Cobalt Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 3.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Cobalt Market Analysis
The Cobalt Market size is estimated at 100 Million tons in 2024, and is expected to reach 150 Million tons by 2029, growing at a CAGR of greater than 3% during the forecast period (2024-2029).
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 Market Trends
The Batteries Segment is Expected to Dominate the Market
- Lithium-ion batteries are crucial components in electric vehicles (EVs), powering the vehicle's electric motor. Cobalt is a crucial ingredient in the cathode formulation of lithium-ion batteries used in EVs due to its ability to enhance battery performance, stability, and energy density.
- The increasing adoption of electric vehicles worldwide, driven by environmental regulations, government incentives, and consumer preferences for cleaner transportation options, has led to a surge in demand for cobalt in the automotive sector.
- In terms of EV volume, 14.2 million new battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) were delivered in 2023.
- According to the estimate released by the European Automobile Manufacturers' Association, in February 2023, battery electric vehicles were the most popular type of electric vehicle in Europe, accounting for more than 63.7 % of all electric vehicle sales. In the 4th quarter of 2022, BEV sales amounted to 572,400 units, which was an all-time high.
- Cobalt-containing lithium-ion batteries are widely used in consumer electronics such as smartphones, laptops, tablets, and wearable devices. These batteries provide high energy density, long cycle life, and rapid charging capabilities, making them ideal for portable electronic devices.
- The proliferation of consumer electronics and the growing trend of digitalization, connectivity, and mobility have fueled demand for cobalt in the consumer electronics segment.
- According to the ZVEI, in 2022, sales of around EUR 30.7 billion were generated in Germany with classic consumer electronics, privately used IT products and telecommunications. Total sales in Europe reached around EUR 187 billion.
- The demand for batteries, which are likely to drive the cobalt market over the coming years, is driven by the increasing number of electric vehicles and the growing use of electronic devices in developing countries.
The Asia-Pacific Region is Expected to Dominate the Market
- Asia-Pacific leads global battery production, driven by the growing demand for electric vehicles (EVs), consumer electronics, and energy storage systems. China, Japan, and South Korea are among the largest producers of lithium-ion batteries and are significant consumers of cobalt. These countries have invested heavily in battery manufacturing capacity, research and development, and technology innovation, bolstering their position in the cobalt market.
- Asia-Pacific holds the largest share of the global electric vehicle market, with China being the world's largest EV market. The region's commitment to reducing emissions, improving air quality, and promoting sustainable transportation fuels is expected to increase the demand for cobalt in EV batteries. The adoption of electric vehicles in this region is boosted by government incentives, subsidies, and regulations favoring EV mobility, driving the demand for cobalt battery packs.
- China has been the highest producer and consumer of electric vehicles, covering approximately half the market globally. According to the China Association of Automobile Manufacturers (CAAM), in 2022, the overall production of new energy vehicles in China was around 7 million units. Compared to the production of cars in the previous year at 3.54 million units, this was a remarkable increase of almost 97%.
- Asia-Pacific is a leading consumer electronics market, with high demand for smartphones, laptops, tablets, and other electronic devices powered by lithium-ion batteries. Countries in the Asia-Pacific region are significant producers of consumer electronics, driving demand for cobalt in battery production. The growth of consumer electronics and demand for cobalt is driven by the large population in this region, increasing disposable incomes, and technological progress.
- According to the estimates released by the India Brand Equity Foundation (IBEF), from April to November 2023, electronics exports in the country grew by 13.8%, the highest in the previous six years. India aims to achieve a production of electronics worth USD 300 billion by the year 2026, with solid growth and exports amounting to USD 120 billion.
- As the demand for cobalt continues to rise with the growth of the above industries, Asia-Pacific is expected to maintain its leading position in the global cobalt market.
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
-
Glencore
-
CMOC
-
Gécamines SA
-
Eurasian Resources Group
-
Vale
*Disclaimer: Major Players sorted in no particular order
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
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 | |||
| Geography | Consumption Analysis | Asia-Pacific | China |
| India | |||
| Japan | |||
| South Korea | |||
| Rest of Asia-Pacific | |||
| Geography | Consumption Analysis | North America | United States |
| Canada | |||
| Mexico | |||
| Geography | Consumption Analysis | Europe | Germany |
| United Kingdom | |||
| Italy | |||
| France | |||
| Rest of Europe | |||
| Geography | Consumption Analysis | Rest of the World | South America |
| Middle East and Africa |
Cobalt Market Research FAQs
How big is the Cobalt Market?
The Cobalt Market size is expected to reach 220.14 kilotons in 2024 and grow at a CAGR of greater than 3% to reach 338.71 kilotons by 2029.
What is the current Cobalt Market size?
In 2024, the Cobalt Market size is expected to reach 220.14 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 (2024-2029).
Which region has the biggest share in Cobalt Market?
In 2024, 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 2023?
In 2023, the Cobalt Market size was estimated at 213.54 kilotons. The report covers the Cobalt Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Cobalt Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Cobalt Industry Report
Statistics for the 2024 Cobalt market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Cobalt analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
