Austin, Dec. 09, 2025 (GLOBE NEWSWIRE) -- According to SNS Insider, The Cobalt Market Size is estimated at USD 16.99 Billion in 2025 and is expected to reach USD 30.52 Billion by 2033, growing at a CAGR of 7.63% during the forecast period 2026–2033. Growing applications in aerospace, electronics, and night vision, and growing use in industrial and healthcare segments, growing demand for electric vehicles, along with the transition to battery-grade cobalt are all factors driving market growth.
The U.S. Cobalt Market is projected to grow from USD 1.35 Billion in 2025E to USD 2.21 Billion by 2033, at a CAGR of 6.36%. Market growth is contributed from an increase in electric vehicles production, growing energy storage projects, technological developments and demand for industrial, and electronics applications across country.
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Surging Demand for Electric Vehicle Batteries and Energy Storage Solutions Augment Market Expansion Globally
The main factor propelling the expansion of the cobalt market is the rising demand for energy storage and electric car batteries. In addition to its growing application in electronics, healthcare, and aerospace, battery-grade cobalt is also becoming more and more in demand due to the growing use of EVs and renewable energy storage. Long-term market development is being supported by increased supply efficiency brought about by investments in ethical and sustainably produced manufacturing, as well as sophisticated mining and refining techniques.
Major Players Analysis Listed in the Cobalt Market Report
- China Molybdenum Co., Ltd.
- Umicore SA
- Vale S.A.
- Sherritt International Corporation
- Jinchuan Group International Resources Co., Ltd.
- Sumitomo Metal Mining Co., Ltd.
- Freeport Cobalt
- Cobalt 27 Capital Corp.
- Huayou Cobalt Co., Ltd.
- First Cobalt Corp.
- Eurasian Resources Group (ERG)
- Katanga Mining Limited
- China Northern Rare Earth (Group) High-Tech Co., Ltd.
- Li-Cycle Holdings Corp.
- China Nonferrous Metal Mining Group Co., Ltd.
- GEM Co., Ltd.
- Clean TeQ Holdings Limited
- CBMM (Companhia Brasileira de Metalurgia e Mineração)
- Zhejiang Huayou Cobalt Co., Ltd.
Cobalt Market Segmentation Analysis
By Product
Cobalt Sulfate held the largest market share of 46.27% in 2025 as it acts as a vital raw material for lithium-ion battery production and is widely used in electric vehicles and energy storage systems. Cobalt Metal is expected to grow at the fastest CAGR of 8.34%. Its growing market penetration is driven by high demand from the aerospace, defense and advanced manufacturing industries.
By Type
Battery-Grade dominated with a 54.68% share in 2025 as a result of its important role in EV battery and portable consumer electronic. Pharmaceutical-Grade is projected to expand at the fastest CAGR of 7.92% due to high uses in vitamin supplements, diagnostic tools and healthcare technologies.
By Form
Powder accounted for the highest market share of 42.85% in 2025 due to its adaptability across applications in catalysts, ceramics, batteries, and electronic components. Cathode is expected to record the fastest CAGR of 8.76% propelled by surging use in advanced lithium-ion and solid-state batteries.
By Application
Batteries held the largest share of 61.43% in 2025 as the metal is an essential part of lithium-ion battery cathodes employed in EVs, electronics, and renewable systems. Aerospace is projected to grow at the fastest CAGR of 7.58% due to the growing cobalt superalloy demand in high temperature turbine and engine components.
By End-Use Industry
Automotive dominated with a 49.37% market share in 2025 on account of increasing demand for electric and hybrid vehicles. Energy Storage is anticipated to grow at the fastest CAGR of 8.21%. Rising investment in grid stability, household storage and renewable back up options are driving cobalt’s place in the evolving world of energy infrastructure.
On the Basis of Region, Asia Pacific is Leading the Market in 2025; Europe is Projected to Grow with the Fastest CAGR Globally
The Asia Pacific cobalt market is dominated with 58.64% of market share, growth of electric vehicle production, increasing energy storage projects and number of industrial applications are rising in the region. Growth is being driven primarily by China, Japan, India and South Korea, where the manufacturing of batteries and investment in renewable energy lead the world. The Europe Cobalt Market is the fastest growing region with a CAGR of 9.37%, supported by increasing electric vehicles sales, renewable energy projects along with battery manufacturing and recycling taking place in Germany, France, and U.K.
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Cobalt Market Recent Developments
- In May 2025, Glencore partnered with Cobalt Blue Holdings to supply cobalt hydroxide from its KCC and Mutanda mines in the Democratic Republic of Congo. This supports the Kwinana refinery in Australia, enhancing production of battery-grade cobalt and strengthening Australia’s role in the cobalt supply chain.
- In April 2025, CMOC launched a new batch of high-purity battery-grade cobalt, producing 30,414 tonnes. This launch targets the growing demand from electric vehicle and energy storage industries, enhancing production efficiency and strengthening CMOC’s position as a key supplier of premium cobalt products.
Exclusive Sections of the Report (The USPs):
- SUSTAINABILITY & COMPLIANCE METRICS – helps you understand how the cobalt market is shifting toward ethical and responsible sourcing, with insights into the percentage of sustainably mined cobalt, adoption of conflict-free certifications, and recycling rates that directly influence regulatory acceptance and ESG-focused investment decisions.
- TECHNOLOGY & INNOVATION BENCHMARKS – helps you evaluate the industry's advancement in cobalt extraction and refining, supported by data on R&D expenditure, patent activity, and the penetration of mechanized or automated processing technologies that enhance productivity and reduce operational risk.
- MARKET VOLATILITY & RISK INDEX – helps you identify exposure to geopolitical and logistical disruptions across major cobalt-producing regions, along with currency fluctuation risks and price sensitivity linked to EV battery demand, enabling better forecasting and procurement planning.
- INVESTMENT & EXPANSION TRENDS – helps you track global capital flows in the cobalt ecosystem, including data on new mining projects, smelting capacity additions, CAPEX cycles, and consolidation through M&A activities, guiding strategic decisions for long-term growth.
- STRATEGIC SUPPLY CHAIN INSIGHTS – helps you uncover bottlenecks and vulnerabilities across the cobalt supply chain by assessing sourcing diversity, processing capacity distribution, and the increasing role of secondary cobalt recovery in stabilizing supply.
Cobalt Market Report Scope
| Report Attributes | Details |
| Market Size in 2025E | USD 16.99 Billion |
| Market Size by 2033 | USD 30.52 Billion |
| CAGR | CAGR of 7.63% From 2026 to 2033 |
| Base Year | 2025E |
| Forecast Period | 2026-2033 |
| Historical Data | 2022-2024 |
| Key Segments | • By Product (Cobalt Sulfate, Cobalt Oxide, Cobalt Metal) • By Type (Battery-Grade, Industrial-Grade, Pharmaceutical-Grade, Others) • By Form (Powder, Pellet, Cathode, Others) • By Application (Batteries, Aerospace, Catalysts, Alloys, Electronics, Others) • By End-Use Industry (Automotive, Energy Storage, Electronics, Chemical, Healthcare, Others) |
| Regional Analysis/Coverage | North America (US, Canada), Europe (Germany, UK, France, Italy, Spain, Russia, Poland, Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN Countries, Rest of Asia Pacific), Middle East & Africa (UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Mexico, Colombia, Rest of Latin America). |
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