Cobalt - Global Strategic Business Report

The global market for Cobalt was sized at 182.6 Thousand Tons in 2024 and is projected to reach 301 Thousand Tons by 2030, growing at a CAGR of 8.7% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Cobalt Market - 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.

Report Scope

The report analyzes the Cobalt market, presented in terms of market value (US$ Thousand). The analysis covers the key segments and geographic regions outlined below.

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.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Batteries Application segment, which is expected to reach 106.7 Thousand Tons by 2030 with a CAGR of a 9.3%. The Alloys Application segment is also set to grow at 10.3% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, sized at 47.1 Thousand Tons in 2024, and China, forecasted to grow at an impressive 12.7% CAGR to reach 76.1 Thousand Tons by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of major players such as China Molybdenum Co., Ltd., Glencore International AG, Jinchuan Group International Resources Co., Ltd., PJSC MMC Norilsk Nickel, Sherritt International Corporation and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Cobalt Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Cobalt Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Cobalt Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Some of the 126 major companies featured in this Cobalt market report include:

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