Cobalt Market Size, Share, and Outlook, 2025 Report- By Product (Cobalt Sulfate, Cobalt Oxide, Cobalt Metal, Others), By Application (Electric Vehicle, Industrial Metals, Superalloys, Industrial Chemical, Others), 2018-2032

Cobalt Market Outlook

Cobalt Market Size is forecast to reach $32.5 Billion in 2032 from $19.4 Billion in 2025, at an optimistic growth rate of 7.5% from 2025 to 2032. The robust Cobalt Market growth presents potential growth opportunities for companies across the industry value chain.

The comprehensive market research report presents 12-year historic and forecast data on Cobalt Market segments across 22 countries from 2021 to 2032. Key segments in the report include By Product (Cobalt Sulfate, Cobalt Oxide, Cobalt Metal, Others), By Application (Electric Vehicle, Industrial Metals, Superalloys, Industrial Chemical, Others). Over 70 tables and charts showcase findings from our latest survey report on Cobalt Markets.

Cobalt Market Insights, 2025: Cobalt – Key Drivers and Opportunities

Cobalt is a critical material in several industries, particularly in the battery manufacturing, aerospace, and electronics sectors. The rising demand for electric vehicles (EVs) is one of the key drivers for the cobalt market, as cobalt is a critical component in the production of lithium-ion batteries, which are essential for powering EVs. With global efforts to reduce greenhouse gas emissions and transition to sustainable energy sources, the demand for cobalt continues to rise as automakers scale up their production of electric vehicles. Additionally, the renewable energy market—including solar power and wind power—relies heavily on cobalt-based technologies for energy storage solutions, which further boosts the demand for the metal.

In the aerospace industry, cobalt is widely used in the production of superalloys that are essential for jet engines, gas turbines, and other high-performance applications that require materials capable of withstanding extreme temperatures and stresses. As the aerospace industry continues to develop more fuel-efficient and durable aircraft, cobalt's demand for these high-performance alloys is expected to grow.

Opportunities in the cobalt market are largely tied to the supply chain and sustainability of cobalt, as a substantial portion of cobalt production comes from regions with social and environmental concerns, particularly in Africa. This has prompted many companies to invest in ethical sourcing practices and recycling technologies that reduce dependency on mined cobalt. The growing trend of recycled cobalt and the development of cobalt-free battery chemistries present new opportunities for innovation. Furthermore, cobalt's expanding use in advanced manufacturing technologies, including 3D printing and wear-resistant coatings, provides additional avenues for market growth.

Five Trends that will define global Cobalt Market in 2025 and Beyond

A closer look at the multi-million global market for Cobalt Market identifies rapidly shifting consumer preferences across categories. By focusing on growth and resilience, leading Cobalt Companies are prioritizing their investments across categories, markets, and geographies. The report analyses the most important market trends shaping the new landscape to support better decisions for the long and short-term future.

What are the biggest opportunities for growth in the Cobalt Industry?

The Cobalt Market sector demonstrated remarkable resilience over the past year across developed and developing economies. Further, the market presents significant opportunities to leverage the existing momentum towards actions by 2032. On the other hand, recent macroeconomic developments including rising inflation and supply chain disruptions are putting pressure on companies. The chapter assists users to identify growth avenues and address business challenges to make informed commercial decisions with unique insights, data forecasts, and in-depth market analyses.

Cobalt Market Segment Insights

The Cobalt Industry presents strong offers across categories. The analytical report offers forecasts of Cobalt Industry performance across segments and countries. Key segments in the industry include- By Product (Cobalt Sulfate, Cobalt Oxide, Cobalt Metal, Others), By Application (Electric Vehicle, Industrial Metals, Superalloys, Industrial Chemical, Others). The largest types, applications, and sales channels, fastest growing segments, and the key factors driving each of the categories are included in the report.

Forecasts of each segment across five regions are provided from 2021 through 2032 for Asia Pacific, North America, Europe, South America, Middle East, and African regions. In addition, Cobalt Market size outlook is provided for 22 countries across these regions.

Cobalt Industry Value Chain

The chapter identifies potential companies and their operations across the global Cobalt Industry ecosystem. It assists decision-makers in evaluating global Cobalt Market fundamentals, market dynamics, and disruptive trends across the value chain segments.

Scenario Analysis and Forecasts

Strategic decision-making in the Cobalt Industry is multi-faceted with the increased need for planning across scenarios. The report provides forecasts across three case scenarios- low growth, reference case, and high growth cases.

Asia Pacific Cobalt Market Analysis- A Promising Growth Arena for Business Expansion

As companies increasingly expand across promising Asia Pacific markets with a combined population of over 4.5 billion, the medium-to-long-term future remains robust. The presence of the fastest-growing economies such as China, India, Thailand, Indonesia, and Vietnam coupled with strengthening middle-class populations and rising disposable incomes drive the market. In particular, China and India are witnessing rapid shifts in consumer purchasing behavior. China is recovering steadily with optimistic forecasts for 2025. Further, Japanese and South Korean markets remain stable with most companies focusing on new product launches and diversification of sales channels.

The State of Europe Cobalt Industry 2025- Focus on Accelerating Competitiveness

As companies opt for an integrated agenda for competitiveness, the year 2025 presents optimistic scenarios for companies across the ecosystem. With signs of economic recovery across markets, companies are increasing their investments. Europe is one of the largest markets for Cobalt Market with demand from both Western Europe and Eastern European regions increasing over the medium to long-term future. Increasing omnichannel shopping amidst robust consumer demand for value purchases shapes the market outlook. The report analyses the key Cobalt Market drivers and opportunities across Germany, France, the United Kingdom, Spain, Italy, Russia, and other Europe.

The US Cobalt Market Insights- Executives are most excited about opportunities for the US Cobalt Industry.

Easing inflation coupled with strengthening consumer sentiment is encouraging aggressive actions from the US Cobalt Companies. Market players consistently focusing on innovation and pursuing new ways to create value are set to excel in 2025. In addition, the Canadian and Mexican markets offer lucrative growth pockets for manufacturers and vendors. Focus on private-brand offerings and promotions, diversified sales channels, expansion into niche segments, adoption of advanced technologies, and sustainability are widely observed across the North American Cobalt Market.

Latin American Cobalt Market outlook rebounds in line with economic growth.

Underlying demand remains higher among urban consumers with an optimistic economic outlook across Brazil, Argentina, Chile, and other South and Central American countries. Increased consumer spending has been reported since H2-2024 and the prospects remain strong for 2025. Aggressive ecosystem moves to create new sources of income are widely observed across markets in the region. Marketing activities focused on customer insights, operations, and support functions are quickly gaining business growth in the region.

Middle East and Africa Cobalt Markets- New Opportunities for Companies Harnessing Diversity

Rapid growth in burgeoning urban locations coupled with a young and fast-growing population base is attracting new investments in the Middle East and African Cobalt Markets. Designing expansion and marketing strategies to cater to the local consumer base supports the market prospects. In addition to Nigeria, Algeria, South Africa, and other markets, steady growth markets in Ethiopia, Rwanda, Ghana, Tanzania, the Democratic Republic of Congo, and others present significant prospects for companies. On the other hand, Middle Eastern Cobalt Markets including the UAE, Saudi Arabia, Qatar, and Oman continue to offer lucrative pockets of growth.

Competitive Landscape- How Cobalt Companies outcompete in 2025 and Beyond?

The ability to respond quickly to evolving consumer preferences and adapt businesses to niche consumer segments remains a key growth factor. The report identifies the leading companies in the industry and provides their revenue for 2024. The market shares of each company are also included in the report. Further, business profiles, SWOT analysis, and financial analysis of each company are provided in detail. Key companies analyzed in the report include China Molybdenum Co. Ltd, Eurasian Resources Group, Freeport-McMoRan Inc, Glencore plc, Huayou Cobalt Co. Ltd, MMC Norilsk Nickel PJSC, Sumitomo Metal Mining Co. Ltd, Umicore N.V.

Cobalt Market Scope and Segmentation

By Product

Cobalt Sulfate

Cobalt Oxide

Cobalt Metal

Others

By Application

Electric Vehicle

Industrial Metals

Superalloys

Industrial Chemical

Others

Countries Included-

North America- US, Canada, Mexico

Europe- Germany, France, UK, Spain, Italy, Benelux, Turkey, Russia, Rest of Europe

Asia Pacific- China, India, Japan, South Korea, South East Asia, Australia, Rest of APAC

South and Central America- Brazil, Argentina, Chile, Rest of SCA

Middle East and Africa- Saudi Arabia, the UAE, Israel, South Africa, Algeria, Nigeria, Rest of Middle East, Rest of Africa

Companies Included in the Cobalt Market Research-

China Molybdenum Co. Ltd

Eurasian Resources Group

Freeport-McMoRan Inc

Glencore plc

Huayou Cobalt Co. Ltd

MMC Norilsk Nickel PJSC

Sumitomo Metal Mining Co. Ltd

Umicore N.V.

Reasons to Buy the report

• Make informed decisions through long and short-term forecasts across 22 countries and segments.
• Evaluate market fundamentals, dynamics, and disrupting trends set to shape 2025 and beyond.
• Gain a clear understanding of the competitive landscape, with product portfolio and growth strategies.
• Get an integrated understanding of the entire market ecosystem and companies.
• Stay ahead of the competition through plans for growth in a changing environment for your geographic expansion.
• Assess the impact of advanced technologies and identify growth opportunities based on actionable data and insights.
• Get free Excel spreadsheet and PPT versions along with the report PDF.