Global Cobalt Market Projected to Reach $34.73 Billion by 2035

The Global Cobalt Market is poised for significant growth, with projections indicating a rise from $16.12 billion in 2024 to approximately $34.73 billion by 2035, reflecting a Compound Annual Growth Rate (CAGR) of 7.23%.

This surge is primarily driven by the escalating demand for electric vehicles (EVs) and the subsequent need for lithium-ion batteries, where cobalt plays a crucial role.

Competitive Landscape

The cobalt industry is highly fragmented and competitive, with leading companies focusing on research and development to offer cost-effective and innovative superalloys for magnetic materials. Notable players in the market include Glencore plc, China Molybdenum Co., Ltd. (CMOC), Vale S.A., Eurasian Resources Group, and Sherritt International Corporation. These companies are actively enhancing their product portfolios and engaging in strategic mergers and acquisitions to strengthen their market positions.

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Regional Demand Highlights

The Asia-Pacific region dominates the cobalt market, with China leading in both consumption and importation. In 2023, China imported cobalt worth $2.55 billion, underscoring its significant demand driven by the expansive EV and electronics industries.

Additionally, the region is expected to exhibit the highest CAGR during the forecast period, attributed to the presence of major emerging economies like China, India, and Japan.

The United States is witnessing consolidation in its cobalt market, with companies engaging in mergers and acquisitions to secure supply chains and reduce dependence on foreign sources. Initiatives to develop domestic cobalt resources and recycling capabilities are underway, aiming to enhance national security and support the burgeoning EV industry.

Vietnam: Cobalt Opportunities

Vietnam's mergers and acquisitions market is anticipated to experience substantial growth by 2025, potentially impacting the cobalt industry. The country's strategic initiatives to attract foreign investments may lead to increased activities in the cobalt sector, fostering opportunities for both local and international stakeholders.