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PUBLISHER: Grand View Research | PRODUCT CODE: 1611739
PUBLISHER: Grand View Research | PRODUCT CODE: 1611739
Cobalt Market Size, Share & Trends Analysis Report By Product (Cobalt Sulfate, Cobalt Oxide, Cobalt Metal), By End-use (EV, Industrial Metals, Superalloys), By Region (Asia Pacific, Europe), And Segment Forecasts, 2025 - 2030
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Cobalt Market Growth & Trends:
The global cobalt market size is estimated to reach USD 25.91 billion by 2030, registering to grow at a CAGR of 6.7% from 2025 to 2030 according to a new report by Grand View Research, Inc. Increasing demand for electric vehicles (EVs) is expected to propel the demand for cobalt in battery applications over the forecast period. The demand for EVs has been increasing rapidly due to concerns about climate change, rising fuel prices, and government incentives. Cobalt is a key component in the production of lithium-ion batteries used in EVs. Based on products, the cobalt oxide segment is expected to register a CAGR of 6.1%, in terms of revenue, over the forecast period. It is used as a colorant in ceramic and glass production, where it imparts a blue color to the final product.
The growing demand for ceramics and glass in various industries, such as construction and electronics, is driving the demand for cobalt oxide. The superalloy application segment is expected to register high growth over the forecast years. A cobalt-based superalloy is known for its high-temperature stability, which makes it suitable for use in high-temperature applications. Thus, its unique combination of physical and chemical properties makes it an ideal material for high-temperature and high-stress applications in the aerospace, energy, and other industries. Based on region, there lies immense opportunity for the market to flourish in Europe. The growth of renewable energy sources, such as wind and solar power, is driving the demand for energy storage systems, which is propelling the production of lithium batteries that use cobalt.
As Europe aims to transition toward a cleaner energy future, the demand for renewable energy storage systems is increasing, thereby driving market growth. For instance, a comprehensive energy law package passed by the German government in April 2022 aims to increase the amount of renewable energy generated in the country by 22,000 MW from solar and 10,000 MW from wind by 2030. The market participants continue to expand their production capacities to stay ahead of the competition. For instance, in February 2023, Eurasian Resources Group announced an investment of USD 1.8 billion for doubling its output of African copper and cobalt processed at a mine near Lubumbashi, the Democratic Republic of Congo. This indicates a high demand and growing competitive rivalry.
Cobalt Market Report Highlights:
- The EVs application segment held the largest revenue share in 2024 due to factors, including environmental concerns, government policies, technological advancements, cost savings, and increasing consumer demand
- 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.
- 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.
Product Code: GVR-4-68040-126-3
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Information Analysis
- 1.3.2. Market Formulation & Data Visualization
- 1.3.3. Data Validation & Publishing
- 1.4. Research Scope and Assumptions
- 1.4.1. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Snapshot
- 2.2. Segmental Outlook
- 2.3. Competitive Outlook
Chapter 3. Market Variables, Trends, and Scope
- 3.1. Market Lineage Outlook
- 3.1.1. Global Cobalt Market Outlook
- 3.2. Value Chain Analysis
- 3.2.1. Raw Material Outlook
- 3.3. Manufacturing Overview
- 3.4. Regulatory Framework
- 3.5. Market Dynamics
- 3.5.1. Market Driver Analysis
- 3.5.2. Market Restraint Analysis
- 3.6. Industry Trends
- 3.6.1. ESG Trends
- 3.6.2. Trade Scenario
- 3.7. Porter's Five Forces Analysis
- 3.7.1. Bargaining Power of Suppliers
- 3.7.2. Bargaining Power of Buyers
- 3.7.3. Threat of Substitution
- 3.7.4. Threat of New Entrants
- 3.7.5. Competitive Rivalry
- 3.8. PESTLE Analysis
- 3.8.1. Political
- 3.8.2. Economic
- 3.8.3. Social Landscape
- 3.8.4. Technology
- 3.8.5. Environmental
- 3.8.6. Legal
Chapter 4. Cobalt Market: Product Estimates & Trend Analysis
- 4.1. Cobalt Market: Product Movement Analysis, 2024 & 2030
- 4.2. Cobalt Sulfide
- 4.2.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 4.3. Cobalt Oxide
- 4.3.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 4.4. Cobalt Metal
- 4.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 4.5. Others
- 4.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
Chapter 5. Cobalt Market: End Use Estimates & Trend Analysis
- 5.1. Cobalt Market: End Use Movement Analysis, 2024 & 2030
- 5.2. Electric Vehicles
- 5.2.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 5.3. Other Batteries
- 5.3.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 5.4. Industrial Metals
- 5.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 5.5. Industrial Chemicals
- 5.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 5.6. Superalloys
- 5.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
Chapter 6. Cobalt Market: Regional Estimates & Trend Analysis
- 6.1. Regional Analysis, 2023 & 2030
- 6.2. North America
- 6.2.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.4. U.S.
- 6.2.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.4.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.4.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
- 6.3. Europe
- 6.3.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.4. Germany
- 6.3.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.4.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.4.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.5. UK
- 6.3.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.5.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.5.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.6. France
- 6.3.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.6.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.6.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
- 6.4. Asia Pacific
- 6.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.4. China
- 6.4.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.4.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.4.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.5. Japan
- 6.4.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.5.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.5.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.6. South Korea
- 6.4.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.6.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.6.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
- 6.5. Central & South America
- 6.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
- 6.6. Middle East & Africa
- 6.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.6.2. Market estimates and forecasts, by product, 2018 - 2030 (Kilotons) (USD Million)
- 6.6.3. Market estimates and forecasts, by end use, 2018 - 2030 (Kilotons) (USD Million)
Chapter 7. Competitive Landscape
- 7.1. Recent Developments, By Key Market Participants
- 7.2. Kraljic Matrix
- 7.3. Company Categorization
- 7.4. Company Market Ranking
- 7.5. Heat Map Analysis
- 7.6. Vendor Landscape
- 7.6.1. List of Raw Material Suppliers
- 7.6.2. List of Distributors/Traders
- 7.6.3. List of Other Prominent Manufacturers
- 7.7. List of Prospective End Users
- 7.8. Strategy Mapping
- 7.9. Company Profiles/Listing
- 7.9.1. Umicore
- 7.9.1.1. Company Overview
- 7.9.1.2. Product Benchmarking
- 7.9.2. China Molybdenum Co., Ltd.
- 7.9.2.1. Company Overview
- 7.9.2.2. Product Benchmarking
- 7.9.3. Sumitomo Metal Mining Co., Ltd.
- 7.9.3.1. Company Overview
- 7.9.3.2. Product Benchmarking
- 7.9.4. Euroasian Resources Group
- 7.9.4.1. Company Overview
- 7.9.4.2. Product Benchmarking
- 7.9.5. Glencore
- 7.9.5.1. Company Overview
- 7.9.5.2. Product Benchmarking
- 7.9.6. Norilsk Nickel
- 7.9.6.1. Company Overview
- 7.9.6.2. Product Benchmarking
- 7.9.7. Jinchuan Group
- 7.9.7.1. Company Overview
- 7.9.7.2. Product Benchmarking
- 7.9.8. Vale S.A.
- 7.9.8.1. Company Overview
- 7.9.8.2. Product Benchmarking
- 7.9.9. Huayou Cobalt
- 7.9.9.1. Company Overview
- 7.9.9.2. Product Benchmarking
- 7.9.10. Freeport-McMoRan
- 7.9.10.1. Company Overview
- 7.9.10.2. Product Benchmarking
- 7.9.1. Umicore
Product Code: GVR-4-68040-126-3
List of Tables
- Table 1 Global cobalt market estimates & forecasts, 2018 - 2030 (Kilotons) (USD Million)
- Table 2 Global cobalt market estimates & forecast, 2018 - 2030 (Kilotons) (USD Million)
- Table 3 Global cobalt market estimates & forecasts by product, 2018 - 2030 (Kilotons)
- Table 4 Global cobalt market estimates & forecasts by product, 2018 - 2030 (USD Million)
- Table 5 Global cobalt market estimates & forecasts by end use, 2018 - 2030 (Kilotons)
- Table 6 North America cobalt market estimates & forecasts by end use, 2018 - 2030 (USD Million)
- Table 7 North America cobalt market estimates & forecasts by product, 2018 - 2030 (Kilotons)
- Table 8 North America cobalt market estimates & forecasts by product, 2018 - 2030 (USD Million)
- Table 9 North America cobalt market estimates & forecasts by end use, 2018 - 2030 (Kilotons)
- Table 10 North America cobalt market estimates & forecasts by end use, 2018 - 2030 (USD Million)
- Table 11 U.S. cobalt market estimates & forecast, 2018 - 2030 (Kilotons) (USD Million)
- Table 12 U.S. cobalt market estimates & forecasts by product, 2018 - 2030 (Kilotons)
- Table 13 U.S. cobalt market estimates & forecasts by product, 2018 - 2030 (USD Million)
- Table 14 U.S. cobalt market estimates & forecasts by end use, 2018 - 2030 (Kilotons)
- Table 15 Europe Cobalt market estimates & forecasts by end use, 2018 - 2030 (USD Million)
- Table 16 Europe cobalt market estimates & forecasts by product, 2018 - 2030 (Kilotons)
- Table 17 Europe Cobalt market estimates & forecasts by product, 2018 - 2030 (USD Million)
- Table 18 Europe cobalt market estimates & forecasts by end use, 2018 - 2030 (Kilotons)
- Table 19 Europe cobalt market estimates & forecasts by end use, 2018 - 2030 (USD Million)
- Table 20 Germany cobalt market estimates & forecasts by end use, 2018 - 2030 (USD Million)
- Table 21 Germany cobalt market estimates & forecasts by product, 2018 - 2030 (Kilotons)
- Table 22 Germany cobalt market estimates & forecasts by product, 2018 - 2030 (USD Million)
- Table 23 Germany cobalt market estimates & forecasts by end use, 2018 - 2030 (Kilotons)
- Table 24 Germany cobalt market estimates & forecasts by end use, 2018 - 2030 (USD Million)
- Table 25 UK cobalt market estimates & forecasts by end use, 2018 - 2030 (USD Million)
- Table 26 UK cobalt market estimates & forecasts by product, 2018 - 2030 (Kilotons)
- Table 27 UK cobalt market estimates & forecasts by product, 2018 - 2030 (USD Million)
- Table 28 UK cobalt market estimates & forecasts by end use, 2018 - 2030 (Kilotons)
- Table 29 UK cobalt market estimates & forecasts by end use, 2018 - 2030 (USD Million)
- Table 30 France cobalt market estimates & forecasts by end use, 2018 - 2030 (USD Million)
- Table 31 France cobalt market estimates & forecasts by product, 2018 - 2030 (Kilotons)
- Table 32 France cobalt market estimates & forecasts by product, 2018 - 2030 (USD Million)
- Table 33 France cobalt market estimates & forecasts by end use, 2018 - 2030 (Kilotons)
- Table 34 France cobalt market estimates & forecasts by end use, 2018 - 2030 (USD Million)
- Table 35 Asia Pacific cobalt market estimates & forecasts by end use, 2018 - 2030 (USD Million)
- Table 36 Asia Pacific cobalt market estimates & forecasts by product, 2018 - 2030 (Kilotons)
- Table 37 Asia Pacific cobalt market estimates & forecasts by product, 2018 - 2030 (USD Million)
- Table 38 Asia Pacific cobalt market estimates & forecasts by end use, 2018 - 2030 (Kilotons)
- Table 39 Asia Pacific cobalt market estimates & forecasts by end use, 2018 - 2030 (USD Million)
- Table 40 China cobalt market estimates & forecasts by end use, 2018 - 2030 (USD Million)
- Table 41 China cobalt market estimates & forecasts by product, 2018 - 2030 (Kilotons)
- Table 42 China cobalt market estimates & forecasts by product, 2018 - 2030 (USD Million)
- Table 43 China cobalt market estimates & forecasts by end use, 2018 - 2030 (Kilotons)
- Table 44 China cobalt market estimates & forecasts by end use, 2018 - 2030 (USD Million)
- Table 45 Japan cobalt market estimates & forecasts by end use, 2018 - 2030 (USD Million)
- Table 46 Japan cobalt market estimates & forecasts by product, 2018 - 2030 (Kilotons)
- Table 47 Japan cobalt market estimates & forecasts by product, 2018 - 2030 (USD Million)
- Table 48 Japan cobalt market estimates & forecasts by end use, 2018 - 2030 (Kilotons)
- Table 49 Japan cobalt market estimates & forecasts by end use, 2018 - 2030 (USD Million)
- Table 50 South Korea cobalt market estimates & forecasts by end use, 2018 - 2030 (USD Million)
- Table 51 South Korea cobalt market estimates & forecasts by product, 2018 - 2030 (Kilotons)
- Table 52 South Korea cobalt market estimates & forecasts by product, 2018 - 2030 (USD Million)
- Table 53 South Korea cobalt market estimates & forecasts by end use, 2018 - 2030 (Kilotons)
- Table 54 South Korea cobalt market estimates & forecasts by end use, 2018 - 2030 (USD Million)
- Table 55 Central & South America cobalt market estimates & forecasts by end use, 2018 - 2030 (USD Million)
- Table 56 Central & South America cobalt market estimates & forecasts by product, 2018 - 2030 (Kilotons)
- Table 57 Central & South America cobalt market estimates & forecasts by product, 2018 - 2030 (USD Million)
- Table 58 Central & South America cobalt market estimates & forecasts by end use, 2018 - 2030 (Kilotons)
- Table 59 Central & South America cobalt market estimates & forecasts by end use, 2018 - 2030 (USD Million)
- Table 60 Middle East & Africa cobalt market estimates & forecasts by end use, 2018 - 2030 (USD Million)
- Table 61 Middle East & Africa cobalt market estimates & forecasts by product, 2018 - 2030 (Kilotons)
- Table 62 Middle East & Africa cobalt market estimates & forecasts by product, 2018 - 2030 (USD Million)
- Table 63 Middle East & Africa cobalt market estimates & forecasts by end use, 2018 - 2030 (Kilotons)
- Table 64 Middle East & Africa cobalt market estimates & forecasts by end use, 2018 - 2030 (USD Million)
List of Figures
- Fig. 1 Market segmentation
- Fig. 2 Information procurement
- Fig. 3 Data analysis models
- Fig. 4 Market formulation and validation
- Fig. 5 Data validating & publishing
- Fig. 6 Market snapshot
- Fig. 7 Segmental outlook - Product
- Fig. 8 Segmental outlook - End Use
- Fig. 9 Competitive Outlook
- Fig. 10 Global cobalt market outlook, 2018 - 2030 (USD Million) (Kilotons)
- Fig. 11 Value chain analysis
- Fig. 12 Market dynamics
- Fig. 13 Porter's Analysis
- Fig. 14 PESTEL Analysis
- Fig. 15 Global cobalt market, by product: Key takeaways
- Fig. 16 Global cobalt market, by product: Market share, 2024 & 2030
- Fig. 17 Global cobalt market, by end use: Key takeaways
- Fig. 18 Global cobalt market, by end use: Market share, 2024 & 2030
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