district of Northern Chile. Chilean Cobalt under this agreement will supply 100% of copper and cobalt to Glencore for five consecutive years. 
• In April 2024, Glencore (the leading mining and commodities trader giant) agreed to supply over 7,000 tonnes of cobalt annually to US-based EVelution Energy for the development of the first solar-powered commercial scale battery metal processing plants. 
• In March 2024, Li-Cycle (the leading lithium-ion battery resource recovery company) announced the partnership agreement (Purchase Agreement) with Glencore that is worth around USD 75 million for the production of lithium-ion batteries.

Cobalt Market Report Coverage

The market report presents an in-depth analysis, highlighting the capabilities of various companies engaged in this domain across different segments. Amongst other elements, the market report includes:

• A preface providing an introduction to the full report, cobalt market, 2019-2023 (Historical Trends), and Future Forecast till 2035 (Forecasted Estimates).
• An outline of the systematic research methodology adopted to conduct the study on the cobalt market, providing insights on the various assumptions, methodologies, and quality control measures employed to ensure the accuracy and reliability of our findings.
• An overview of economic factors that impact the overall cobalt market, including historical trends, currency fluctuation, foreign exchange impact, recession, and inflation measurement.
• An executive summary of the insights captured during our research. It offers a high-level view of the current state of the cobalt market and its evolution in the mid-and long-term.
• A detailed assessment of the cobalt market landscape is based on several relevant parameters, including years of experience, company size, headquarters location, and ownership structure.
• Elaborated profiles of prominent players engaged in offering cobalt products, featuring information on their year of establishment, location of headquarters, company size, company mission, company footprint, management team, contact details, financial information, operating business segments, cobalt based product portfolio, moat analysis, recent developments, and an informed future outlook. 
• A value chain analysis featuring a discussion of various stakeholders involved in the development of cobalt, from supplier to end-users.
• A discussion on affiliated trends, key drivers, and challenges under a SWOT framework, which is likely to impact the industry's evolution, along with a Harvey ball analysis, highlighting the relative effect of each SWOT parameter on the overall cobalt industry
• A detailed estimate of the current market size and the future growth potential of the cobalt market over the next decade. Based on multiple parameters, we have provided an informed estimate of the market's evolution during the forecast period till 2035. The report also features the likely distribution of the current and forecasted opportunities within the cobalt industry. Further, in order to account for future uncertainties and to add robustness to our model, we have provided three forecast scenarios, namely conservative, base, and optimistic scenarios, representing different tracks of the industry’s growth.
• Detailed projections of the current and future cobalt market across various types of products, including cobalt sulfate, cobalt oxide, cobalt metal. 
• Detailed projections of the current and future cobalt market across various types of applications, including electronic vehicles, batteries, industrial chemicals, industrial metals, magnets, and superalloys. 
• Detailed projections of the current and future cobalt market across different types of company size, including large enterprises and small and medium-sized enterprises. 
• Detailed projections of the current and future cobalt market across different types of business models, including B2B, B2C, and B2B2C. 
• Detailed projections of the current and future cobalt market across various types of end users, including automotive, retail, healthcare, aerospace and defense, government, transportation, education, consumer electronics, and others. 
• Detailed projections of the current and future market for cobalt across various key geographical regions, such as North America (US, Canada, Mexico, and other American countries), Europe (Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Russia, Spain, Sweden, Switzerland, UK and other European countries), Asia (China, India, Japan, Singapore, South Korea and other Asian countries), and rest of the world (Australia, New Zealand and other countries).

Author(s): Ronit Sharma and Gunjan Bedi

Customization Opportunities

At Roots Analysis, we genuinely care about your success and understand that your business requirements are unique. While our market research reports provide valuable insights, we recognize that they might not cover every aspect you need to make well-informed strategic decisions. To account for that, we offer 15% free report customization tailored to your specific needs. Whether you require additional quantitative analysis, qualitative insights, or any other information related to the cobalt market, reach out us today at: support@rootsanalysis.com