Cobalt Market Size, Share & Trends Analysis Report By Product (Cobalt Sulfate, Cobalt Oxide, Cobalt Metal), By End-use (EV, Industrial Metals, Superalloys), By Region (Asia Pacific, Europe), And Segment Forecasts, 2025 - 2030
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Cobalt Market Growth & Trends
The global cobalt market size is estimated treach USD 25.91 billion by 2030, registering tgrow at a CAGR of 6.7% from 2025 t2030 according ta new report by Grand View Research, Inc. Increasing demand for electric vehicles (EVs) is expected tpropel the demand for cobalt in battery applications over the forecast period. The demand for EVs has been increasing rapidly due tconcerns about climate change, rising fuel prices, and government incentives. Cobalt is a key component in the production of lithium-ion batteries used in EVs. Based on products, the cobalt oxide segment is expected tregister a CAGR of 6.1%, in terms of revenue, over the forecast period. It is used as a colorant in ceramic and glass production, where it imparts a blue color tthe final product.
The growing demand for ceramics and glass in various industries, such as construction and electronics, is driving the demand for cobalt oxide. The superalloy application segment is expected tregister high growth over the forecast years. A cobalt-based superalloy is known for its high-temperature stability, which makes it suitable for use in high-temperature applications. Thus, its unique combination of physical and chemical properties makes it an ideal material for high-temperature and high-stress applications in the aerospace, energy, and other industries. Based on region, there lies immense opportunity for the market tflourish in Europe. The growth of renewable energy sources, such as wind and solar power, is driving the demand for energy storage systems, which is propelling the production of lithium batteries that use cobalt.
As Europe aims ttransition toward a cleaner energy future, the demand for renewable energy storage systems is increasing, thereby driving market growth. For instance, a comprehensive energy law package passed by the German government in April 2022 aims tincrease the amount of renewable energy generated in the country by 22,000 MW from solar and 10,000 MW from wind by 2030. The market participants continue texpand their production capacities tstay ahead of the competition. For instance, in February 2023, Eurasian Resources Group announced an investment of USD 1.8 billion for doubling its output of African copper and cobalt processed at a mine near Lubumbashi, the Democratic Republic of Congo. This indicates a high demand and growing competitive rivalry.
Cobalt Market Report Highlights
Cobalt Market Growth & Trends
The global cobalt market size is estimated treach USD 25.91 billion by 2030, registering tgrow at a CAGR of 6.7% from 2025 t2030 according ta new report by Grand View Research, Inc. Increasing demand for electric vehicles (EVs) is expected tpropel the demand for cobalt in battery applications over the forecast period. The demand for EVs has been increasing rapidly due tconcerns about climate change, rising fuel prices, and government incentives. Cobalt is a key component in the production of lithium-ion batteries used in EVs. Based on products, the cobalt oxide segment is expected tregister a CAGR of 6.1%, in terms of revenue, over the forecast period. It is used as a colorant in ceramic and glass production, where it imparts a blue color tthe final product.
The growing demand for ceramics and glass in various industries, such as construction and electronics, is driving the demand for cobalt oxide. The superalloy application segment is expected tregister high growth over the forecast years. A cobalt-based superalloy is known for its high-temperature stability, which makes it suitable for use in high-temperature applications. Thus, its unique combination of physical and chemical properties makes it an ideal material for high-temperature and high-stress applications in the aerospace, energy, and other industries. Based on region, there lies immense opportunity for the market tflourish in Europe. The growth of renewable energy sources, such as wind and solar power, is driving the demand for energy storage systems, which is propelling the production of lithium batteries that use cobalt.
As Europe aims ttransition toward a cleaner energy future, the demand for renewable energy storage systems is increasing, thereby driving market growth. For instance, a comprehensive energy law package passed by the German government in April 2022 aims tincrease the amount of renewable energy generated in the country by 22,000 MW from solar and 10,000 MW from wind by 2030. The market participants continue texpand their production capacities tstay ahead of the competition. For instance, in February 2023, Eurasian Resources Group announced an investment of USD 1.8 billion for doubling its output of African copper and cobalt processed at a mine near Lubumbashi, the Democratic Republic of Congo. This indicates a high demand and growing competitive rivalry.
Cobalt Market Report Highlights
- The EVs application segment held the largest revenue share in 2024 due tfactors, including environmental concerns, government policies, technological advancements, cost savings, and increasing consumer demand
- The superalloys segment is anticipated tregister a CAGR of 5.4% over the forecast period. Cobalt-based superalloys are particularly useful for applications where the materials are exposed textreme temperatures, pressures, and stresses.
- Cobalt sulfate is used in a variety of industries, such as agriculture, dyeing, batteries, and catalysts. In addition, it is a key material used in the production of lithium batteries, which are used in many electronic devices, such as smartphones, laptops, and EVs. It helps improve the performance and lifespan of these batteries.
CHAPTER 1. METHODOLOGY AND SCOPE
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Information Analysis
1.3.2. Market Formulation & Data Visualization
1.3.3. Data Validation & Publishing
1.4. Research Scope and Assumptions
1.4.1. List of Data Sources
CHAPTER 2. EXECUTIVE SUMMARY
2.1. Market Snapshot
2.2. Segmental Outlook
2.3. Competitive Outlook
CHAPTER 3. MARKET VARIABLES, TRENDS, AND SCOPE
3.1. Market Lineage Outlook
3.1.1. Global Cobalt Market Outlook
3.2. Value Chain Analysis
3.2.1. Raw Material Outlook
3.3. Manufacturing Overview
3.4. Regulatory Framework
3.5. Market Dynamics
3.5.1. Market Driver Analysis
3.5.2. Market Restraint Analysis
3.6. Industry Trends
3.6.1. ESG Trends
3.6.2. Trade Scenario
3.7. Porter’s Five Forces Analysis
3.7.1. Bargaining Power of Suppliers
3.7.2. Bargaining Power of Buyers
3.7.3. Threat of Substitution
3.7.4. Threat of New Entrants
3.7.5. Competitive Rivalry
3.8. PESTLE Analysis
3.8.1. Political
3.8.2. Economic
3.8.3. Social Landscape
3.8.4. Technology
3.8.5. Environmental
3.8.6. Legal
CHAPTER 4. COBALT MARKET: PRODUCT ESTIMATES & TREND ANALYSIS
4.1. Cobalt Market: Product Movement Analysis, 2024 & 2030
4.2. Cobalt Sulfide
4.2.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
4.3. Cobalt Oxide
4.3.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
4.4. Cobalt Metal
4.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
4.5. Others
4.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
CHAPTER 5. COBALT MARKET: END USE ESTIMATES & TREND ANALYSIS
5.1. Cobalt Market: End Use Movement Analysis, 2024 & 2030
5.2. Electric Vehicles
5.2.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.3. Other Batteries
5.3.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.4. Industrial Metals
5.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.5. Industrial Chemicals
5.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.6. Superalloys
5.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
CHAPTER 6. COBALT MARKET: REGIONAL ESTIMATES & TREND ANALYSIS
6.1. Regional Analysis, 2023 & 2030
6.2. North America
6.2.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.2.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.2.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
6.2.4. U.S.
6.2.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.2.4.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.2.4.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
6.3. Europe
6.3.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.3.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.3.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
6.3.4. Germany
6.3.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.3.4.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.3.4.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
6.3.5. UK
6.3.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.3.5.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.3.5.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
6.3.6. France
6.3.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.3.6.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.3.6.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
6.4. Asia Pacific
6.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.4.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.4.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
6.4.4. China
6.4.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.4.4.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.4.4.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
6.4.5. Japan
6.4.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.4.5.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.4.5.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
6.4.6. South Korea
6.4.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.4.6.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.4.6.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
6.5. Central & South America
6.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.5.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.5.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
6.6. Middle East & Africa
6.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.6.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.6.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
CHAPTER 7. COMPETITIVE LANDSCAPE
7.1. Recent Developments, By Key Market Participants
7.2. Kraljic Matrix
7.3. Company Categorization
7.4. Company Market Ranking
7.5. Heat Map Analysis
7.6. Vendor Landscape
7.6.1. List of Raw Material Suppliers
7.6.2. List of Distributors/Traders
7.6.3. List of Other Prominent Manufacturers
7.7. List of Prospective End Users
7.8. Strategy Mapping
7.9. Company Profiles/Listing
7.9.1. Umicore
7.9.1.1. Company Overview
7.9.1.2. Product Benchmarking
7.9.2. China Molybdenum Co., Ltd.
7.9.2.1. Company Overview
7.9.2.2. Product Benchmarking
7.9.3. Sumitomo Metal Mining Co., Ltd.
7.9.3.1. Company Overview
7.9.3.2. Product Benchmarking
7.9.4. Euroasian Resources Group
7.9.4.1. Company Overview
7.9.4.2. Product Benchmarking
7.9.5. Glencore
7.9.5.1. Company Overview
7.9.5.2. Product Benchmarking
7.9.6. Norilsk Nickel
7.9.6.1. Company Overview
7.9.6.2. Product Benchmarking
7.9.7. Jinchuan Group
7.9.7.1. Company Overview
7.9.7.2. Product Benchmarking
7.9.8. Vale S.A.
7.9.8.1. Company Overview
7.9.8.2. Product Benchmarking
7.9.9. Huayou Cobalt
7.9.9.1. Company Overview
7.9.9.2. Product Benchmarking
7.9.10. Freeport-McMoRan
7.9.10.1. Company Overview
7.9.10.2. Product Benchmarking
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Information Analysis
1.3.2. Market Formulation & Data Visualization
1.3.3. Data Validation & Publishing
1.4. Research Scope and Assumptions
1.4.1. List of Data Sources
CHAPTER 2. EXECUTIVE SUMMARY
2.1. Market Snapshot
2.2. Segmental Outlook
2.3. Competitive Outlook
CHAPTER 3. MARKET VARIABLES, TRENDS, AND SCOPE
3.1. Market Lineage Outlook
3.1.1. Global Cobalt Market Outlook
3.2. Value Chain Analysis
3.2.1. Raw Material Outlook
3.3. Manufacturing Overview
3.4. Regulatory Framework
3.5. Market Dynamics
3.5.1. Market Driver Analysis
3.5.2. Market Restraint Analysis
3.6. Industry Trends
3.6.1. ESG Trends
3.6.2. Trade Scenario
3.7. Porter’s Five Forces Analysis
3.7.1. Bargaining Power of Suppliers
3.7.2. Bargaining Power of Buyers
3.7.3. Threat of Substitution
3.7.4. Threat of New Entrants
3.7.5. Competitive Rivalry
3.8. PESTLE Analysis
3.8.1. Political
3.8.2. Economic
3.8.3. Social Landscape
3.8.4. Technology
3.8.5. Environmental
3.8.6. Legal
CHAPTER 4. COBALT MARKET: PRODUCT ESTIMATES & TREND ANALYSIS
4.1. Cobalt Market: Product Movement Analysis, 2024 & 2030
4.2. Cobalt Sulfide
4.2.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
4.3. Cobalt Oxide
4.3.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
4.4. Cobalt Metal
4.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
4.5. Others
4.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
CHAPTER 5. COBALT MARKET: END USE ESTIMATES & TREND ANALYSIS
5.1. Cobalt Market: End Use Movement Analysis, 2024 & 2030
5.2. Electric Vehicles
5.2.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.3. Other Batteries
5.3.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.4. Industrial Metals
5.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.5. Industrial Chemicals
5.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.6. Superalloys
5.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
CHAPTER 6. COBALT MARKET: REGIONAL ESTIMATES & TREND ANALYSIS
6.1. Regional Analysis, 2023 & 2030
6.2. North America
6.2.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.2.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.2.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
6.2.4. U.S.
6.2.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.2.4.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.2.4.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
6.3. Europe
6.3.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.3.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.3.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
6.3.4. Germany
6.3.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.3.4.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.3.4.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
6.3.5. UK
6.3.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.3.5.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.3.5.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
6.3.6. France
6.3.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.3.6.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.3.6.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
6.4. Asia Pacific
6.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.4.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.4.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
6.4.4. China
6.4.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.4.4.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.4.4.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
6.4.5. Japan
6.4.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.4.5.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.4.5.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
6.4.6. South Korea
6.4.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.4.6.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.4.6.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
6.5. Central & South America
6.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.5.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.5.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
6.6. Middle East & Africa
6.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
6.6.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
6.6.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
CHAPTER 7. COMPETITIVE LANDSCAPE
7.1. Recent Developments, By Key Market Participants
7.2. Kraljic Matrix
7.3. Company Categorization
7.4. Company Market Ranking
7.5. Heat Map Analysis
7.6. Vendor Landscape
7.6.1. List of Raw Material Suppliers
7.6.2. List of Distributors/Traders
7.6.3. List of Other Prominent Manufacturers
7.7. List of Prospective End Users
7.8. Strategy Mapping
7.9. Company Profiles/Listing
7.9.1. Umicore
7.9.1.1. Company Overview
7.9.1.2. Product Benchmarking
7.9.2. China Molybdenum Co., Ltd.
7.9.2.1. Company Overview
7.9.2.2. Product Benchmarking
7.9.3. Sumitomo Metal Mining Co., Ltd.
7.9.3.1. Company Overview
7.9.3.2. Product Benchmarking
7.9.4. Euroasian Resources Group
7.9.4.1. Company Overview
7.9.4.2. Product Benchmarking
7.9.5. Glencore
7.9.5.1. Company Overview
7.9.5.2. Product Benchmarking
7.9.6. Norilsk Nickel
7.9.6.1. Company Overview
7.9.6.2. Product Benchmarking
7.9.7. Jinchuan Group
7.9.7.1. Company Overview
7.9.7.2. Product Benchmarking
7.9.8. Vale S.A.
7.9.8.1. Company Overview
7.9.8.2. Product Benchmarking
7.9.9. Huayou Cobalt
7.9.9.1. Company Overview
7.9.9.2. Product Benchmarking
7.9.10. Freeport-McMoRan
7.9.10.1. Company Overview
7.9.10.2. Product Benchmarking
