Cobalt Market Trends, Growth Drivers, and Future Outlook (2025-2034)

In 2024, the global cobalt market reached a volume of approximately 200.10 KMT. This market is projected to grow at a robust compound annual growth rate (CAGR) of 8.90% from 2025 to 2034, with the forecasted volume reaching nearly 469.38 KMT by 2034. A significant factor contributing to this market expansion is the surge in electric vehicle (EV) adoption and the growing demand for advanced battery chemistries.