Cobalt Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Cobalt Market Report is Segmented by Form (Chemical Compound, Metal, and Purchased Scrap), Application (Batteries, Alloys, Catalysts, Tool Materials, Magnets, Ceramics, Pigments, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). The Report Offers Market Sizes and Forecasts for the Cobalt Market in Volume (tons) for all the Above Segments.

Cobalt Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Cobalt Market Size

Cobalt Market Summary
Study Period 2019 - 2030
Market Volume (2025) 226.74 kilotons
Market Volume (2030) 262.86 kilotons
CAGR 3.00 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration High

Major Players

Cobalt Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Cobalt Market Analysis

The Cobalt Market size is estimated at 226.74 kilotons in 2025, and is expected to reach 262.86 kilotons by 2030, at a CAGR of greater than 3% during the forecast period (2025-2030).

The COVID-19 pandemic negatively affected the cobalt market. It disrupted cobalt mining, processing, and transportation activities, affecting the availability of cobalt raw materials and intermediate products. However, as lockdowns were lifted, economic activities gradually resumed across industries, including automotive, electronics, and aerospace, which are significant consumers of cobalt-based products. The market recovery was driven by increased demand for goods, which led to a rise in cobalt products.

  • The extensive use of cobalt in rechargeable batteries and the rising usage in the production of high-speed cutting tools are driving the cobalt market.
  • However, the intensive refining process required to extract it from ore deposits is likely to hinder the growth of the cobalt market.
  • In addition, opportunities for the cobalt market are expected to be created in the next few years due to the commercialization of environmentally friendly recycled cobalt and the growing demand for renewable energy sources.
  • The Asia-Pacific region is expected to dominate the cobalt market in the forecast period.

Cobalt Industry Overview

The cobalt market is partially consolidated in nature, with a few players holding the majority of the market share. The major market players include Glencore, Vale, Eurasian Resources Group, Gécamines SA, and CMOC.

Cobalt Market Leaders

  1. Glencore

  2. CMOC

  3. Gécamines SA

  4. Eurasian Resources Group

  5. Vale

  6. *Disclaimer: Major Players sorted in no particular order
Cobalt Market Concentration
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Cobalt Market News

  • November 2023: Glencore signed an agreement with Teck Resources Limited for the acquisition of a 77% effective interest in the entirety of Teck’s steelmaking coal business, Elk Valley Resources. This acquisition amounted to USD 6.93 billion.
  • April 2022: Glencore and General Motors announced their multi-year sourcing agreement. It involves Glencore supplying GM with cobalt from its Murrin operation in Australia. Also, the cobalt processed from Australia is expected to be used in GM's Ultium battery cathodes, powering electric vehicles such as the Chevrolet Silverado EV, GMC HUMMER EV, and Cadillac LYRIQ.
  • March 2022: MMG announced the expansion of the Kinsevere operation in the Democratic Republic of Congo (DRC), with an investment between USD 500 million and USD 600 million, extending the project's operational life by at least 13 years. MMG expects that the expansion project will increase the production of the copper cathode to up to 80,000 tpa and 4,000-6,000 tpa of cobalt in cobalt hydroxide.

Cobalt Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

  • 4.1 Drivers
    • 4.1.1 Extensive Usage in the Manufacturing of Rechargeable Batteries
    • 4.1.2 Rising Usage in the Production of High Speed Cutting Tools
  • 4.2 Restraints
    • 4.2.1 Intensive Refining Process Required to Extract From Ore Deposits
    • 4.2.2 Other Restraints
  • 4.3 Industry Value Chain Analysis
  • 4.4 Porter's Five Forces Analysis
    • 4.4.1 Bargaining Power of Suppliers
    • 4.4.2 Bargaining Power of Buyers
    • 4.4.3 Threat of New Entrants
    • 4.4.4 Threat of Substitute Products and Services
    • 4.4.5 Degree of Competition
  • 4.5 Price Trends

5. MARKET SEGMENTATION (Market Size in Volume)

  • 5.1 Form
    • 5.1.1 Chemical Compound
    • 5.1.2 Metal
    • 5.1.3 Purchased Scrap
  • 5.2 Application
    • 5.2.1 Batteries
    • 5.2.2 Alloys
    • 5.2.3 Catalysts
    • 5.2.4 Tool Materials
    • 5.2.5 Magnets
    • 5.2.6 Ceramics and Pigments
    • 5.2.7 Other Applications
  • 5.3 Geography
    • 5.3.1 Production Analysis
    • 5.3.1.1 Australia
    • 5.3.1.2 Canada
    • 5.3.1.3 China
    • 5.3.1.4 Congo
    • 5.3.1.5 Cuba
    • 5.3.1.6 India
    • 5.3.1.7 Indonesia
    • 5.3.1.8 Madagascar
    • 5.3.1.9 Morocco
    • 5.3.1.10 Papua New Guinea
    • 5.3.1.11 Philipppines
    • 5.3.1.12 Russia
    • 5.3.1.13 United States
    • 5.3.1.14 Rest of the World
    • 5.3.2 Consumption Analysis
    • 5.3.2.1 Asia-Pacific
    • 5.3.2.1.1 China
    • 5.3.2.1.2 India
    • 5.3.2.1.3 Japan
    • 5.3.2.1.4 South Korea
    • 5.3.2.1.5 Rest of Asia-Pacific
    • 5.3.2.2 North America
    • 5.3.2.2.1 United States
    • 5.3.2.2.2 Canada
    • 5.3.2.2.3 Mexico
    • 5.3.2.3 Europe
    • 5.3.2.3.1 Germany
    • 5.3.2.3.2 United Kingdom
    • 5.3.2.3.3 Italy
    • 5.3.2.3.4 France
    • 5.3.2.3.5 Rest of Europe
    • 5.3.2.4 Rest of the World
    • 5.3.2.4.1 South America
    • 5.3.2.4.2 Middle East and Africa

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Market Share (%) **/Ranking Analysis
  • 6.3 Strategies Adopted by Leading Players
  • 6.4 Company Profiles
    • 6.4.1 BHP
    • 6.4.2 CMOC
    • 6.4.3 Cobalt Blue Holdings Limited
    • 6.4.4 Eramet
    • 6.4.5 Eurasian Resources Group
    • 6.4.6 Gécamines SA
    • 6.4.7 Glencore
    • 6.4.8 Huayou Cobalt Co. Ltd
    • 6.4.9 Jervois
    • 6.4.10 Jinchuan Group International Resources Co. Ltd
    • 6.4.11 Panoramic Resources
    • 6.4.12 Sherritt International Corporation
    • 6.4.13 Umicore NV
    • 6.4.14 Vale
    • 6.4.15 Wheaton Precious Metals Corp
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  • 7.1 Commercialization of Environmentally Friendly Recyclable Cobalt
**Subject to Availability
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Cobalt Industry Segmentation

The chemical symbol of cobalt is Co, and the atomic number is 27. It is a hard, lustrous, silver-gray metal that belongs to the transition metal group in the periodic table. Cobalt is commonly found in the Earth's crust in mineral ores such as cobaltite, erythrite, and smaltite, often associated with other metals such as nickel, copper, and arsenic.

The cobalt market is segmented by form, product type, application, and geography. By form, the market is segmented into chemical compounds, metals, and purchased scrap. By application, the market is segmented into batteries, alloys, catalysts, tool materials, magnets, ceramics, pigments, and other applications (medical devices). The report also covers the market size and forecasts for the cobalt market in 11 countries across major regions. For each segment, market sizing and forecasts were made based on volume (tons).

Form Chemical Compound
Metal
Purchased Scrap
Application Batteries
Alloys
Catalysts
Tool Materials
Magnets
Ceramics and Pigments
Other Applications
Geography Production Analysis Australia
Canada
China
Congo
Cuba
India
Indonesia
Madagascar
Morocco
Papua New Guinea
Philipppines
Russia
United States
Rest of the World
Consumption Analysis Asia-Pacific China
India
Japan
South Korea
Rest of Asia-Pacific
North America United States
Canada
Mexico
Europe Germany
United Kingdom
Italy
France
Rest of Europe
Rest of the World South America
Middle East and Africa
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Cobalt Market Research FAQs

How big is the Cobalt Market?

The Cobalt Market size is expected to reach 226.74 kilotons in 2025 and grow at a CAGR of greater than 3% to reach 262.86 kilotons by 2030.

What is the current Cobalt Market size?

In 2025, the Cobalt Market size is expected to reach 226.74 kilotons.

Who are the key players in Cobalt Market?

Glencore, CMOC, Gécamines SA, Eurasian Resources Group and Vale are the major companies operating in the Cobalt Market.

Which is the fastest growing region in Cobalt Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Which region has the biggest share in Cobalt Market?

In 2025, the Asia-Pacific accounts for the largest market share in Cobalt Market.

What years does this Cobalt Market cover, and what was the market size in 2024?

In 2024, the Cobalt Market size was estimated at 219.94 kilotons. The report covers the Cobalt Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Cobalt Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Cobalt Industry Report

Statistics for the 2025 Cobalt market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Cobalt analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.