Growing Demand in End-User Industries Drive the Growth of the Market

Global cobalt market reached 220 kt in 2024 and is anticipated to grow at a CAGR of 8.3% during the forecast period (2025-2035). Cobalt is particularly important in several applications such as lithium-ion batteries, superalloys, and catalysts, primarily owing to its special properties that include high thermal and chemical stability. The growing application of cobalt in electric vehicles (EVs), modern electronics, and renewable energy, offers efficiency, efficacy, and sustainability. 

Browse the full report description of “Cobalt Market Size, Share & Trends Analysis Report by Source (Primary Cobalt Sources and Secondary Cobalt Sources), by Form (Cobalt Metal, Cobalt Oxide, Cobalt Powder, Cobalt Alloys, and Cobalt Salts), and by End-User (Automotive, Energy and Power, Aerospace and Defense, Electronics, Industrial, Healthcare and Other) Forecast Period (2025-2035)” at https://www.omrglobal.com/industry-reports/cobalt-market

Cobalt Adoption in Diverse Industries

• The cobalt is essential to the shelf life of lithium-ion batteries, energy density, and stability. The use of cobalt in consumer electronics, energy storage devices, and electric vehicles on dwindling greenhouse gases energizes the trend toward sustainability on a global level.

• Cobalt-based catalysts for industrial processes such as petrochemical refining provide higher efficiency while having reduced environmental impacts.

• Cobalt-containing superalloys used in turbine engines and aerospace offer guaranteed excellent performance at extreme conditions and withstand high-temperature conditions.

Key Players and Innovations

Glencore plc, Umicore, Jinchuan Group International Resources Co. Ltd., Freeport-McMoRan Inc., and Sherritt International Corp. are some of the market players of cobalt and are continuously investing in innovation to produce to keep pace with the rapidly growing demand from diversified industries. Glencore, for instance, is investing in responsible sourcing and building its recycling competencies to extract cobalt from end-of-life batteries to accelerate the circular economy. Umicore is working on advanced low-cobalt-content battery materials to facilitate sustainable growth in the EV market; and companies, through the availability of X-ray fluorescence (XRF) technology, can analyze cobalt concentration in ores, thereby ensuring that they have consistent quality and efficiency in the production process.

Market Coverage

• The market number available for – 2024-2035

• Base year- 2024

• Forecast period- 2025-2035

• Segment Covered- 

o By Source

o By Form

o By End-User 

• Regions Covered-

o North America

o Europe

o Asia-Pacific

o Rest of the World

• Competitive Landscape - CMOC Group Ltd., Glencore plc, Nippon Chemical Industrial CO., LTD., PJSC MMC Norilsk Nickel, Umicore N.V., and others.

Key questions addressed by the report.

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Cobalt Market Report Segment

By Source

• Primary Cobalt Sources
• Secondary Cobalt Sources

By Form

• Cobalt Metal
• Cobalt Oxide
• Cobalt Powder
• Cobalt Alloys
• Cobalt Salts (cobalt sulfate, cobalt chloride)

By End-User 

• Automotive
• Energy and Power
• Aerospace and Defense
• Electronics
• Industrial
• Healthcare
• Other (Medical)

Global Cobalt Market Report Segment by Region

North America

• United States

• Canada 

Europe

• UK

• Germany

• Italy

• Spain

• France

• Russia

• Rest of Europe 

Asia-Pacific

• China

• India

• Japan

• South Korea

• Australia and New Zealand

• ASEAN Economies

• Rest of Asia-Pacific 

Rest of the World

• Latin America 

• Middle East & Africa

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