Cobalt Market (2026 - 2033)

Cobalt Market Summary

The global cobalt market size was valued at USD 18.7 billion in 2025 and is projected to grow from USD 20.5 billion in 2026 to USD 27.2 billion by 2033, at a CAGR of 4.1% from 2026 to 2033. Asia Pacific dominated the market, accounting for a revenue share of 76.0% in 2025. The rising production of electric vehicles (EVs) is expected to increase cobalt consumption 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.

Market Dynamics

The growing adoption of electric vehicles (EVs) worldwide is one of the most significant drivers of growth for the cobalt market. Cobalt is a key raw material used in lithium-ion batteries, particularly in nickel-manganese-cobalt (NMC) and nickel-cobalt-aluminum (NCA) chemistries, where it enhances battery stability, energy density, and overall performance. Governments worldwide are promoting vehicle electrification through stringent emission regulations, incentives, and investments in charging infrastructure, leading to a substantial increase in EV production and sales. As automotive manufacturers continue to expand their electric vehicle portfolios and battery manufacturing capacity, demand for cobalt is expected to remain strong throughout the forecast period.

Analyst Perspective

The cobalt market is entering a phase of sustained growth driven primarily by the global transition toward electrification, renewable energy, and advanced battery technologies. Cobalt remains a critical material in lithium ion batteries, particularly for electric vehicles and energy storage systems, where it enhances battery stability, safety, and energy density. Rapid growth in EV adoption, expanding battery manufacturing capacity, and increasing investments in grid scale energy storage projects are expected to support long term demand across major markets.

Product Insights

Based on product, cobalt sulfate segment led the market with the largest revenue share of 70.8% in 2025. 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. Thus, increasing investment in the production of lithium batteries is expected to propel product demand over the forecast period. For instance, in August 2024, General Motors Company and Samsung SDI announced their plans to build a 36 GWH battery manufacturing plant with an investment of USD 3.5 billion.

The cobalt oxide segment is expected to register a CAGR of 6.1% in terms of revenue over the forecast period. It produces 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 market segment, 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.

End-use Insights

Based on end use, electric vehicles segment led the market with the largest revenue share of 35.5% in 2025. 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, LG Energy Solution and Honda mutually announced that they would 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.

In terms of revenue, the superalloys segment is anticipated to register a CAGR of 5.4% 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 must withstand temperatures up to 1200°C (2192°F) without degrading or melting.

Regional Insights

The cobalt market North American market is expected to benefit from cobalt use in the high-tech and healthcare sectors. Demand is anticipated to grow in applications like medical implants and magnetic alloys, bolstered by the region’s robust research and development efforts.

U.S. Cobalt Market Trends

The U.S. cobalt market is likely to witness increased cobalt demand in sectors such as aerospace and defense and advanced manufacturing. Growing investments in renewable energy may further drive cobalt usage in high-performance magnets and components for energy infrastructure.

Asia Pacific Cobalt Market Trends

Asia Pacific dominated the cobalt market with the largest revenue share of 76.0% in 2025. The EV industry in the Asia Pacific is expanding rapidly, with China and India emerging as major players. As 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.

The cobalt market in the China held the largest share in the Asia Pacific region in 2025. 

The cobalt market in India is anticipated to see rising cobalt demand in industries like electronics and medical devices, fueled by rapid industrialization and urbanization. In addition, India's focus on infrastructure and manufacturing is likely to drive further cobalt consumption in specialty alloys and advanced materials.

Europe Cobalt Market Trends

The cobalt market in Europe is expected to register a revenue CAGR of 6.3% 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.

Germany cobalt market is expected to grow significantly over the forecast period. Advanced manufacturing and automotive industries are expected to sustain cobalt demand, especially in high-performance alloys and precision tooling. The country’s renewable energy projects may also create new uses for cobalt in wind turbines and other green technologies.

The cobalt market in Russia a significant player in cobalt production, is anticipated to strengthen its domestic and export markets. Focusing on the aerospace and defense industries, Russia is likely to drive demand for cobalt-based superalloys and high-strength materials.

Key Cobalt Company Insights

Some of the key players operating in the market include Umicore, Sumitomo Metal Mining Co., Ltd., and Glencore

• Umicore is a global materials technology company headquartered in Belgium. It specializes in sustainable materials and recycling and is known for its leadership in catalysis, battery metals, and precious metal refining. Umicore also focuses on clean mobility solutions and resource efficiency.

• Sumitomo Metal Mining Co., Ltd. is a Japan-based mining and smelting company with core operations in advanced materials, metal refining, and battery components. The company is also focused on copper, nickel, and cobalt production.

Key Cobalt Companies

The following key companies have been profiled for this study on the cobalt market.

• China Molybdenum Co., Ltd.

• Eurasian Resources Group

• Freeport-McMoRan

• Umicore

• Glencore

• Sumitomo Metal Mining Co., Ltd.

• Norilsk Nickel

• Huayou Cobalt

• Jinchuan Group

Competitive Benchmarking

Recent Developments

• In August 2024, the Pentagon announced a USD 20 million grant to construct a cobalt refinery in Ontario province, Canada. The U.S. government plans to diversify the cobalt supply chain from China to other countries.

Cobalt Market Report Scope

Global Cobalt Market Report Segmentation

This report forecasts volume and revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the global cobalt market report based on product, end-use, and region:

• Product Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

  • Cobalt Sulfate

  • Cobalt Oxide

  • Cobalt Metal

  • Others

• End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

  • Electric Vehicles

  • Other Batteries

  • Industrial Metals

  • Industrial Chemicals

  • Superalloys

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

  • North America

    • U.S.

  • Europe

    • Germany

    • UK

    • France

  • Asia Pacific

    • China

    • Japan

    • South Korea

  • Central & South America

  • Middle East & Africa

Research Methodology

The cobalt market figures in this report are based on a proven research process that combines executive interviews with secondary research from proprietary databases, company filings, and recognized regulatory and institutional sources. Market size is built through value-chain sizing - reconciling supply-side and demand-side estimates - and triangulated with bottom-up and top-down approaches. Every estimate passes multiple levels of expert validation before publication, with each cobalt segment quantified using the revenue-capture definitions in the table below.

Segment Definition

Estimation Model

Delivered Customizations

This report has been delivered with the following In-depth customizationsCustomization Table