𝐃𝐞𝐦𝐚𝐧𝐝 & 𝐒𝐮𝐩𝐩𝐥𝐲 / 𝐃𝐞𝐦𝐚𝐧𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭
The demand for Cobalt Market Size has been on a significant rise, primarily driven by its application in lithium-ion batteries used in electric vehicles (EVs), portable electronics, and energy storage systems. In 1999, the demand for cobalt was approximately 2,900 tonnes, which surged to over 70,000 tonnes in recent years, registering a CAGR of 15.6% over 22 years. This exponential growth is attributed to the global shift towards sustainable energy solutions and the increasing adoption of EVs.
On the supply side, the DRC remains the largest producer of cobalt, accounting for about 69% of the global mined cobalt. However, supply constraints, geopolitical tensions, and ethical concerns regarding mining practices in the DRC pose challenges to the steady supply of cobalt. These factors have led to increased interest in diversifying supply sources and investing in recycling technologies to meet the growing demand sustainably.
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Estimated Growth Rate for Cobalt Market
The Cobalt Market size was valued at 149.61 Kilo tons in 2024 and the total Cobalt revenue is expected to grow at a CAGR of 9% from 2025 to 2032, reaching nearly 298.11 Kilo tons.
Regional Analysis :
With over 80% of overall production coming from the top five countries, Africa was the market leader. The cobalt industry is dependent on one nation to provide and sustain this essential commodity, as evidenced by the DRC alone accounting for 71% of the global market. Approximately 70% of the cobalt produced worldwide comes from the Democratic Republic of the Congo (DRC). The vast majority of it is sent to China, the leading cobalt refiner in the world. The Democratic Republic of the Congo is the world’s greatest producer of cobalt, with reserves of about 3.6 million tonnes.
Cobalt Market Segmentation:
by Application
Battery Chemicals
Super alloys
Ceramics and pigments
Hard metals
Magnet
Binder Materials
Life Science
Others
by Form
Metal
Chemical compound
by End User
Alloys
Magnets
Hard Materials
Catalyst
Inks and Dyes
Batteries
Others
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Discover strategies of the key players in the market and explore how they are navigating trends, expanding their portfolios, and capitalizing on emerging applications. From global leaders to regional influencers, this report provides a complete competitive analysis.
1. Glencore plc (Switzerland)
2. Umicore (Belgium)
3. Vale S.A. (Brazil)
4. Jinchuan Group Internation Resources Co. Ltd. (Hong Kong)
5. Huayou cobalt Co Ltd (China)
6. Freeport cobalt (Finland)
7. Sherrit International Corporation (Canada)
8. BHP (Australia)
9. Eramet (France)
10. Votorantim Metals SA (Brazil)
11. Sumitomo Corporation (Japan)
12. CMOC International
13. Missouri Cobalt, LLC
14. China Molybdenum Co., Ltd.
15. Norilsk Nickel
16. GEM Co., Ltd.
17. Yantai Cash Industrial Co Ltd.
18. Horizonte Minerals
19. Jervois Mining
20. FLEURETTE PROPERTIES LIMITED
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Key Highlights:
- Historical Market Data (2019-2024)
- Forecasts by Segment, Region, and Industry Application (2025-2032)
- SWOT Analysis, Value Chain Insights, and Growth Drivers
- Legal Aspects by Region and Emerging Opportunities
Top Questions Answered:
- What are the key growth drivers and trends in the market?
- Who are the major players, and how do they maintain a competitive edge?
- What new applications are poised to revolutionize the Cobalt industry?
- How will the market grow in the coming years, and at what rate?
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