Cobalt

Global Cobalt Market to Reach 301.0 Thousand Tons by 2030

The global market for Cobalt estimated at 182.6 Thousand Tons in the year 2024, is expected to reach 301.0 Thousand Tons by 2030, growing at a CAGR of 8.7% over the analysis period 2024-2030. Batteries, one of the segments analyzed in the report, is expected to record a 9.3% CAGR and reach 106.7 Thousand Tons by the end of the analysis period. Growth in the Alloys segment is estimated at 10.3% CAGR over the analysis period.

The U.S. Market is Estimated at 47.1 Thousand Tons While China is Forecast to Grow at 12.7% CAGR

The Cobalt market in the U.S. is estimated at 47.1 Thousand Tons in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of 76.1 Thousand Tons by the year 2030 trailing a CAGR of 12.7% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 4.5% and 7.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.4% CAGR.

Cobalt  - Key Trends and Drivers

Cobalt is a hard, lustrous, grey metal with magnetic properties that is primarily used in the production of high-strength alloys, magnets, and rechargeable batteries. It is a critical component in lithium-ion batteries, which power everything from electric vehicles (EVs) to portable electronic devices. Cobalt also plays a significant role in aerospace and military applications due to its ability to retain strength at high temperatures. Additionally, cobalt-based pigments and catalysts are used in various industrial and artistic applications, adding to its diverse utility.

One of the major growth drivers for cobalt is the surge in demand for electric vehicles. As countries and companies commit to reducing carbon emissions, the shift towards EVs is accelerating, significantly boosting the demand for lithium-ion batteries in which cobalt is a key material. Furthermore, technological advancements that increase the efficiency and energy density of these batteries are likely to further enhance cobalt`s role in the global battery market.  A key challenge facing the industry is the shift is the development and adoption of low-cobalt battery technologies.

The importance of cobalt extends beyond the EV market; it is also considered vital for national defense and other industrial applications in the US and EU. This broad utility underscores the potential for continued investments in the cobalt supply chain, ranging from exploration and mining to processing and recycling, ensuring a sustainable and ethically responsible supply of cobalt in the future. A key strend influencing the cobalt market is the ethical sourcing and sustainability of cobalt mining. Cobalt mining at various mining zone, has been associated with significant human rights and environmental concerns. This has led to increased scrutiny and a push towards more ethical sourcing practices. Companies are being compelled to establish transparent supply chains and are exploring recycling technologies to recover cobalt from used batteries, which not only addresses ethical concerns but also helps in managing supply security amid growing demand. This shift is expected to influence market dynamics significantly, as stakeholders across the supply chain implement more sustainable and responsible mining practices.

SCOPE OF STUDY:

The report analyzes the Cobalt market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Application (Batteries, Alloys, Tool Materials, Pigments, Magnets, Soaps, Other Applications)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 126 Featured) -

• China Molybdenum Co., Ltd.
• Glencore International AG
• Jinchuan Group International Resources Co., Ltd.
• PJSC MMC Norilsk Nickel
• Sherritt International Corporation
• Vale SA

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

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