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Cobalt Market by Product Type, Raw Material Source, Form, Purity Level, Application, End-Use Industry, Distribution Channel - Global Forecast to 2030

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  • 194 Pages
  • May 2025
  • Region: Global
  • 360iResearch™
  • ID: 5337399
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Cobalt is increasingly vital for organizations navigating rapid industrial shifts, with its unique characteristics underpinning critical sectors such as energy storage, manufacturing, and advanced electronics. Senior leaders must understand market variables that affect supply, demand, and strategic decisions amid fluctuating regulatory and geopolitical factors.

Market Snapshot: Cobalt Market Growth and Dynamics

The cobalt market grew from USD 14.24 billion in 2024 to USD 15.02 billion in 2025. It is expected to continue increasing at a CAGR of 5.59%, reaching USD 19.75 billion by 2030. This trajectory reflects the metal’s expanding role as a critical input for battery manufacturing, high-performance alloys, and electronic components. Market momentum is shaped by technological advances, evolving regulations, and a renewed focus on origin transparency and efficiency in global value chains.

Scope & Segmentation of the Cobalt Market

The comprehensive analysis in this report covers the entire cobalt ecosystem, allowing senior decision-makers to assess both risks and opportunities. Market segmentation includes:

  • Product Types: Cobalt compounds, including oxides and salts, and refined metal cobalt.
  • Raw Material Sources: Primary cobalt derived from mining operations and recycled cobalt reclaimed from batteries or industrial waste.
  • Form: Pellets, flakes, powder, and granules, serving varied processing streams.
  • Purity Levels: Below 90% and above 90%, each relevant to specific applications such as batteries or metallurgical uses.
  • Applications: Used in lithium-ion and nickel-cadmium batteries, catalysts, ceramics and pigments, hard metals and cutting tools, magnets, and super alloys.
  • End-Use Industries: Aerospace and defense, automotive, chemical, consumer electronics, energy and utilities, and medical and healthcare.
  • Distribution Channels: Direct offline sales, suppliers and distributors, online company-owned platforms, and online marketplaces.
  • Regions: Americas (including United States, Canada, Brazil, and others), Europe, Middle East & Africa (key economies and industrial hubs), Asia-Pacific (China, India, Japan, and rapidly growing Southeast Asian markets).

Key technologies addressed include traceability solutions, precision extraction techniques, and recycling advancements for the evolving cobalt supply chain.

Key Takeaways for Decision-Makers

  • Heightened demand for cobalt is prompted by electrification trends and the need for energy-dense storage, particularly in electric vehicles and portable devices.
  • Pioneering battery technologies and the push for higher purity materials are influencing process upgrades and driving innovation throughout the market.
  • Increased regulatory oversight is accelerating the adoption of sustainable sourcing practices and transparency, especially as end-users and governments demand environmentally responsible supply chains.
  • Recycling and circular economy initiatives are gaining momentum, providing stakeholders with opportunities to recoup value and mitigate supply constraints.
  • Integration of digital traceability is allowing organizations to ensure compliance and build trust with downstream buyers and regulatory agencies.
  • Developing adaptive procurement strategies and balancing regional exposure can help companies mitigate potential disruptions tied to tariffs or geopolitical changes.

Cobalt Market Tariff Impact

Recent tariffs introduced by the United States have influenced global cobalt trade by increasing landed costs for manufacturers reliant on international suppliers. Companies are adjusting sourcing strategies, expanding domestic and allied regional refining, and seeking partnerships outside tariff-exposed zones. Investments in alternative chemistries and local supply chains are part of responses to these policy changes, creating both challenges and future resilience in the market landscape.

Methodology & Data Sources

This cobalt market analysis is based on extensive secondary research, interviews with senior executives and technical experts, and validation through expert panels. Proprietary data was used alongside industry databases, regulatory filings, and scenario analysis to ensure accuracy and relevance.

Why This Report Matters

  • This report enables executives to benchmark segmentation trends and anticipate supply chain risks across regions and channels.
  • Stakeholders will gain an actionable perspective on technology shifts and emerging competitive strategies in the cobalt sector.
  • The research provides clear frameworks to target investment, manage procurement, and strengthen compliance protocols in light of evolving market regulations.

Conclusion

The cobalt sector is shaped by innovation, regulatory pressures, and shifting global supply chains. Forward-looking leaders equipped with the insights from this report will be well positioned to navigate change, identify growth avenues, and reinforce operational resilience.

 

Additional Product Information:

  • Purchase of this report includes 1 year online access with quarterly updates.
  • This report can be updated on request. Please contact our Customer Experience team using the Ask a Question widget on our website.

Table of Contents

1. Preface
1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders
2. Research Methodology
2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update
3. Executive Summary
4. Market Overview
5. Market Insights
5.1. Market Dynamics
5.1.1. Drivers
5.1.1.1. Rapid growth in electric vehicles worldwide
5.1.1.2. Growing usage of smartphones and laptops with increasing demand for rechargeable batteries
5.1.2. Restraints
5.1.2.1. High cost of development of cobalt
5.1.3. Opportunities
5.1.3.1. Growing technological advances in the recycling of cobalt
5.1.3.2. Expanding focus on renewable energy worldwide
5.1.4. Challenges
5.1.4.1. Environmental concerns with the mining process of cobalt
5.2. Market Segmentation Analysis
5.3. Porter’s Five Forces Analysis
5.3.1. Threat of New Entrants
5.3.2. Threat of Substitutes
5.3.3. Bargaining Power of Customers
5.3.4. Bargaining Power of Suppliers
5.3.5. Industry Rivalry
5.4. PESTLE Analysis
5.4.1. Political
5.4.2. Economic
5.4.3. Social
5.4.4. Technological
5.4.5. Legal
5.4.6. Environmental
6. Cobalt Market, by Product
6.1. Introduction
6.2. Cobalt Metal
6.3. Cobalt Oxide
6.4. Cobalt Sulfate
7. Cobalt Market, by End-User
7.1. Introduction
7.2. Aerospace & Defense
7.3. Automotive & Transportation
7.4. Chemical
7.5. Construction
7.6. Electronics
7.7. Healthcare
7.8. Oil & Gas
7.9. Pharmaceuticals
8. Americas Cobalt Market
8.1. Introduction
8.2. Argentina
8.3. Brazil
8.4. Canada
8.5. Mexico
8.6. United States
9. Asia-Pacific Cobalt Market
9.1. Introduction
9.2. Australia
9.3. China
9.4. India
9.5. Indonesia
9.6. Japan
9.7. Malaysia
9.8. Philippines
9.9. Singapore
9.10. South Korea
9.11. Taiwan
9.12. Thailand
9.13. Vietnam
10. Europe, Middle East & Africa Cobalt Market
10.1. Introduction
10.2. Denmark
10.3. Egypt
10.4. Finland
10.5. France
10.6. Germany
10.7. Israel
10.8. Italy
10.9. Netherlands
10.10. Nigeria
10.11. Norway
10.12. Poland
10.13. Qatar
10.14. Russia
10.15. Saudi Arabia
10.16. South Africa
10.17. Spain
10.18. Sweden
10.19. Switzerland
10.20. Turkey
10.21. United Arab Emirates
10.22. United Kingdom
11. Competitive Landscape
11.1. Market Share Analysis, 2023
11.2. FPNV Positioning Matrix, 2023
11.3. Competitive Scenario Analysis
11.4. Strategy Analysis & Recommendation
List of Figures
FIGURE 1. COBALT MARKET RESEARCH PROCESS
FIGURE 2. COBALT MARKET SIZE, 2023 VS 2030
FIGURE 3. GLOBAL COBALT MARKET SIZE, 2018-2030 (USD MILLION)
FIGURE 4. GLOBAL COBALT MARKET SIZE, BY REGION, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 5. GLOBAL COBALT MARKET SIZE, BY COUNTRY, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 6. GLOBAL COBALT MARKET SIZE, BY PRODUCT, 2023 VS 2030 (%)
FIGURE 7. GLOBAL COBALT MARKET SIZE, BY PRODUCT, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 8. GLOBAL COBALT MARKET SIZE, BY END-USER, 2023 VS 2030 (%)
FIGURE 9. GLOBAL COBALT MARKET SIZE, BY END-USER, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 10. AMERICAS COBALT MARKET SIZE, BY COUNTRY, 2023 VS 2030 (%)
FIGURE 11. AMERICAS COBALT MARKET SIZE, BY COUNTRY, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 12. UNITED STATES COBALT MARKET SIZE, BY STATE, 2023 VS 2030 (%)
FIGURE 13. UNITED STATES COBALT MARKET SIZE, BY STATE, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 14. ASIA-PACIFIC COBALT MARKET SIZE, BY COUNTRY, 2023 VS 2030 (%)
FIGURE 15. ASIA-PACIFIC COBALT MARKET SIZE, BY COUNTRY, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 16. EUROPE, MIDDLE EAST & AFRICA COBALT MARKET SIZE, BY COUNTRY, 2023 VS 2030 (%)
FIGURE 17. EUROPE, MIDDLE EAST & AFRICA COBALT MARKET SIZE, BY COUNTRY, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 18. COBALT MARKET SHARE, BY KEY PLAYER, 2023
FIGURE 19. COBALT MARKET, FPNV POSITIONING MATRIX, 2023
List of Tables
TABLE 1. COBALT MARKET SEGMENTATION & COVERAGE
TABLE 2. UNITED STATES DOLLAR EXCHANGE RATE, 2018-2023
TABLE 3. GLOBAL COBALT MARKET SIZE, 2018-2030 (USD MILLION)
TABLE 4. GLOBAL COBALT MARKET SIZE, BY REGION, 2018-2030 (USD MILLION)
TABLE 5. GLOBAL COBALT MARKET SIZE, BY COUNTRY, 2018-2030 (USD MILLION)
TABLE 6. COBALT MARKET DYNAMICS
TABLE 7. GLOBAL COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 8. GLOBAL COBALT MARKET SIZE, BY COBALT METAL, BY REGION, 2018-2030 (USD MILLION)
TABLE 9. GLOBAL COBALT MARKET SIZE, BY COBALT OXIDE, BY REGION, 2018-2030 (USD MILLION)
TABLE 10. GLOBAL COBALT MARKET SIZE, BY COBALT SULFATE, BY REGION, 2018-2030 (USD MILLION)
TABLE 11. GLOBAL COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 12. GLOBAL COBALT MARKET SIZE, BY AEROSPACE & DEFENSE, BY REGION, 2018-2030 (USD MILLION)
TABLE 13. GLOBAL COBALT MARKET SIZE, BY AUTOMOTIVE & TRANSPORTATION, BY REGION, 2018-2030 (USD MILLION)
TABLE 14. GLOBAL COBALT MARKET SIZE, BY CHEMICAL, BY REGION, 2018-2030 (USD MILLION)
TABLE 15. GLOBAL COBALT MARKET SIZE, BY CONSTRUCTION, BY REGION, 2018-2030 (USD MILLION)
TABLE 16. GLOBAL COBALT MARKET SIZE, BY ELECTRONICS, BY REGION, 2018-2030 (USD MILLION)
TABLE 17. GLOBAL COBALT MARKET SIZE, BY HEALTHCARE, BY REGION, 2018-2030 (USD MILLION)
TABLE 18. GLOBAL COBALT MARKET SIZE, BY OIL & GAS, BY REGION, 2018-2030 (USD MILLION)
TABLE 19. GLOBAL COBALT MARKET SIZE, BY PHARMACEUTICALS, BY REGION, 2018-2030 (USD MILLION)
TABLE 20. AMERICAS COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 21. AMERICAS COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 22. AMERICAS COBALT MARKET SIZE, BY COUNTRY, 2018-2030 (USD MILLION)
TABLE 23. ARGENTINA COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 24. ARGENTINA COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 25. BRAZIL COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 26. BRAZIL COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 27. CANADA COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 28. CANADA COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 29. MEXICO COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 30. MEXICO COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 31. UNITED STATES COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 32. UNITED STATES COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 33. UNITED STATES COBALT MARKET SIZE, BY STATE, 2018-2030 (USD MILLION)
TABLE 34. ASIA-PACIFIC COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 35. ASIA-PACIFIC COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 36. ASIA-PACIFIC COBALT MARKET SIZE, BY COUNTRY, 2018-2030 (USD MILLION)
TABLE 37. AUSTRALIA COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 38. AUSTRALIA COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 39. CHINA COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 40. CHINA COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 41. INDIA COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 42. INDIA COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 43. INDONESIA COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 44. INDONESIA COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 45. JAPAN COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 46. JAPAN COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 47. MALAYSIA COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 48. MALAYSIA COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 49. PHILIPPINES COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 50. PHILIPPINES COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 51. SINGAPORE COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 52. SINGAPORE COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 53. SOUTH KOREA COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 54. SOUTH KOREA COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 55. TAIWAN COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 56. TAIWAN COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 57. THAILAND COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 58. THAILAND COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 59. VIETNAM COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 60. VIETNAM COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 61. EUROPE, MIDDLE EAST & AFRICA COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 62. EUROPE, MIDDLE EAST & AFRICA COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 63. EUROPE, MIDDLE EAST & AFRICA COBALT MARKET SIZE, BY COUNTRY, 2018-2030 (USD MILLION)
TABLE 64. DENMARK COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 65. DENMARK COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 66. EGYPT COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 67. EGYPT COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 68. FINLAND COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 69. FINLAND COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 70. FRANCE COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 71. FRANCE COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 72. GERMANY COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 73. GERMANY COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 74. ISRAEL COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 75. ISRAEL COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 76. ITALY COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 77. ITALY COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 78. NETHERLANDS COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 79. NETHERLANDS COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 80. NIGERIA COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 81. NIGERIA COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 82. NORWAY COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 83. NORWAY COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 84. POLAND COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 85. POLAND COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 86. QATAR COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 87. QATAR COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 88. RUSSIA COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 89. RUSSIA COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 90. SAUDI ARABIA COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 91. SAUDI ARABIA COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 92. SOUTH AFRICA COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 93. SOUTH AFRICA COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 94. SPAIN COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 95. SPAIN COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 96. SWEDEN COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 97. SWEDEN COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 98. SWITZERLAND COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 99. SWITZERLAND COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 100. TURKEY COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 101. TURKEY COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 102. UNITED ARAB EMIRATES COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 103. UNITED ARAB EMIRATES COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 104. UNITED KINGDOM COBALT MARKET SIZE, BY PRODUCT, 2018-2030 (USD MILLION)
TABLE 105. UNITED KINGDOM COBALT MARKET SIZE, BY END-USER, 2018-2030 (USD MILLION)
TABLE 106. COBALT MARKET SHARE, BY KEY PLAYER, 2023
TABLE 107. COBALT MARKET, FPNV POSITIONING MATRIX, 2023

Samples

Companies Mentioned

The companies profiled in this Cobalt market report include:
  • ATAMAN Kimya A.S.
  • Carter Alloys Co.
  • Central Drug House (P) Ltd.
  • CMOC Group Limited
  • Dhanwant Metal Corporation
  • Eramet Group
  • Eurasian Resources Group
  • Glencore PLC
  • Jinchuan Group International Resources Co. Ltd
  • JPM Pharma & Chemicals Pvt. Ltd.
  • Norilsk Nickel
  • Otto Chemie Pvt. Ltd
  • Palm Commodities International, LLC
  • Sherritt International Corporation
  • Sumitomo Metal Mining Co., Ltd.
  • Uma Chemicals
  • Umicore
  • United States Strategic Metals, LLC
  • Vale S.A.
  • Vishnupriya Chemicals Pvt. Ltd
  • Wheaton Precious Metals Corp.
  • Yantai Cash Industrial Co. Ltd.
  • Zhejiang Huayou Cobalt Co.,Ltd

Table Information

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