How big is the Cobalt Market | Key Stats & Forecast 2025

Q: What is the current size of the cobalt market?

The cobalt market was valued at USD鈥�9.4鈥痓illion in 2024 and is projected to reach USD鈥�15.8鈥痓illion by 2031.

Q: What is the growth rate of the cobalt market?

The cobalt market is expected to grow at a CAGR of 8.0% during the forecast period of 2025 to 2031.

Q: Which applications contribute the most in the cobalt market?

Lithium-ion batteries, electric vehicles, superalloys for aerospace, electronics, and catalysts in chemical industries.

Q: What is driving demand in the cobalt market?

Rising EV adoption, battery production, aerospace growth, and investment in sustainable energy storage.

Q: What challenges does the cobalt market face?

Ethical sourcing concerns, price volatility, geopolitical risks, and dependency on a few mining regions.

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

Q: Do you also provide customisation in the market study?

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How big is the Cobalt Market Expansion and Insights 2025

Code: MTA5473

Publication Date: Jul 2025

How big is the Cobalt Market?

According to 绿帽社 internal database and industry insights, the Global cobalt market was valued at approximately USD鈥�9.4鈥痓illion in 2024 and is projected to reach USD鈥�15.8鈥痓illion by 2031, growing at a CAGR of 8.0%.

This growth is driven by the surging demand for cobalt in lithium-ion batteries, electric vehicles (EVs), aerospace alloys, and electronics. Cobalt plays a vital role in enhancing energy density, thermal stability, and durability in battery technologies.

Key Growth Drivers of the Cobalt Market

Rising global adoption of electric vehicles and energy storage systems
Increasing demand for lithium-ion batteries in consumer electronics and EVs
Use of cobalt-based superalloys in jet engines and high-temperature machinery
Growing investments in battery recycling and sustainable sourcing
Expansion of renewable energy projects and grid storage infrastructure

Cobalt Market Trends

The Cobalt Market is witnessing a shift toward sustainable and ethical cobalt sourcing, including responsible mining and recycling. Battery-grade cobalt sulfate is in high demand due to growing EV sales. Technological advancements are focusing on reducing cobalt content in batteries while maintaining performance. Governments and companies are entering long-term cobalt procurement deals to secure supply chains. Asia-Pacific, particularly China, is dominating cobalt refining and battery material production.

Emerging Developments in the Cobalt Market

Recent changes involve some start-up companies that want to recycle batteries in order to re-use some cobalt. Mining firms have been investing in automation and ESG-friendly operations to become more transparent. Studies on cobalt-free/low cobalt cathode chemistries are increasingly common. Automakers and mining companies are establishing strategic alliances to have a reliable source of cobalt. Blockchain is being discussed as a way of enhancing cobalt supply chain traceability.