Cobalt Market Size Projected to Reach $33.1 billion by 2034 | 6.6%

According to Straits Research, the cobalt market size was valued at $18.5 billion in 2025 and is estimated to reach $33.1 billion by 2034, registering a CAGR of 6.6% during the forecast period 2026–2034.

The cobalt market is segmented based on type, application, and region. Some of the insights provided in the report are highlighted below:

• The cobalt sulphate segment is expected to have the largest market share due to its extensive use in lithium-ion batteries.
• North America is expected to lead the cobalt market due to its focus on domestic production of cobalt and the mineral supply chain.
• Recycling of batteries to due to global focus on sustainability initiatives offers lucrative growth opportunities for market players.
• Germany is focusing on responsible sourcing and on next-generation batteries.

Straits Research adopts a rigorous 360° research approach that integrates both primary and secondary research methodologies. The report data is triangulated with a mix of market indicators, macroeconomic outlook, industry sources, and strategic briefings.

The report is designed to enable decision makers, such as CXOs, policymakers, investors, startups, and other related stakeholders, to understand the current and future scenario of the market.  

Market Segments

1. By Product
   1. Cobalt Sulphate
   2. Recycled Cobalt
2. By End Use
   1. Electric Vehicles Batteries
   2. Stationary Energy Storage Systems
3. Region
   1. Asia Pacific
   2. North America
   3. Europe
   4. Middle East & Africa
   5. Latin America