
Global Cobalt Market Research Report: Forecast (2024-2030)
Global Cobalt Market Report - By Application (Battery Chemicals, Super Alloys, Catalyst, Ceramics & Pigments, Binder Materials), By Form (Chemical Compound, Metal, Purchased Scrap)..., By End User (Electronics, Aerospace, Automotive, Chemical, Pharmaceutical, Others). Read more
- Chemicals
- Oct 2023
- 199
- PDF, Excel, PPT
Market Definition
Cobalt is a hard ferromagnetic, silver-white, hard, lustrous, brittle element obtained from the mining of nickel and copper ores. It has wide applications in the production of electric vehicles, aircraft engines, catalysts, ceramics, and pigments.
Market Insights & Analysis: Global Cobalt Market (2024-30):
The Global Cobalt Market size is estimated to grow at a CAGR of around 6.2% during the forecast period, i.e., 2024-30. The growing demand for electric vehicles is expected to increase the consumption of cobalt during the forecast period. The lithium-nickel-manganese-cobalt-oxide (NMC) batteries are often referred to as cobalt batteries. The cobalt used in batteries of laptops and smartphones positively impacts the market growth. The cobalt-based super-alloys are most often used in jet engines, gas turbine aircraft engines, and rocket motors, due to their stability at high temperatures.
Report Coverage | Details |
---|---|
Study Period | Historical Data: 2019-22 |
Base Year: 2023 | |
Forecast Period: 2024-30 | |
CAGR (2024-2030) | 6.2% |
Regions Covered | North America: US, Canada, Mexico |
Europe: The UK, Germany, France, Italy, Spain, The Netherlands, Belgium, Rest of Europe | |
Asia-Pacific: China, Japan, India, South Korea, Australia, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific | |
South America: Brazil, Argentina, Rest of South America | |
Middle East & Africa: The UAE, Saudi Arabia, South Africa, Egypt, Turkey, Rest of the Middle East & Africa | |
Key Companies Profiled | Glencore Plc., Missouri Cobalt, Jinchuan Group International Ltd., CMOC Group, Eurasian Resources Group, Huayou Cobalt, Sumitomo Cobalt Mining, Cobalt Blue Holdings, Panoramic Resources Ltd., Sherritt International, Nornickel, Nickel 28 Capital Corp., Groupe Managem, Carter Alloy Company, Others |
Unit Denominations | USD Million/Billion |
The cobalt industry is also aided by the growing demand for metal in the production of high-speed cutting tools for cutting diamonds, which is extremely hard. The cobalt is used as a catalyst for many industrial applications such as removing sulfur moieties from petroleum and natural gas products. In recent years, lithium-ion batteries for electric vehicles (EVs) are increasingly driving the cobalt market and are likely to boost the market in the forecast period as well.
Cobalt Market Driver:
Escalating Demand for Electric Vehicles Augmenting the Market Growth – In the past few years, consumers have shifted towards electric vehicles due to the increase in price of petrol and diesel. Due to this, the demand for electric vehicles has increased, the batteries of electric vehicles have cobalt in them, which increases the demand for cobalt. According to the International Energy Agency (IEA), electric vehicles are seeing exponential growth and are expected to grow from approximately 140 million by 2030 and reach 900 million by 2050. This growing number of electric vehicles would increase the Global Cobalt Market Size in the forthcoming years.

Cobalt Market Challenge:
Government Regulations on Cobalt Export Impeding the Market Growth – The import and export of cobalt for further extraction and refining is restraining the market growth. The Democratic Republic of Congo (DRC) issued an order from the Mines Ministry to ban the export of Cobalt concentrate. The ban on cobalt put pressure on the global supply of cobalt and hindered the end user industry. The ban poses a challenge for the Electric vehicle industry for its growth. Cobalt is widely used for many applications such as aircraft engines, EV batteries, and many more. The end-users are the most affected by the imposition of a ban on cobalt export. Thereby, hindering the Global Cobalt market.
Cobalt Market Trend:
The Increasing Inclination of the Aerospace Industry Towards Cobalt-Based Alloys for Engines – In recent years, there has been a rise in the usage of cobalt metal to make super alloys in the aerospace industry for making gas turbines aircraft engines, rocket motors, etc. Cobalt is widely employed in jet aircraft, such as in brakes and wheels, due to its stability at high temperatures, corrosion, and wear-and-tear resistance. The aviation industry is using cobalt to make parts that are frequently exposed to high concentrations of heat. Due to these factors, the aviation industry is widely deploying cobalt in aircraft. Hence, as a result, the demand for cobalt in the aviation industry is increasing and will continue to increase in the forthcoming years due to its several properties.
Cobalt Market (2024-30): Segmentation Analysis
The Global Cobalt Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment. It includes predictions for the period 2024–2030 at the global level. As per the analysis, the market has been further classified as:
Based on Application:
- Battery Chemicals
- Super Alloys
- Catalyst
- Ceramics & Pigments
- Binder Materials
Battery Chemicals segment is leading the Global Cobalt Market. The escalating demand for electric vehicles (EVs) globally has subsequently increased the demand for metallic cobalt. The EVs have lithium-ion batteries which consist of cobalt. The surge in demand for electric vehicles escalates the demand for cobalt for making batteries as it helps to extend the life of batteries.
Lithium-ion batteries are more convenient to use in electric vehicles as compared to lead-acid or nickel-metal hydride batteries. In addition, the batteries of smartphones and laptops, are also consist of cobalt. Therefore, the soaring usage of cobalt in batteries is ramping up the Global Cobalt Market.
Based on Form:
- Chemical Compound
- Metal
- Purchased Scrap
Cobalt is majorly used in its metal form and dominates the other form type. Cobalt is widely used in battery production which uses a huge amount of cobalt in metal. It is used in batteries due to its high capacity and heat-resistant properties. The cobalt is deployed in its metal form in batteries and parts of jet aircraft for making engines. Therefore, metal form is expected to hold leading position in the Global Cobalt Market in coming years.
Cobalt Market (2024-30): Regional Projections
Geographically, the Global Cobalt Market expands across:
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Asia-Pacific holds a significant market share in the Global Cobalt Market and is expected to dominate the market in the forecast period as well. In countries such as China, India, Japan, etc., the cobalt market is growing due to several factors such as the growing number of electric vehicles in the region and the growing electronics market such as smartphones and laptops, which increase the demand for cobalt in the region.
According to the Ministry of Public Security China, country is the new electric vehicle market and the growth rate for electric vehicles is widely increasing. Also, the government is promoting the usage of EVs in the country by implementing several policies, which boost the demand for cobalt. Thus, increasing demand for cobalt in the Asia-Pacific region is expected to cement its position in the Global Cobalt Market in coming years.
Cobalt Industry Recent Development:
- 2022: Glencore Plc, announced a strategic partnership with Li-Cycle Holdings Corp. a lithium-ion battery recycler in North America to recycle battery raw material to produce battery-grade end products.
- 2021: CMOC Group, announced a strategic partnership with Contemporary Amperex Technology Co. Ltd, in the area of new energy metals to develop copper and cobalt mines in DRC.
Gain a Competitive Edge with Our Cobalt Market Report
- Global Cobalt Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps business organizations to gain a holistic understanding of the market dynamics & make informed decisions.
- This report also highlights current market trends & future projections, allowing business organizations to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
- Global Cobalt Industry Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, business organizations can develop strategies to minimize risks & optimize their operations.
Frequently Asked Questions
Global Cobalt Market Research Report (2024-2030) - Table of Contents
- Market Segmentation
- Introduction
- Product Definition
- Research Process
- Assumptions
- Executive Summary
- Global Cobalt Market Trends & Insights
- Global Cobalt Market Import/Export Analyses
- Global Cobalt Market Dynamics
- Drivers
- Challenges
- Global Cobalt Market Policies & Regulations
- Global Cobalt Market Hotspot & Opportunities
- Global Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application
- Battery Chemicals - Market Size & Forecast 2019-2030F, Thousand Tons
- Super Alloys- Market Size & Forecast 2019-2030F, Thousand Tons
- Catalyst - Market Size & Forecast 2019-2030F, Thousand Tons
- Ceramics & Pigments- Market Size & Forecast 2019-2030F, Thousand Tons
- Binder Materials- Market Size & Forecast 2019-2030F, Thousand Tons
- By Form
- Chemical Compound- Market Size & Forecast 2019-2030F, Thousand Tons
- Metal- Market Size & Forecast 2019-2030F, Thousand Tons
- Purchased Scrap- Market Size & Forecast 2019-2030F, Thousand Tons
- By End User
- Electronics- Market Size & Forecast 2019-2030F, Thousand Tons
- Aerospace- Market Size & Forecast 2019-2030F, Thousand Tons
- Automotive- Market Size & Forecast 2019-2030F, Thousand Tons
- Chemical- Market Size & Forecast 2019-2030F, Thousand Tons
- Pharmaceutical- Market Size & Forecast 2019-2030F, Thousand Tons
- Others (Oil & Gas)- Market Size & Forecast 2019-2030F, Thousand Tons
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
- By Company
- Competition Characteristics
- Market Share of Leading Companies
- By Application
- Market Size & Analysis
- North America Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application- Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- By End User- Market Size & Forecast 2019-2030, Thousand Tons
- By Country
- The US
- Canada
- Mexico
- The US Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- Canada Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- Mexico Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- Market Size & Analysis
- South America Cobalt Market Outlook, 2019-2030Fpro
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application- Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- By End User- Market Size & Forecast 2019-2030, Thousand Tons
- By Country
- Brazil
- Argentina
- Rest of South America
- Brazil Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- Argentina Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- Market Size & Analysis
- Europe Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application- Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- By End User- Market Size & Forecast 2019-2030, Thousand Tons
- By Country
- The UK
- Germany
- France
- Italy
- Spain
- The Netherlands
- Belgium
- Rest of Europe
- The UK Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- Germany Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- France Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- Italy Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- Spain Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application- Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- Belgium Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application- Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- The Netherlands Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application- Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- Market Size & Analysis
- The Middle East & Africa Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application- Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- By End User- Market Size & Forecast 2019-2030, Thousand Tons
- By Country
- The UAE
- Saudi Arabia
- South Africa
- Egypt
- Turkey
- Rest of the Middle East & Africa
- The UAE Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- Saudi Arabia Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- South Africa Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- Egypt Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- Turkey Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- Market Size & Analysis
- Asia-Pacific Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application- Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- By End User- Market Size & Forecast 2019-2030, Thousand Tons
- By Country
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Thailand
- Indonesia
- Philippines
- Rest of Asia-Pacific
- China Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application- Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- Japan Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application- Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- India Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application- Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- South Korea Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- Australia Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- Malaysia Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- Thailand Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- Indonesia Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thousand Tons)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- Philippines Cobalt Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Quantity Sold (Thou sand Tons)
- Market Share & Analysis
- By Application - Market Size & Forecast 2019-2030, Thousand Tons
- By Form- Market Size & Forecast 2019-2030, Thousand Tons
- Market Size & Analysis
- Market Size & Analysis
- Global Cobalt Market Strategic Imperatives for Success & Growth
- Competitive Outlook
- Company Profiles
- Glencore Plc
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Missouri Cobalt
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Jinchuan Group International Co., Ltd
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- CMOC Group
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Eurasian Resources Group
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Huayou Cobalt
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Sumitomo Cobalt Mining
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Cobalt Blue Holdings Limited
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Panoramic Resources Ltd.
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Sherritt International
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Nornickel
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Nickel 28 Capital Corp.
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Groupe Managem
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Carter Alloy Company
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Others
- Glencore Plc
- Company Profiles
- Disclaimer
