• In 2024, Electra Battery Materials entered a binding agreement with Eurasian Resources Group to process cobalt hydroxide at its advanced refinery facility. The collaboration ensures a steady cobalt supply over a multi-year term, supporting growth in electric vehicle and energy storage applications.

• In 2024, Benchmark Mineral Intelligence acquired Rho Motion, a company specializing in energy transition and EV market data. This acquisition enhances Benchmark’s analytical capabilities in the cobalt value chain, strengthening its position in global battery material intelligence.

In this report, the Cobalt Market has been segmented by Product, Form, Application, End- User and Geography.

Cobalt Market, Segmentation by Product

The Cobalt Market has been segmented by Product into Cobalt Sulfate, Cobalt Oxide and Cobalt Metal.

Cobalt Sulfate

Cobalt sulfate accounts for nearly 45–48% of the market share, primarily driven by its rising demand in rechargeable batteries, especially for electric vehicles (EVs). Its critical role in lithium-ion battery cathodes positions it as a key growth driver in the global cobalt market.

Cobalt Oxide

Cobalt oxide holds around 22–25% of the market, with strong applications in ceramics, glass manufacturing, and catalysts. Its stable chemical properties and high durability support its use across industrial applications, contributing steadily to market growth.

Cobalt Metal

Cobalt metal captures nearly 28–30% of the market, widely utilized in superalloys, aerospace components, and magnetic materials. With its high thermal resistance and strength, cobalt metal remains a crucial material in defense and industrial manufacturing sectors.

Cobalt Market, Segmentation by Form

The Cobalt Market has been segmented by Form into Chemical Compound, Metal and Purchased Scrap

Chemical Compound

Chemical compounds dominate the cobalt market with nearly 55–58% share, primarily due to their extensive use in rechargeable batteries, catalysts, and ceramic pigments. The demand surge in the electric vehicle sector continues to strengthen the position of cobalt compounds globally.

Metal

Cobalt in metallic form accounts for about 28–30% of the market, serving critical applications in superalloys, aerospace components, and industrial tools. Its high thermal stability and magnetic properties make it indispensable for defense and advanced manufacturing industries.

Purchased Scrap

Purchased scrap contributes nearly 12–15% of the market, supporting the shift toward sustainability and circular economy practices. Recycling cobalt from scrap materials reduces dependency on mining, offering both cost-efficiency and environmental benefits.

Cobalt Market, Segmentation by Application

The Cobalt Market has been segmented by Application into Reusable Energy Storage System, Super Alloys, Wear- Resistant Alloys, Thermal Spray Coatings, Magnets, Orthopaedics, Binder Material and Life Sciences.

Reusable Energy Storage System

Reusable energy storage systems hold the largest share, accounting for nearly 45–48% of cobalt consumption. The rapid adoption of electric vehicles and renewable energy integration is fueling demand for cobalt-based lithium-ion batteries.

Super Alloys

Super alloys represent around 18–20% of the market, driven by their use in aerospace, turbines, and defense applications. The material’s heat resistance and durability make it crucial in high-performance engineering sectors.

Wear-Resistant Alloys

Wear-resistant alloys contribute approximately 10–12% of demand, supporting industries that require hardness and longevity such as mining equipment and cutting tools. Their resilience enhances operational efficiency.

Thermal Spray Coatings

Thermal spray coatings account for about 7–8% of cobalt usage, offering strong corrosion resistance and surface protection. These coatings are widely applied in automotive and industrial machinery to extend service life.

Magnets

Magnets utilize nearly 5–6% of the cobalt market, primarily in electronics, wind turbines, and medical imaging devices. Cobalt-based magnets are valued for their magnetic strength and reliability.

Orthopaedics

Orthopaedics represent 3–4% of the demand, with cobalt alloys used in joint replacements and implants. Their biocompatibility and wear resistance make them ideal for long-term medical applications.

Binder Material

Binder material accounts for about 2–3%, where cobalt serves as a key binding agent in cemented carbides used for cutting tools and drilling operations. Its role enhances both strength and durability.

Life Sciences

Life sciences hold nearly 2% of market share, using cobalt in radioisotopes for medical imaging and cancer treatment. Its growing application in advanced healthcare underscores its significance.

Cobalt Market, Segmentation by End- User

The Cobalt Market is segmented by End-User into Electronics, Automotive, Aerospace and Medical.

Electronics

The electronics sector dominates cobalt consumption, holding nearly 35–38% share of the market. Cobalt is crucial for producing rechargeable batteries, magnetic storage devices, and electronic components, driven by the rising demand for consumer gadgets and smart devices.

Automotive

The automotive industry accounts for about 30–32% of cobalt demand, primarily due to the surge in electric vehicle (EV) production. Cobalt ensures higher battery stability and energy density, making it vital for EV growth worldwide.

Aerospace

The aerospace sector contributes nearly 15–17% of cobalt usage, with applications in superalloys for jet engines and turbine blades. Its exceptional heat resistance and mechanical strength make cobalt indispensable in high-performance aerospace technologies.

Medical

The medical industry holds around 8–10% share, using cobalt in orthopedic implants, dental prosthetics, and medical imaging. Its biocompatibility and role in radioisotopes for cancer treatment highlight its growing importance in healthcare.

Cobalt Market, Segmentation by Geography

In this report, the Cobalt Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

North America

North America accounts for nearly 22–25% of the cobalt market, driven by its strong electronics sector and the rapid adoption of electric vehicles (EVs). The U.S. and Canada are also investing heavily in battery recycling to reduce import dependency.

Europe

Europe represents around 20–22% of global demand, supported by its leadership in renewable energy and EV manufacturing. Countries like Germany and France emphasize sustainable supply chains and green technologies in cobalt utilization.

Asia Pacific

The Asia Pacific region dominates with nearly 45–48% of the cobalt market, led by China, Japan, and South Korea. The region is the hub for battery manufacturing and electronics production, fueling exponential growth in cobalt consumption.

Middle East & Africa

Middle East & Africa contributes about 7–8% of the market, primarily due to cobalt mining operations in the Democratic Republic of Congo, which supplies over half of the world’s cobalt reserves. Investment in extraction and refining continues to expand.

Latin America

Latin America holds nearly 5–6% share, with growing opportunities in mining investments and industrial applications. Brazil and Chile are expected to strengthen their presence as key suppliers in the coming years.