Cobalt Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product (Cobalt Sulphate, Cobalt Oxide, Cobalt Metal & Others), By Application (Battery Chemicals, Super Alloy, Ceramic and Pigments, Hard Metals, Magnets, Life Science, Binder Material, Electric Vehicles), By End User (Electronics, Automotive, Aerospace, Medical) and Region Forecast 2020-2031.

Cobalt Market size was valued at US$ 1,257.3 million in 2024 and is expected to reach US$ 2,099.5 million by 2031, growing at a significant CAGR of 7.6% from 2025-2031. Cobalt is a lustrous very hard silvery metal belonging to a group called the transition metals. It is a metallic element, part of the transition metals, and is primarily found in the Earth's crust in chemically combined forms. The growth drivers of the market are lithium-ion batteries fuel market surge.

However, the constraints of market are substitution risk in cathode chemistries, lack of high-tech infrastructure. The emerging opportunities are commercialization of environment friendly recyclable cobalt, rapid technological advancements. The key trends of the market are rising demand from electric vehicle industry, advancement in longer battery lifespan and performance. 

Key Takeaways

• Asia Pacific market is the dominant market in 2023.
• The Europe market is expected to expand at highest CAGR from 2024 to 2030.
• Based on product, the cobalt sulphate segment dominated the market in 2023.
• Based on application, the electric vehicle segment has captured largest market share in 2023
• Based on end user, the automotive segment is expected to dominate the market in coming forecast years. 

Facts & Figures

• In March 2022, SK Innovation, a South Korean energy company, in partnership with Ford Motor Company, announced an investment of  US$ 2.2 billion for constructing an electric battery plant in Ankara.
• In January 2024, Eurasian Resources Group (ERG) is collaborating with Thara to explore the development of a cobalt sulphate refinery in Saudi Arabia. This initiative aims to strengthen ERG's position as a strategic supplier of cobalt for electric vehicle batteries, aligning with the growing demand for sustainable cobalt sourcing. 

Key Developments

In December 2021, Ariana Resources plc, an AIM-listed mineral exploration and development firm with joint-venture gold mining operations in Europe, has completed a primary investment for the Asgard Metals Fund as part of its exclusive Project Catalyst Strategy.

Cobalt Market Segmentation

By Product:  ProductAmong all the products, cobalt sulphate is the leading product in the market, mainly due to its vital role in the lithium-ion battery industry, which powers electric vehicles (EVs) and portable electronics. It provides high thermal stability and boosts battery energy density, making it essential for these applications. The increasing demand for EVs and consumer electronics drives its popularity.

By Application: In application segment Electric Vehicles (EVs) are the main driver of the market. Cobalt is a crucial part of lithium-ion batteries, enhancing their performance and safety. It boosts energy density and battery life while minimizing the risk of overheating, making it essential for EVs. The surge in the EV market, fuelled by global initiatives to cut carbon emissions and promote green transportation, directly increases the demand for cobalt. 

By End User: Among all the end users, the automotive sub-segment is leading the market with highest market share due to growing production of electronic vehicles that demand the lithium-ion batteries that use cobalt as key component.