Cobalt Market Size | Forecast, Trends & Global Growth Outlook 2025

Q: What is the expected size of the cobalt market by 2031?

The size of cobalt market is estimated at USD 26 billion by 2031, with a CAGR of 5.6% from 2025 to 2031.

Q: What are the main drivers of cobalt market growth?

The rapid growth of electric vehicles, renewable energy storage systems, and advancements in battery technologies are acting as main drivers.

Q: Which regions are leading the cobalt market?

Asia-Pacific leads the market due to rising the EV adoption, with Europe and North America following.

Q: Why is cobalt essential for batteries?

Due to high energy density and thermal stability, make the cobalt a crucial component in lithium-ion batteries for EVs and energy storage systems.

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

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Code: MTA4555

Publication Date: Jun 2025

What is the size of Cobalt Market?

According to 6Wresearch internal database and industry insights, the Global cobalt market size is expected to reach USD 19 billion in 2024 and grow to USD 27 billion by 2031, with a compound annual growth rate (CAGR) of 5.6% between 2025 and 2031.

The cobalt market is witnessed for the moderate growth over the years with the increasing demand in the electric vehicle (EV) industry, rechargeable batteries, and renewable energy technologies. Due to essential properties of cobalt, such as high energy density and heat resistance, make it an essential material in lithium-ion batteries and various industrial applications.

Key Growth Factors of the Cobalt Market

Rapid expansion of the electric vehicle market driving battery production.
Growing adoption of renewable energy storage systems.
Rising investments in cobalt mining and recycling to meet global demand.
Increased demand for superalloys in aerospace and defence industries.
Advancements in battery technologies enhancing cobalt utilization efficiency.

Cobalt Market Trends

The cobalt market is set to expand its landscape gradually during the forecast period 2025-2031. On the account of major trends including the electrification of transportation and increased renewable energy adoption. Asia-Pacific is emerging as the dominant region due to the bolstering EV market in major developed countries such as China, South Korea, and Japan. The trends of market include rising cobalt recycling efforts to ensure sustainable supply, increasing demand for cobalt-based batteries in energy storage systems, advancements in mining practices to reduce environmental impact, and government policies encouraging clean energy adoption.