Cobalt Market: By Product, By Application, By End User, and Region, Forecast 2019-2030.

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 2019-2030.

Cobalt Market size was valued at US$ 16,542.9 million in 2023 and is projected to reach a value of US$ 27,624.7 million by 2030, at a CAGR of 7.6% from 2024-2030.
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 Players

The leading companies highlighted in the market report include such as China Molybdenum Co., Ltd focuses on copper and cobalt production materials for batteries, especially in electric vehicles ; Eurasian Resources Group supplies cobalt for battery-grade materials and others are Freeport-McMoRan, Glencore, Huayou Cobalt,  Norilsk Nickel, Sumitomo Metal Mining Co., Ltd., Umicore, Sherritt International Corporation, BHP, Eramet. Also, a comprehensive analysis of industry verticals and market participants that provides a clear overview of the competitive landscape in relation to the sectors served by the company’s products and services, market share, service offerings, financial reports, significant developments, market strategy, competitive position, and geographic reach.

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.    

Cobalt Market Summary

Study Period

2024 -2030

Base Year

2023

CAGR

7.6%

Largest Market

Asia Pacific

Fastest Growing Market

Asia pacific

Cobalt Market Dynamics

Drivers

The primary driver for the increase in cobalt demand is the rapid expansion of lithium-ion batteries, which are mainly being pushed by the electric vehicle industry, consumer electronics, and energy storage systems. Even with continuous efforts to lower the reliance on cobalt, cobalt is still necessary for many high-performance battery applications. The outcome is a steady rise in cobalt demand, leading to tighter supply chains, price rises, and a greater emphasis on recycling and ethical sourcing procedures.

Restraints

The cobalt market is severely constrained by the substitution risk associated with cathode chemistries. Due to supply chain issues, economic pressures, and ethical concerns, battery manufacturers are focussing more and more on lowering the amount of cobalt in their products. As a result, cobalt-free alternatives like LFP and nickel-rich batteries are becoming more and more popular. Technological breakthroughs and increased initiatives to diversify battery materials are causing uncertainties in the long-term need for cobalt. Although cobalt will always be used in high-performance batteries, the demand for substitutes will make it difficult for the market to expand consistently. 

Opportunities

Within the market, the commercialisation of recyclable, eco-friendly cobalt offers a substantial opportunity. Cobalt recycling can offer a dependable, affordable, and ecologically conscious source of this essential metal by addressing important issues with sustainability, ethical sourcing, and supply chain stability. The need for recyclable cobalt will increase due to sectors like electronics and energy storage, etc. Businesses that take advantage of this chance will not only improve their competitiveness but also help create a cobalt supply chain that is more ethical and sustainable.

Trends

The increasing demand for electric vehicles (EVs) and portable electronics is leading to significant research and development in the market, particularly regarding battery chemistry. Efforts are being made to develop cobalt-free and low-cobalt battery technologies. These innovations aim to lessen reliance on cobalt, reducing supply chain risks. Additionally, they promise enhancements in battery performance, lifespan, and cost-effectiveness, thereby changing how cobalt is used in energy storage applications. 

Cobalt Market Segmentation Analysis

Report Benchmarks

Details

Report Study Period

2024 -2030

Market Size in 2023

US$ 16,542.9 million

Market Size in 2030

US$ 27,624.7 million

Market CAGR

7.6%

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

By Region

  • North America (U.S., Canada)
  • Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
  • Asia-Pacific (China, India, Japan, Australia, Southeast Asia, Rest of Asia Pacific)
  • Latin America (Mexico, Brazil, Argentina, Columbia, Rest of Latin America)
  • Middle East & Africa (GCC, Egypt, Nigeria, South Africa, Rest of Middle East and Africa)

 

Analyst Review

The growing demand for cobalt in a number of high-growth industries, most notably electronics, renewable energy, and electric vehicles (EVs), is what driving the market's requirement and growth. In addition to its numerous industrial applications, cobalt's crucial role in lithium-ion batteries has generated enormous market development prospects, but it has also raised supply, sustainability, and innovation issues. To secure access to cobalt, companies are investing heavily in cobalt mining projects, particularly in the DRC. These investments aim to increase production capacity, improve mining efficiency, and address ethical concerns. Strategic partnerships between automakers, battery producers, and mining companies are also helping to ensure long-term cobalt supply.

Key Features of the Report

  • The cobalt market report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and key strategies.
  •  The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market.
  • The report provides a plethora of information about Market entry strategies, regulatory framework, and reimbursement scenarios
  • The report analyses the impact of the socio-political environment through PESTLE Analysis and competition through Porter's Five Force Analysis in addition to recent technology advancements and innovations in the market.  

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Frequently Asked Questions

The global cobalt market size was value US$ 16,542.9 million in 2023 and is projected to reach value of US$ 27,624.7 million by 2030, at a CAGR of 7.6% from 2024-2030.

• Substitution risk in cathode chemistries
• Lack of high-tech infrastructure.

The key players in the market are China Molybdenum Co., Ltd., Eurasian Resources Group, Freeport-McMoRan, Glencore, Huayou Cobalt.

Cobalt sulphate is most widely used in the market

Asia Pacific region is expected to dominate the market.

Author image

Author

Prem Kumar

Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand f.....

1. Executive Summary
2. Global Glaucoma Diagnostic Devices Market Introduction 
2.1.Global Glaucoma Diagnostic Devices Market  - Taxonomy
2.2.Global Glaucoma Diagnostic Devices Market  - Definitions
2.2.1.Product
2.2.2.Application
2.2.3.End Users
2.2.4.Region
3. Global Glaucoma Diagnostic Devices Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Product Landscape
3.6. New Product Launches
3.7. Impact of COVID 19 on Market
4. Global Glaucoma Diagnostic Devices Market Analysis, 2019 - 2023 and Forecast 2024 - 2030
4.1.  Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
4.2.  Year-Over-Year (Y-o-Y) Growth Analysis (%) 
4.3.  Market Opportunity Analysis 
5. Global Glaucoma Diagnostic Devices Market  By Product, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
5.1. Cobalt Sulphate
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.1.3. Market Opportunity Analysis 
5.2.  Cobalt Oxide
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.2.3. Market Opportunity Analysis 
5.3. Cobalt Metal
5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.3.3. Market Opportunity Analysis 
5.4. Others 
5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.4.3. Market Opportunity Analysis 
6. Global Glaucoma Diagnostic Devices Market  By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
6.1. Battery Chemicals
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.1.3. Market Opportunity Analysis 
6.2. Super Alloy
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.2.3. Market Opportunity Analysis 
6.3. Ceramic and Pigments
6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.3.3. Market Opportunity Analysis 
6.4. Hard Metals
6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.4.3. Market Opportunity Analysis 
6.5. Magnets
6.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.5.3. Market Opportunity Analysis 
6.6. Life Science
6.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.6.3. Market Opportunity Analysis 
6.7. Binder Material
6.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.7.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.7.3. Market Opportunity Analysis 
6.8. Electric vehicles 
6.8.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.8.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.8.3. Market Opportunity Analysis 
7. Global Glaucoma Diagnostic Devices Market  By End Users, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
7.1. Electronics
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.1.3. Market Opportunity Analysis 
7.2. Automotive
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.2.3. Market Opportunity Analysis 
7.3. Aerospace
7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.3.3. Market Opportunity Analysis 
7.4. Medical
7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.4.3. Market Opportunity Analysis 
8. Global Glaucoma Diagnostic Devices Market  By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
8.1. North America
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.1.3. Market Opportunity Analysis 
8.2. Europe
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.2.3. Market Opportunity Analysis 
8.3. Asia Pacific (APAC)
8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.3.3. Market Opportunity Analysis 
8.4. Middle East and Africa (MEA)
8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.4.3. Market Opportunity Analysis 
8.5. Latin America
8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.5.3. Market Opportunity Analysis 
9. North America Glaucoma Diagnostic Devices Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
9.1. Product Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.1.1.Cobalt Sulphate
9.1.2. Cobalt Oxide
9.1.3.Cobalt Metal
9.1.4.Others 
9.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.2.1.Battery Chemicals
9.2.2.Super Alloy
9.2.3.Ceramic and Pigments
9.2.4.Hard Metals
9.2.5.Magnets
9.2.6.Life Science
9.2.7.Binder Material
9.2.8.Electric vehicles 
9.3.  End Users Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.3.1.Electronics
9.3.2.Automotive
9.3.3.Aerospace
9.3.4.Medical
9.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.4.1.United States of America (USA)
9.4.2.Canada
10. Europe Glaucoma Diagnostic Devices Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
10.1. Product Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.1.1.Cobalt Sulphate
10.1.2. Cobalt Oxide
10.1.3.Cobalt Metal
10.1.4.Others 
10.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.2.1.Battery Chemicals
10.2.2.Super Alloy
10.2.3.Ceramic and Pigments
10.2.4.Hard Metals
10.2.5.Magnets
10.2.6.Life Science
10.2.7.Binder Material
10.2.8.Electric vehicles 
10.3.  End Users Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.3.1.Electronics
10.3.2.Automotive
10.3.3.Aerospace
10.3.4.Medical
10.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.4.1.Germany
10.4.2.France
10.4.3.Italy
10.4.4.United Kingdom (UK)
10.4.5.Spain
10.4.6.Rest of EU
11. Asia Pacific (APAC) Glaucoma Diagnostic Devices Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
11.1. Product Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.1.1.Cobalt Sulphate
11.1.2. Cobalt Oxide
11.1.3.Cobalt Metal
11.1.4.Others 
11.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.2.1.Battery Chemicals
11.2.2.Super Alloy
11.2.3.Ceramic and Pigments
11.2.4.Hard Metals
11.2.5.Magnets
11.2.6.Life Science
11.2.7.Binder Material
11.2.8.Electric vehicles 
11.3.  End Users Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.3.1.Electronics
11.3.2.Automotive
11.3.3.Aerospace
11.3.4.Medical
11.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.4.1.China
11.4.2.India
11.4.3.Australia and New Zealand (ANZ)
11.4.4.Japan
11.4.5.Rest of APAC
12. Middle East and Africa (MEA) Glaucoma Diagnostic Devices Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
12.1. Product Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.1.1.Cobalt Sulphate
12.1.2. Cobalt Oxide
12.1.3.Cobalt Metal
12.1.4.Others 
12.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.2.1.Battery Chemicals
12.2.2.Super Alloy
12.2.3.Ceramic and Pigments
12.2.4.Hard Metals
12.2.5.Magnets
12.2.6.Life Science
12.2.7.Binder Material
12.2.8.Electric vehicles 
12.3.  End Users Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.3.1.Electronics
12.3.2.Automotive
12.3.3.Aerospace
12.3.4.Medical
12.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.4.1.GCC Countries
12.4.2.South Africa
12.4.3.Rest of MEA
13. Latin America Glaucoma Diagnostic Devices Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
13.1. Product Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.1.1.Cobalt Sulphate
13.1.2. Cobalt Oxide
13.1.3.Cobalt Metal
13.1.4.Others 
13.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.2.1.Battery Chemicals
13.2.2.Super Alloy
13.2.3.Ceramic and Pigments
13.2.4.Hard Metals
13.2.5.Magnets
13.2.6.Life Science
13.2.7.Binder Material
13.2.8.Electric vehicles 
13.3.  End Users Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.3.1.Electronics
13.3.2.Automotive
13.3.3.Aerospace
13.3.4.Medical
13.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.4.1.Brazil
13.4.2.Mexico
13.4.3.Rest of LA
14. Competition Landscape
14.1.  Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) 
14.2.1.China Molybdenum Co. Ltd
14.2.2.Eurasian Resources Group
14.2.3.Freeport-McMoRan
14.2.4.Glencore
14.2.5.Huayou Cobalt
14.2.6.Norilsk Nickel
14.2.7.Sumitomo Metal Mining Co., Ltd.
14.2.8.Umicore
14.2.9.Sherritt International Corporation
14.2.10.BHP
14.2.11.Eramet
15. Research Methodology 
16. Appendix and Abbreviations 

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