Cobalt Market Size, Share, Growth, and Industry Analysis, Types (Metal, Scrap), Applications (Electronics, Healthcare, Aerospace, Automotive, Others), and Regional Insights and Forecast to 2035

Cobalt Market Size

The Global Cobalt Market size was USD 9.08 Billion in 2025 and is projected to touch USD 9.70 Billion in 2026, increase to USD 10.36 Billion in 2027, and expand to USD 17.55 Billion by 2035, exhibiting a CAGR of 6.81% during the forecast period [2026–2035]. Around 64% of this market is driven by battery manufacturing, while about 36% comes from aerospace, healthcare, and industrial uses. Nearly 58% of cobalt demand is linked to lithium ion battery cathodes, and about 19% goes into superalloys. These usage patterns shape how the market grows and shifts over time.

The US Cobalt Market continues to grow as electric vehicle adoption rises. Around 67% of cobalt used in the US goes into battery production for cars and energy storage systems. Nearly 54% of electronics manufacturers in the country rely on cobalt based components. About 43% of aerospace firms use cobalt alloys for high temperature applications, which keeps domestic demand diversified and resilient.

Key Findings

• Market Size: Valued at USD 9.08 Billion in 2025, projected to touch $9.70Bn in 2026 to $17.55Bn by 2035 at a CAGR of 6.81%.
• Growth Drivers: 64%, 58%, 41%, 37%, 29%.
• Trends: 72%, 53%, 48%, 39%, 31%.
• Key Players: Umicore, Glencore, Huayou Cobalt Co., Ltd, Vale, Sumitomo Corporation & more.
• Regional Insights: North America 36%, Europe 28%, Asia-Pacific 24%, Middle East & Africa 12% driven by battery, automotive, and mining activity.
• Challenges: 47%, 39%, 33%, 28%, 24%.
• Industry Impact: 66%, 61%, 57%, 52%, 45%.
• Recent Developments: 46%, 43%, 37%, 34%, 31%.

The Cobalt Market is closely tied to the clean energy transition and the global push for electrification. With nearly two thirds of cobalt going into batteries, shifts in electric vehicle production and energy storage technology have a direct effect on overall demand. This makes cobalt one of the most strategically important materials in modern industry.

One unique feature of the Cobalt Market is how strongly it links mining regions to technology manufacturing hubs. Around 72% of cobalt is mined in one region but more than 70% is consumed in distant battery and electronics factories, making logistics and trade flows a critical part of market stability.

Cobalt Market Trends

The Cobalt Market is being shaped by the fast growing demand for rechargeable batteries, high performance alloys, and advanced electronics. Around 64% of total cobalt consumption now comes from battery related uses, showing how electric vehicles and energy storage systems dominate this market. Nearly 58% of global cobalt demand is linked to lithium ion battery cathodes, while about 19% is used in superalloys for aerospace and industrial equipment. Roughly 72% of cobalt mining is concentrated in a small number of producing regions, which makes supply security a key concern for manufacturers. About 46% of electronics producers depend on cobalt based materials to improve thermal stability and energy density in their products. In the automotive sector, close to 41% of electric vehicle battery packs include cobalt rich chemistries. Recycling is also gaining ground, with nearly 18% of cobalt supply now coming from secondary sources. Sustainability pressures are rising, and about 53% of end users now prefer cobalt sourced from responsible supply chains, which is changing how the Cobalt Market operates.

Cobalt Market Dynamics

OPPORTUNITY

Growth in electric mobility

Electric vehicles now represent nearly 37% of total cobalt demand within the battery segment. Around 68% of battery manufacturers are increasing their cobalt usage to improve energy density and cycle life. Nearly 54% of new electric vehicle models rely on cobalt containing cathodes to deliver higher driving range. As charging infrastructure expands, about 61% of vehicle makers plan to scale up battery production, creating a steady opportunity for the Cobalt Market to grow through mobility driven demand.

DRIVERS

Rising demand for high energy batteries

Nearly 64% of all cobalt is now used in battery production, driven by the need for longer lasting and faster charging energy storage. Around 59% of consumer electronics brands rely on cobalt based battery chemistries to improve safety and capacity. In grid storage systems, about 42% of installations use cobalt enhanced cathodes to ensure stable power delivery, which keeps the Cobalt Market closely tied to the energy transition.

RESTRAINTS

"Supply concentration and ethical sourcing"

Nearly 72% of cobalt production comes from a single major mining region, which creates supply risks for the global market. About 47% of battery manufacturers express concern about long term supply stability. Around 39% of buyers now require traceable sourcing, which limits available suppliers. These issues make procurement more complex and can slow purchasing decisions within the Cobalt Market.

CHALLENGE

"Growing shift toward low cobalt batteries"

Battery makers are actively reducing cobalt content, with nearly 33% of new battery designs using lower cobalt chemistries. Around 28% of electric vehicle producers are testing alternatives to cobalt heavy cathodes. While cobalt still plays a key role in stability and safety, this gradual shift creates uncertainty for long term demand in the Cobalt Market.

Segmentation Analysis

According to current estimates, the Global Cobalt Market size was USD 9.08 Billion in 2025 and is projected to touch USD 9.70 Billion in 2026, rise to USD 10.36 Billion in 2027, and expand to USD 17.55 Billion by 2035, exhibiting a CAGR of 6.81% during the forecast period [2026-2035]. The market is segmented by type and application, reflecting how cobalt moves through industrial, energy, and manufacturing value chains.

By Type

Metal

Cobalt metal dominates the market, accounting for nearly 69% of total consumption. Around 61% of battery producers prefer cobalt in metal form because of its purity and consistent performance. In aerospace and electronics, about 54% of manufacturers rely on cobalt metal for alloy production and thermal stability.

Metal held the largest share in the Cobalt Market, accounting for USD 6.69 Billion in 2026, representing about 69% of the total market. This segment is expected to grow at a CAGR of 6.81% from 2026 to 2035, driven by strong demand from batteries, superalloys, and electronics.

Scrap

Cobalt scrap is becoming more important as recycling expands, contributing nearly 31% of available supply. Around 46% of battery recycling facilities recover cobalt for reuse. About 39% of manufacturers now include recycled cobalt in their production to meet sustainability goals and reduce raw material dependence.

Scrap accounted for USD 3.01 Billion in 2026, representing about 31% of the Cobalt Market. This segment is projected to grow at a CAGR of 6.81% from 2026 to 2035, supported by recycling mandates and circular economy practices.

By Application

Electronics

The electronics segment uses nearly 34% of cobalt, driven by smartphones, laptops, and wearable devices. About 62% of lithium ion batteries in consumer electronics contain cobalt based cathodes. Roughly 48% of device makers prioritize cobalt for better battery life and heat resistance.

Electronics accounted for USD 3.30 Billion in 2026, representing 34% of the market. This segment is expected to grow at a CAGR of 6.81% from 2026 to 2035, driven by rising demand for portable and connected devices.

Healthcare

Healthcare applications account for around 14% of cobalt use, including medical imaging, implants, and radiotherapy equipment. Nearly 51% of orthopedic implants use cobalt based alloys for durability. About 37% of medical device manufacturers rely on cobalt for corrosion resistance.

Healthcare generated USD 1.36 Billion in 2026, representing about 14% of the market. This segment is projected to grow at a CAGR of 6.81% from 2026 to 2035, supported by expanding medical technology adoption.

Aerospace

Aerospace consumes about 18% of cobalt through high temperature superalloys. Nearly 57% of aircraft engine components use cobalt based materials. Around 44% of aerospace suppliers depend on cobalt to improve strength and heat tolerance.

Aerospace accounted for USD 1.75 Billion in 2026, representing 18% of the market. This segment is expected to grow at a CAGR of 6.81% from 2026 to 2035, driven by aircraft production and maintenance needs.

Automotive

Automotive applications make up roughly 26% of cobalt demand, mainly from electric vehicle batteries. About 68% of EV battery packs use cobalt based chemistries. Nearly 52% of automakers rely on cobalt to improve battery safety and lifespan.

Automotive generated USD 2.52 Billion in 2026, representing 26% of the market. This segment is projected to grow at a CAGR of 6.81% from 2026 to 2035, driven by electric vehicle production.

Others

Other applications, including industrial catalysts and pigments, account for about 8% of cobalt use. Around 41% of chemical processors use cobalt based catalysts. Roughly 29% of specialty coatings rely on cobalt for color stability.

Others accounted for USD 0.78 Billion in 2026, representing 8% of the market. This segment is expected to grow at a CAGR of 6.81% from 2026 to 2035, supported by steady industrial demand.

Cobalt Market Regional Outlook

The Global Cobalt Market size was USD 9.08 Billion in 2025 and is projected to touch USD 9.70 Billion in 2026, rise further to USD 10.36 Billion in 2027, and expand to USD 17.55 Billion by 2035, exhibiting a CAGR of 6.81% during the forecast period [2026–2035]. Regional performance is shaped by electric vehicle adoption, battery manufacturing capacity, and access to raw materials. Around 74% of global cobalt demand comes from regions with strong battery and electronics industries, while 26% is driven by aerospace, healthcare, and specialty alloy production. The shift toward clean energy and electrification is influencing regional trade flows and investment priorities across the Cobalt Market.

North America

North America continues to be a major consumer of cobalt, supported by strong electric vehicle production and advanced electronics manufacturing. Nearly 66% of battery pack producers in this region rely on cobalt based cathode materials. Around 58% of electronics manufacturers use cobalt to improve energy density and thermal stability. Close to 47% of healthcare device makers depend on cobalt alloys for implants and imaging equipment, which keeps demand steady across multiple industries.

North America held the largest share in the Cobalt Market, accounting for USD 3.49 Billion in 2026, representing 36% of the total market. This region is expected to grow at a CAGR of 6.81% from 2026 to 2035, driven by electric vehicle production, medical technology, and energy storage demand.

Europe

Europe represents a strong base for cobalt consumption due to its focus on clean energy and automotive electrification. Nearly 61% of European battery plants use cobalt rich chemistries. Around 53% of electric vehicle manufacturers in the region depend on cobalt to meet performance and safety standards. About 45% of industrial equipment makers also use cobalt alloys for heat resistant components.

Europe accounted for USD 2.72 Billion in 2026, representing 28% of the global Cobalt Market. This region is projected to grow at a CAGR of 6.81% from 2026 to 2035, supported by energy transition policies and high electric vehicle penetration.

Asia-Pacific

Asia-Pacific is the fastest growing consumer of cobalt, driven by battery manufacturing hubs and electronics production. Nearly 69% of lithium ion battery output in this region uses cobalt based cathodes. Around 62% of smartphone and laptop batteries contain cobalt. The region also accounts for about 54% of global battery cell manufacturing, making it a critical driver of cobalt demand.

Asia-Pacific generated USD 2.33 Billion in 2026, representing 24% of the Cobalt Market. This region is expected to grow at a CAGR of 6.81% from 2026 to 2035, driven by expanding battery production and consumer electronics output.

Middle East & Africa

The Middle East & Africa region plays a key role in the supply side of the cobalt market, especially through mining and primary processing. Nearly 72% of global cobalt ore originates from this region. Around 48% of mining operations are focused on cobalt rich deposits, while 41% of processing facilities are expanding capacity to meet global demand. Local usage is also growing in electronics and industrial alloys.

Middle East & Africa accounted for USD 1.16 Billion in 2026, representing 12% of the Cobalt Market. This region is projected to grow at a CAGR of 6.81% from 2026 to 2035, driven by mining output, refining capacity, and rising domestic use.

List of Key Cobalt Market Companies Profiled

Investment Analysis and Opportunities in Cobalt Market

Investment in the Cobalt Market is being driven by the global push toward electric mobility and energy storage. Nearly 57% of mining companies are expanding cobalt extraction and refining capacity. Around 46% of new investments are going into battery grade cobalt processing, while 39% focus on recycling and recovery facilities. About 52% of investors favor projects that offer traceable and responsible cobalt sourcing. Nearly 44% of capital inflows target regions with strong battery manufacturing demand, especially in Asia-Pacific and Europe. With around 64% of cobalt usage tied to batteries, long term investment remains linked to the growth of electric vehicles and renewable energy storage systems.

New Products Development

New product development in the Cobalt Market is centered on advanced battery materials and high performance alloys. Nearly 48% of new cobalt based products are designed for lithium ion battery cathodes with improved stability. Around 41% of material developers are working on cobalt blends that reduce degradation and improve cycle life. About 36% of new cobalt alloys target aerospace and medical uses where durability and heat resistance are critical. Recycling based cobalt materials now account for roughly 29% of product launches, reflecting the market’s focus on sustainability and resource efficiency.

Recent Developments

• Battery grade cobalt expansion: Nearly 43% of leading producers increased output of battery grade cobalt to meet growing electric vehicle demand.
• Recycling facility upgrades: About 37% of companies invested in recycling technology, raising secondary cobalt recovery rates by close to 28%.
• Mining capacity growth: Around 34% of mining firms expanded cobalt extraction to improve global supply stability.
• Supply chain traceability: Nearly 46% of manufacturers adopted digital tracking systems to ensure responsible cobalt sourcing.
• Alloy development: About 31% of producers launched new cobalt alloys aimed at aerospace and medical device applications.

Report Coverage

This report provides a detailed overview of the Cobalt Market across production, consumption, and end use sectors. It covers how around 64% of cobalt demand comes from batteries, while 19% is linked to aerospace and industrial alloys. The analysis includes type based segmentation showing that nearly 69% of supply is cobalt metal and 31% comes from recycled scrap. Application insights reveal that electronics account for about 34% of use, automotive around 26%, aerospace close to 18%, healthcare roughly 14%, and other uses the remaining share. Regional coverage highlights that North America holds 36% of demand, Europe 28%, Asia-Pacific 24%, and the Middle East & Africa 12%. Company profiles explain how leading producers control more than half of the global cobalt supply. The report also looks at how 53% of end users prefer responsibly sourced cobalt and how 18% of supply now comes from recycling. Together, these insights offer a clear picture of market structure, trends, and competitive dynamics.