Cobalt Market Size, Share Analysis, Forecast 2025-2032
Global Cobalt Market Size reached US$ 17.12 billion in 2024 and is expected to reach US$ 29.86 billion by 2032, growing with a CAGR of 7.20% during the forecast period 2025-2032. The increasing use of cobalt in superalloys, electric vehicle (EV) batteries, and medical technology is causing a major shift in the worldwide cobalt market. According to the Cobalt Institute, the demand for cobalt showed resiliency in 2022, growing by 13% annually to reach 187 kilotons (kt), and it is expected to quadruple by 2030 at a 10% annual rate.