GVR Report cover Cobalt Market Size, Share & Trends Report

Cobalt Market Size, Share & Trends Analysis Report By Product (Cobalt Sulfate, Cobalt Oxide, Cobalt Metal), By Application (EV, Industrial Metals, Superalloys), By Region (Asia Pacific, Europe), And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68040-126-3
  • Number of Report Pages: 100
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2022
  • Forecast Period: 2023 - 2030 
  • Industry: Advanced Materials

Report Overview

The global cobalt market size was estimated at USD 15.97 billion in 2022 and is estimated to grow at a compound annual growth rate (CAGR) of 6.2% from 2023 to 2030.The rising production of electric vehicles (EVs) is expected to increase the consumption of cobalt during the forecast period. Lithium-nickel-manganese-cobalt-oxide (NMC) batteries, which have a cathode containing 10–20% cobalt, are the most common battery chemistries currently used in EVs. The metal forms a significant part of li-ion battery as it aids in the range and durability of EVs. These batteries find use in power tools and e-bikes as well. The U.S. is one of the key markets,due to its extensive production of vehicles and aircraft.

U.S. Cobalt market size and growth rate, 2023 - 2030

Furthermore, the growing emphasis by the country to strengthen the EV supply chain like the introduction of the Inflation Reduction Act (IRA) is anticipated to positively influence market growth. For instance, post-IRA, key EV, and battery producers announced investments of USD 52 billion between August 2022 and March 2023 in North America EV supply chains, of which 50% is for battery production. Cobalt-based superalloys are used in applications, such as power generation, chemical processing, and aerospace, hence, rising aircraft production is anticipated to aid production in superalloys.

In March 2023, Boeing announced to increase production for MAX planes to 50 units per month while ramping 787 production to 10 aircraft per month by 2026. The growth in the market is however expected to face slight hindrances from an environmental perspective. The Democratic Republic of Congo possesses 50% of the world’s cobalt reserves and accounted for a 70% share of global production in 2022. Along with this, the nation also has the second-largest tropical rainforest in the world. The rise in mining activities is harmful to the forests. As per estimates, millions of trees have been cut down by giant mining companies. The surge in harmful effects on the environment can cause authorities to take necessary measures against mining activities.

Product Insights

The cobalt sulfate segment held the largest revenue share of more than 70.0% in 2022. It is commonly 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. Thus, increasing investment in the production of lithium batteries is expected to propel product demand over the forecast period. For instance, in May 2022, Britishvolt Ltd. announced to invest GBP 200 million (~USD 244 million) for the construction of a new battery gigafactory in Cambois, UK.

In March 2022, SK Innovation, a South Korean energy company, in partnership with Ford Motor Company, announced an investment of EUR 2 billion (~USD 2.2 billion) for constructing an electric battery plant in Ankara. Production is expected to begin by 2025. The cobalt oxide segment is expected to register a CAGR of 6.1%, in terms of revenue, over the forecast period. It is used in the production of magnetic materials, such as magnetic recording media for hard drives. It is also used in other industries, such as ceramics, glass, and batteries. Metal is another vital segment of the market, with potential growth opportunities. The unique properties of cobalt metal, such as high-temperature resistance, biocompatibility, strength, and durability, make it a valuable product in many industries. Cobalt is treated as a strategic metal in the U.S. as its shortage would impact the economy.

Application Insights

Based on application, the EVs segment dominated the market with a revenue share of over 35.0% in 2022. Growing emphasis on EV manufacturing is propelling battery production, which is supporting market growth. For instance, in April 2023, GM and Samsung SDI announced plans to build a new EV battery plant in the U.S., worth an investment of USD 3 billion. Also, in October 2022, Honda Motor and LG Energy Solution jointly announced that they are going to invest USD 3.5 billion to construct a new battery manufacturing plant in Ohio, U.S. The mass production from the facility is expected to begin by the end of 2025. The Japanese automaker anticipates North American EV production and sales in 2026.

Global Cobalt market share and size, 2022

The industrial chemicals segment is expected to register a CAGR of 6.0%, in terms of revenue, over the forecast period. It is used as catalysts, which are used in a wide range of chemical products, including polyester, paints & coating, petrochemicals, and pharmaceuticals. In terms of revenue, the superalloys segment is anticipated to register a CAGR of 4.9% over the forecast period. Cobalt-based superalloys are particularly useful for applications where the materials are exposed to extreme temperatures, pressures, and stresses. They are commonly used in gas turbines for power generation and aircraft engines, where the materials need to withstand temperatures up to 1200°C (2192°F) without degrading or melting.

Regional Insights

Asia Pacific held the largest revenue share of over 78.0% in 2022. The EV industry in the region is expanding rapidly, with China and India emerging as major players in the industry. As more and more consumers switch to EVs to reduce their carbon footprint, the demand for products is expected to increase. Thus, key automotive manufacturers are setting up new EV and battery plants. For instance, in March 2022, Suzuki Motor announced to invest INR 1,044 million (~USD 13.23 million) to construct all new electric cars and battery production facilities in the country. The company is looking forward to rolling out its initial batch of affordable EVs by 2025. North America is expected to register a growth rate of 2.8%, in terms of revenue, over the forecast period.

Cobalt Market Trends, by Region, 2023 - 2030

A factor contributing to this growth is the expansion of the aerospace industry. Superalloys containing cobalt are used in the production of aircraft engines and other components that need to withstand high temperatures and stress. For instance, Lockheed Martin Corp. anticipates delivering brand-new F-16 fighter jets in 2024 to its allies, such as Slovakia, Jordan, Bahrain, and Taiwan. Europe is expected to register a revenue CAGR of 5.8% over the forecast period. Cobalt consumption is increasing in the region due to several factors, including growing production & demand for EVs, expansion of the aerospace industry, and increasing use of metal in the production of high-strength alloys & other advanced materials.

Key Companies & Market Share Insights

To stay one step ahead of the competition, key players engage in mergers & acquisitions, capacity expansions, and R&D activities. For instance, in 2021, Contemporary Amperex Technology (CATL) acquired a stake in copper-cobalt mine Kisanfu (DRC) for USD 137.5 million in the Democratic Republic of Congo. Some of the prominent players in the global cobalt market include:

  • China Molybdenum Co., Ltd.

  • Eurasian Resources Group

  • Freeport-McMoRan

  • Glencore

  • Huayou Cobalt

  • Norilsk Nickel

  • Sumitomo Metal Mining Co., Ltd.

  • Umicore

Cobalt Market Report Scope

Report Attribute


Market size value in 2023

USD 16.68 billion

Revenue forecast in 2030

USD 25.91 billion

Growth rate

CAGR of 6.2% from 2023 to 2030

Base year for estimation


Historical data

2018 - 2022

Forecast period

2023 - 2030

Quantitative Units

Volume in kilotons, revenue in USD million/billion, and CAGR from 2023 to 2030

Report coverage

Volume forecast, revenue forecast, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South Africa; Middle East & Africa

Country scope

U.S.; Germany; UK; France; China; Japan; South Korea

Key companies profiled

Glencore; China Molybdenum Co., Ltd.; Freeport-McMoRan; Umicore; Eurasian Resources Group; Norilsk Nickel; Sumitomo Metal Mining Co., Ltd.; Jinchuan Group; Vale S.A; Huayou Cobalt

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Global Cobalt Market Report Segmentation

This report forecasts revenue and volume growth at country and regional levels and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the cobalt market report on the basis of product, application, and region:

Global Cobalt Market Report Segmentation

  • Product Outlook (Volume, Kil0tons; Revenue, USD Million, 2018 - 2030)

    • Cobalt Sulfate

    • Cobalt Oxide

    • Cobalt Metal

    • Others

  • Application Outlook (Volume, Kil0tons; Revenue, USD Million, 2018 - 2030)

    • Electric Vehicles

    • Other Batteries

    • Industrial Metals

    • Industrial Chemicals

    • Superalloys

  • Regional Outlook (Volume, Kil0tons; Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

    • Europe

      • Germany

      • UK

      • France

    • Asia Pacific

      • China

      • Japan

      • South Korea

    • Central & South America

    • Middle East & Africa

Frequently Asked Questions About This Report

gvr icn


gvr icn

This FREE sample includes data points, ranging from trend analyses to estimates and forecasts. See for yourself.

gvr icn


We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Contact us now

Certified Icon

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.