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. Read More

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). Read More

Which region has the biggest share in Cobalt Market?

In 2024, the Asia-Pacific accounts for the largest market share in Cobalt Market. Read More

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. Read More

Cobalt Market Size

Market Size of Cobalt Industry

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 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

Need A Different Region Or Segment?

Customize Now

Cobalt Market Size Summary

The cobalt market is poised for significant growth over the forecast period, driven by its critical role in various high-demand industries. The recovery from the COVID-19 pandemic has been bolstered by the resumption of economic activities in sectors such as automotive, electronics, and aerospace, which are major consumers of cobalt-based products. The increasing adoption of electric vehicles, fueled by environmental regulations and consumer preferences for sustainable transportation, has notably heightened the demand for cobalt, particularly in lithium-ion batteries. Additionally, the proliferation of consumer electronics, coupled with the trend towards digitalization and connectivity, has further propelled the demand for cobalt. However, the market faces challenges due to the intensive refining processes required to extract cobalt from ore deposits, which could potentially hinder growth.

The Asia-Pacific region is expected to dominate the cobalt market, supported by its leading position in global battery production and consumer electronics. Countries like China, Japan, and South Korea are at the forefront, with substantial investments in battery manufacturing and technology innovation. The region's commitment to reducing emissions and promoting sustainable transportation fuels is anticipated to drive further demand for cobalt in electric vehicle batteries. The growing electronics market in Asia-Pacific, driven by a large population and increasing disposable incomes, also contributes to the rising demand for cobalt. As the market continues to expand, key players such as Glencore, Vale, and Eurasian Resources Group maintain significant influence, with strategic agreements and investments shaping the industry's landscape.

Explore More

Cobalt Market Size - Table of Contents

1. MARKET DYNAMICS
1. 1.1 Drivers
  1. 1.1.1 Extensive Usage in the Manufacturing of Rechargeable Batteries
  2. 1.1.2 Rising Usage in the Production of High Speed Cutting Tools
2. 1.2 Restraints
  1. 1.2.1 Intensive Refining Process Required to Extract From Ore Deposits
  2. 1.2.2 Other Restraints
3. 1.3 Industry Value Chain Analysis
4. 1.4 Porter's Five Forces Analysis
  1. 1.4.1 Bargaining Power of Suppliers
  2. 1.4.2 Bargaining Power of Buyers
  3. 1.4.3 Threat of New Entrants
  4. 1.4.4 Threat of Substitute Products and Services
  5. 1.4.5 Degree of Competition
5. 1.5 Price Trends
2. MARKET SEGMENTATION (Market Size in Volume)
1. 2.1 Form
  1. 2.1.1 Chemical Compound
  2. 2.1.2 Metal
  3. 2.1.3 Purchased Scrap
2. 2.2 Application
  1. 2.2.1 Batteries
  2. 2.2.2 Alloys
  3. 2.2.3 Catalysts
  4. 2.2.4 Tool Materials
  5. 2.2.5 Magnets
  6. 2.2.6 Ceramics and Pigments
  7. 2.2.7 Other Applications
3. 2.3 Geography
  1. 2.3.1 Production Analysis
    1. 2.3.1.1 Australia
    2. 2.3.1.2 Canada
    3. 2.3.1.3 China
    4. 2.3.1.4 Congo
    5. 2.3.1.5 Cuba
    6. 2.3.1.6 India
    7. 2.3.1.7 Indonesia
    8. 2.3.1.8 Madagascar
    9. 2.3.1.9 Morocco
    10. 2.3.1.10 Papua New Guinea
    11. 2.3.1.11 Philipppines
    12. 2.3.1.12 Russia
    13. 2.3.1.13 United States
    14. 2.3.1.14 Rest of the World
  2. 2.3.2 Consumption Analysis
    1. 2.3.2.1 Asia-Pacific
      1. 2.3.2.1.1 China
      2. 2.3.2.1.2 India
      3. 2.3.2.1.3 Japan
      4. 2.3.2.1.4 South Korea
      5. 2.3.2.1.5 Rest of Asia-Pacific
    2. 2.3.2.2 North America
      1. 2.3.2.2.1 United States
      2. 2.3.2.2.2 Canada
      3. 2.3.2.2.3 Mexico
    3. 2.3.2.3 Europe
      1. 2.3.2.3.1 Germany
      2. 2.3.2.3.2 United Kingdom
      3. 2.3.2.3.3 Italy
      4. 2.3.2.3.4 France
      5. 2.3.2.3.5 Rest of Europe
    4. 2.3.2.4 Rest of the World
      1. 2.3.2.4.1 South America
      2. 2.3.2.4.2 Middle East and Africa