Cobalt - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2026 - 2031)

According to Mordor Intelligence, cobalt market size in 2026 is estimated at 258.99 Million tons, growing from 2025 value of 237.66 Million tons with 2031 projections showing 398.2 Million tons, growing at 8.98% CAGR over 2026-2031.

This report is Segmented by Form (Chemical Compound, Metal, and Purchased Scrap), Application (Batteries, Alloys, Catalysts, Tool Materials, and More), Production Source (Primary and Secondary), End-User Industry (Automotive, Aerospace and Defense, Consumer Electronics, and More), Geography (Production) (Australia, Canada, China, and More), and Geography (Consumption) (Asia-Pacific, North America, Europe, and More).

Global Cobalt Market Trends and Insights

Rising Usage in Rechargeable Batteries

Battery manufacturers consumed over half of total cobalt demand in 2024, driven by record electric-vehicle (EV) sales exceeding 17 million units. Even with ongoing efforts to reduce cobalt intensity in nickel-rich NCM cathodes, the metal remains essential for high-voltage stability and long cycle life. Major cell producers are actively stockpiling cobalt sulfate to hedge against price volatility, a strategy that amplifies short-term market swings. The practice also supports government designation of cobalt as a strategic material, unlocking public financing for new refining and recycling assets. These feedback loops strengthen the cobalt market by ensuring that supply-side investments track expanding battery footprints.

Growing Demand for Superalloys from Commercial Aerospace Engine Restarts

Commercial jet output has rebounded, and turbine manufacturers have restarted lines that rely on cobalt-rich discs and combustor liners. NATO's 2024 defense-critical raw-materials list explicitly includes cobalt, highlighting the alloy's irreplaceable heat resistance. With backlogs above 12,000 aircraft, original equipment makers forecast high-single-digit growth in superalloy demand through 2030. Qualification barriers deter substitution, so aero-engine offtake contracts offer miners and refiners a predictable, high-margin outlet. This stable pull complements the more volume-driven battery segment and supports long-term allocations.

Complex Refining from Ore

Most cobalt originates as a by-product of copper or nickel mining, and complex mineralogy complicates downstream hydrometallurgy. High-pressure acid-leach circuits in the DRC and Indonesia face permitting hurdles, reagent logistics, and energy constraints. These challenges slow capacity ramp-ups and raise operating costs, restraining near-term supply growth in the cobalt market. Policy pressure for more environmentally managed flows adds further capital requirements that extend project timelines.

Other drivers and restraints analyzed in the detailed report include:

1. Increasing Adoption of Cobalt-Rich Cutting Tools
2. Accelerated 5G/IoT Roll-Out Driving High-Frequency Magnetic Materials
3. Limited Solvent Extraction Capacity Outside China

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Metal accounted for 47.52% of the cobalt market share in 2025, reflecting versatile use in superalloys, cutting tools, and soft magnetic components. High-temperature alloy producers lock in multi-year contracts to secure consistent quality, and recent price spikes led several aerospace primes to negotiate toll-refining deals that guarantee physical delivery, further tightening spot availability. Preference for long-term offtake could lengthen lead times for smaller buyers, encouraging exploration of recycled briquettes as a hedge.

The purchased-scrap sub-segment is forecast to post a 10.82% CAGR from 2026 to 2031 as regional battery recycling plants ramp up. Regulatory quotas for recycled content, paired with economic gains from recovering nickel and lithium, make cobalt extraction from black mass financially attractive even at moderate prices. Companies such as Electra Battery Materials are building hydrometallurgical circuits dedicated to scrap, signalling confidence in steady feedstock supply. Over time, increasing secondary flows will erode metal's dominance in the cobalt market while elevating resource efficiency.

Batteries represented 57.65% of the cobalt market size in 2025 and are on track for an 11.63% CAGR to 2031, powered by EV rollouts and premium consumer electronics. Nickel-rich NCM cathodes still incorporate 10%-15% cobalt to maintain lattice stability under fast-charge conditions, a requirement unlikely to disappear in the medium term. Even partial thrifting leaves absolute tonnage needs high because total cell output is expanding so quickly.

Outside batteries, alloy applications hold a durable niche in gas-turbine engines, while catalysts gain traction from cobalt-based Fischer-Tropsch routes that convert captured CO2 into synthetic aviation fuel. Magnetic powders enjoy steady growth alongside 5G base-station deployments, and ceramic pigments move to lower-cobalt blends that still meet color fastness standards. This broad portfolio allows the cobalt market to absorb moderate substitution in one application without derailing overall growth.

Complete Report Scope:

• By Form
  • Chemical Compound
  • Metal
  • Purchased Scrap
• By Application
  • Batteries
  • Alloys
  • Catalysts
  • Tool Materials
  • Magnets
  • Ceramics and Pigments
  • Other Applications
• By Production Source
  • Primary
  • Secondary
• By End-user Industry
  • Automotive
  • Aerospace and Defense
  • Consumer Electronics
  • Energy and Utilities
  • Industrial Machinery and Tooling
• Geography (Production)
  • Australia
  • Canada
  • China
  • Democratic Republic of Congo
  • Cuba
  • Indonesia
  • Morocco
  • Russia
  • United States
  • Rest of World
• Geography (Consumption)
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • United Kingdom
    • France
    • Italy
    • Rest of Europe
  • South America
    • Brazil
    • Chile
    • Rest of South America
  • Middle-East and Africa
    • Saudi Arabia
    • South Africa
    • Rest of Middle-East and Africa

Geography Analysis

Asia-Pacific held 51.32% cobalt market share in 2025 and is forecast to grow at an 11.03% CAGR to 2031. China refines a major portion of the global cobalt chemicals and maintains equity stakes in many DRC mines, securing an integrated mine-to-cathode chain that underpins its battery dominance. South Korea and Japan have responded by taking minority stakes in Indonesian HPAL ventures, pointing toward a more multipolar supply map later in the decade. Heightened competition for concentrates meeting stringent ESG criteria is already driving premium payments.

North America is accelerating supply-chain localization under the United States Inflation Reduction Act and Defense Production Act. In August 2024, the Department of Defense granted USD 20 million to Electra Battery Materials to establish sustainable cobalt-sulfate refining. Europe sustains sizable downstream demand through a growing battery-cell ecosystem backed by the EU Battery Regulation, which links market access to life-cycle reporting.

1. BHP
2. CMOC
3. Cobalt Blue Holdings Limited
4. Eramet
5. Eurasian Resources Group
6. First Quantum Minerals Ltd.
7. Freeport-McMoRan
8. GECAMINES SA.
9. Glencore
10. Huayou Cobalt Co., Ltd.
11. Jervois
12. Jinchuan Group International Resources Co. Ltd
13. MITSUI MINING & SMELTING CO.,LTD.
14. Sherritt International Corporation
15. Sumitomo Metal Mining Co., Ltd.
16. Umicore
17. Vale S.A.
18. Wheaton Precious Metals

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support