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