Cobalt Market Size

Cobalt Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

Cobalt is a heavy metal, used in the manufacture of steel. The annual growth of the market is estimated at 8.52% from 2025 to 2035. This growth is due mainly to the lithium-ion batteries, which are essential for the operation of electric vehicles and the storage of energy from the sun and wind. As the automobile industry moves towards electrification and sustainable energy solutions, the demand for high-performance batteries, which include cobalt, is expected to grow significantly. Further driving growth in the market are technological advances in battery technology and rising investment in electric vehicle infrastructure. Cobalt mining companies such as Glencore, China Molybdenum Co., and Umicore are already engaged in strategic alliances and investments to increase cobalt production and the ability to process cobalt. For example, Glencore has been expanding its mining activities and developing new extraction methods, while Umicore has been working on sustainable solutions for the processing of cobalt-rich batteries. These strategic alliances and investments are intended to meet not only the rising demand for cobalt, but also to address the growing concern over the environment.

Regional Market Size

Regional Deep Dive

The market for cobalt is experiencing significant activity in several regions of the world, driven by the increasing demand for electric vehicles, the increasing demand for batteries in the field of energy storage, and the technological advancement of batteries. In North America, the market is characterized by a strong push for sustainable energy and electric mobility. Leading companies are investing heavily in the exploitation and processing of cobalt. Europe is focusing on regulations to ensure sustainable and responsible exploitation. In Asia, cobalt consumption is driven by the booming automobile and electronics industries. Middle East and Africa are developing new mining projects, and Latin America is exploiting its rich mineral wealth to meet the world's demand.

North America

• The United States government has taken steps to promote the domestic extraction of critical minerals, including cobalt, in order to reduce dependence on foreign supply chains.
• In the meantime, companies like General Motors and Tesla are investing in cobalt-free batteries. This could change the demand for cobalt in the automotive industry.
• The production of electric vehicles in North America is increasing, and this has brought about the formation of more and more co-operation between automobile manufacturers and mining companies, with the object of securing the future supply of cobalt.

Europe

• A few words on the subject of cobalt, the European Union has put in place regulations on the exploitation of cobalt, mainly transparency in the supply chain and ethical mining practices.
• Major automobile manufacturers like BMW and Volkswagen are collaborating with battery manufacturers to develop batteries with reduced cobalt content, a move towards greater resource efficiency.
• The European Battery Alliance is working to create a competitive battery value chain in Europe, including initiatives to develop local cobalt production and local battery remanufacturing.

Asia-Pacific

• China is the world's leading manufacturer of cobalt. China has a lot of cobalt-refining companies, and many of them have invested in mining projects overseas to ensure the supply of raw materials.
• The rapid growth of the EV market in China and Japan is a major driver of the increase in cobalt demand, but this has also led to the development of new battery technology with the aim of reducing the cobalt content.
• The situation is further complicated by the fact that the regulation of cobalt in the country of its origin is being modified. The country, which has rich deposits of nickel and cobalt, is now aiming to develop its battery industry.

MEA

• Congo remains the world's leading producer of cobalt, but new mines are being developed in countries like Morocco and Zambia to diversify supply.
• The African Union is promoting the local exploitation of cobalt and other minerals, with a view to adding value to them and creating jobs in the region.
• In the Democratic Republic of Congo, the concern for the environment is growing and the regulatory environment is tightening, which has prompted mining companies to adopt more sustainable practices to reduce their social and environmental impacts.

Latin America

• Cobalt is a heavy metal, and is extracted in countries like Brazil and Chile. There the government is supporting mining projects, in the hope of supplying the growing world demand for the metal.
• Foreign mining investment is growing in the region, particularly in cobalt mining.
• Latin America is reorganizing its regulatory system in order to promote the responsible exploitation of its mineral wealth. This may increase its reputation as a reliable cobalt supplier.

Did You Know?

“Cobalt is obtained mainly in the Congo, where it is mined in great quantities and where there are many scandals of unethical mining and child labour.” — International Energy Agency (IEA)

Segmental Market Size

The Cobalt market is currently experiencing a steady growth, mainly due to the increasing demand for batteries for electric vehicles and storage batteries for renewable energies. Cobalt is a key material for the production of these batteries. Also, the regulations for reducing carbon emissions further stimulate the demand for cobalt in various applications.

Cobalt is a critical element in lithium-ion batteries. At present lithium-ion batteries have reached a state of maturity, and companies such as Panasonic and Tesla are the leading manufacturers of lithium-ion batteries. North America and Europe are the leading regions for the purchase of electric vehicles. Cobalt is mainly used in lithium-ion batteries, such as those used in mobile phones, notebooks and electric vehicles. The transition to green technology is accelerating the development of this industry. Advances in mining and extraction technology will also ensure that the supply chain is more sustainable.

Future Outlook

The Cobalt Market is set to show significant growth between 2024 and 2035. The market value is expected to increase from $12.2 billion to $30.0 billion, at a CAGR of 8.52%. The main reason for this growth is the growing demand for cobalt in the electric vehicle (EV) industry. Cobalt is an essential component in lithium-ion batteries. The EV industry is expected to reach a share of about 30% of the global car market by 2030. This will increase the demand for cobalt. As a result, more investments will be made in mining and recovery methods to secure supplies and meet this growing demand.

Cobalt will be used more and more in batteries. Cobalt will be essential for high-power applications. Cobalt will be used in the manufacture of lithium-ion batteries. Cobalt will also be used in lithium-ion batteries. Cobalt will also be used in lithium-ion batteries. In short, the cobalt market will grow dynamically under the combined pressure of technological, regulatory and market forces.