"The Global Metal Cobalt Market was valued at USD 40.6 billion in 2025 and is projected to reach USD 63.4 billion by 2034, growing at a CAGR of 5.72%."
The metal cobalt market plays a critical role in supplying high-performance materials for industries such as electric vehicle (EV) batteries, aerospace alloys, and cutting tools. Cobalt is primarily used in lithium-ion batteries, particularly for cathode chemistry in nickel-cobalt-manganese (NCM) and nickel-cobalt-aluminum (NCA) formulations, which dominate EV and energy storage applications. As decarbonization and electrification accelerate, demand for refined cobalt metal and cobalt salts has surged, with key production concentrated in the Democratic Republic of Congo (DRC) and refined output largely led by China. Strategic supply chain diversification is reshaping the cobalt landscape, with emerging investments in refining capacity across Europe, Indonesia, and North America. Cobalt’s unique properties—such as high-temperature resistance and magnetism—also sustain demand in defense, electronics, and medical device manufacturing. Despite market volatility, long-term fundamentals remain strong due to the role cobalt plays in next-generation energy and mobility technologies.
In 2024, cobalt market dynamics were shaped by rising EV adoption and supply-side adjustments. The year witnessed robust growth in cobalt demand across battery gigafactories in Europe and the U.S., fueled by IRA and EU Critical Raw Materials Act incentives. Prices experienced moderate recovery after oversupply in 2023, supported by restocking in the battery supply chain and rising demand from aerospace sectors. Companies such as Glencore, Umicore, and CMOC Group advanced offtake agreements with automotive OEMs and battery manufacturers, locking in future cobalt metal flows. The industry also saw heightened investment in secondary cobalt recovery from spent batteries, supported by policy-driven circular economy strategies. Meanwhile, scrutiny on ethical sourcing and environmental transparency increased, with stakeholders demanding blockchain-based traceability systems to ensure cobalt was sourced without links to child labor or unregulated mining. These factors collectively redefined competitiveness and compliance across the cobalt supply chain.
Looking ahead to 2025 and beyond, the cobalt market is poised for further transformation driven by supply diversification, recycling, and technological evolution. Refining capacity outside China is expected to scale significantly, especially in Europe and North America, as governments push for domestic critical mineral security. The growth of solid-state batteries and cobalt-efficient chemistries may alter demand patterns, but cobalt’s role in high-energy-density cathodes will remain vital through 2030. EV penetration across Southeast Asia, India, and Latin America is projected to create new demand corridors, while aerospace and industrial alloy markets will continue to rely on cobalt for superalloys and magnetic applications. Increasing investment in sustainable mining, AI-based resource mapping, and digital twin technologies will also improve extraction efficiency and ESG performance. Geopolitical tensions and export controls, particularly between China, the DRC, and Western economies, are likely to intensify, reshaping cobalt trade flows and contract structures.
| Global Cobalt waste and scrap (excl. ash and residues containing cobalt), Imports, USD million, 2020-24 | |||||
|
| 2020 | 2021 | 2022 | 2023 | 2024 |
| World | 57.44 | 79.17 | 131.29 | 91.59 | 80.02 |
| United States of America | 15.58 | 20.25 | 27.41 | 28.45 | 17.99 |
| United Kingdom | 7.07 | 15.27 | 29.88 | 20.77 | 17.44 |
| Canada | 14.73 | 13.57 | 24.00 | 12.49 | 10.89 |
| France | 7.47 | 8.72 | 11.15 | 4.29 | 4.60 |
| Germany | 2.24 | 4.38 | 6.21 | 3.25 | 4.05 |
| Source: OGAnalysis, (ITC) | |||||
- United States of America, United Kingdom, Canada, France and Germany are the top five countries importing 68.7% of global Cobalt waste and scrap (excl. ash and residues containing cobalt) in 2024
- Global Cobalt waste and scrap (excl. ash and residues containing cobalt) Imports increased by 39.3% between 2020 and 2024
- United States of America accounts for 22.5% of global Cobalt waste and scrap (excl. ash and residues containing cobalt) trade in 2024
- United Kingdom accounts for 21.8% of global Cobalt waste and scrap (excl. ash and residues containing cobalt) trade in 2024
- Canada accounts for 13.6% of global Cobalt waste and scrap (excl. ash and residues containing cobalt) trade in 2024
| Global Cobalt waste and scrap (excl. ash and residues containing cobalt) Export Prices, USD/Ton, 2020-24 |
|
|
| Source: OGAnalysis |
| Parameter | Metal Cobalt Market scope Detail |
| Base Year | 2024 |
| Estimated Year | 2025 |
| Forecast Period | 2026-2032 |
| Market Size-Units | USD billion |
| Market Splits Covered | By Product, By Application, By End User and By Technology |
| Countries Covered | North America (USA, Canada, Mexico) |
| Analysis Covered | Latest Trends, Driving Factors, Challenges, Trade Analysis, Price Analysis, Supply-Chain Analysis, Competitive Landscape, Company Strategies |
| Customization | 10% free customization (up to 10 analyst hours) to modify segments, geographies, and companies analyzed |
| Post-Sale Support | 4 analyst hours, available up to 4 weeks |
| Delivery Format | The Latest Updated PDF and Excel Data file |
By Product
- Metallic Cobalt
- Cobalt Alloys
- Cobalt Compounds
By Application
- Batteries
- Alloys
- Catalysts
By End User
- Automotive
- Aerospace
- Electronics
By Technology
- Hydrometallurgical
- Pyrometallurgical
By Geography
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, Vietnam, Rest of APAC)
- The Middle East and Africa (Middle East, Africa)
- South and Central America (Brazil, Argentina, Rest of SCA)
August 2025 — The U.S. Defense Department announced plans to purchase up to US$500 million worth of cobalt, boosting demand from strategic stockpiling.
July 2025 — Fortune Minerals reported progress on metallurgical improvements and project planning at its NICO project, aiming to scale cobalt (and other metals) output.
May 2025 — Cobalt Holdings aimed to raise US$230 million via IPO to buy 6,000 tons of cobalt metal from Glencore toward building a physical cobalt stockpile.
September 2025 — The Democratic Republic of Congo announced export quotas on cobalt (starting October 16) to regulate global supply; capped exports at ~18,125 tonnes for the remainder of the year.
June 2025 — Glencore declared force majeure on some cobalt deliveries due to the DRC’s export ban, disrupting metal cobalt supply chains.
Available Customizations
The standard syndicate report is designed to serve the common interests of Metal Cobalt Market players across the value chain and include selective data and analysis from entire research findings as per the scope and price of the publication.
However, to precisely match the specific research requirements of individual clients, we offer several customization options to include the data and analysis of interest in the final deliverable.
Some of the customization requests are as mentioned below :
Segmentation of choice – Our clients can seek customization to modify/add a market division for types/applications/end-uses/processes of their choice.
Metal Cobalt Pricing and Margins Across the Supply Chain, Metal Cobalt Price Analysis / International Trade Data / Import-Export Analysis
Supply Chain Analysis, Supply–Demand Gap Analysis, PESTLE Analysis, Macro-Economic Analysis, and other Metal Cobalt market analytics
Processing and manufacturing requirements, Patent Analysis, Technology Trends, and Product Innovations
Further, the client can seek customization to break down geographies as per their requirements for specific countries/country groups such as South East Asia, Central Asia, Emerging and Developing Asia, Western Europe, Eastern Europe, Benelux, Emerging and Developing Europe, Nordic countries, North Africa, Sub-Saharan Africa, Caribbean, The Middle East and North Africa (MENA), Gulf Cooperation Council (GCC) or any other.
Capital Requirements, Income Projections, Profit Forecasts, and other parameters to prepare a detailed project report to present to Banks/Investment Agencies.
Customization of up to 10% of the content can be done without any additional charges.
Note: Latest developments will be updated in the report and delivered within 2 to 3 working days.
The Global Metal Cobalt Market is estimated to generate USD 40.6 billion in revenue in 2025.
The Global Metal Cobalt Market is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.72% during the forecast period from 2025 to 2034.
The Metal Cobalt Market is estimated to reach USD 63.4 billion by 2034.
Didn’t find what you’re looking for? TALK TO OUR ANALYST TEAM
Need something within your budget? NO WORRIES! WE GOT YOU COVERED!