Cobalt Market Poised for High Growth, Driven by EV Battery Demand and Supply Shift from DRC to Indonesia
Global Cobalt Market Poised for High Growth, Driven by EV Battery Demand and Supply Shift from DRC to Indonesia
November 12, 2025 – The global Cobalt (Co) market is entering a phase of rapid expansion, underpinned by soaring demand from the electric vehicle (EV) battery sector and a dynamic shift in global supply concentration. The market value is projected to be between $510 and $782 million USD in 2025, with experts forecasting a robust Compound Annual Growth Rate (CAGR) of 8% to 11% through 2030.
Cobalt, a critical battery metal, is essential for high-performance rechargeable batteries, as well as nickel-base alloys, tool materials, and pigments.
Market Dynamics: Demand Surges Amid Supply Concentration
The year 2024 saw a significant market acceleration, with global Cobalt consumption reaching approximately 222,000 metric tons, marking the fastest growth rate (14% YoY) since 2021.
Demand Segmentation (2024 Global Consumption)
| Application Segment | Estimated Consumption (Metric Tons) | Percentage Share | Growth Driver |
| Batteries (EVs) | approx 95,000 | approx 43% | Global EV sales growth, particularly where NCM (Nickel-Cobalt-Manganese) batteries remain dominant. |
| Consumer Electronics | approx 67,000 | approx 30% | Global recovery in smartphone and PC shipments (6.4% and 1% YoY growth, respectively, in 2024). |
| Nickel-base Alloys | approx 17,760 | approx 8% | Aerospace and industrial applications. |
| Tool Materials | approx 8,880 | approx 4% | Hard alloys and metalworking. |
Key Trend: The EV sector now accounts for 43% of Cobalt consumption, driven by a 21% surge in demand in 2024, confirming its position as the largest and fastest-growing end-use market.
Global Supply Chain: DRC Dominance and Indonesia's Rise
Global Cobalt resources are highly concentrated, with reserves estimated at 11 million tons, led by the Democratic Republic of Congo (DRC) with 56% of the world’s resources.
Global mine output in 2024 was approximately 288,000 tons, demonstrating a strong surplus over consumption.
| Region | 2024 Production Estimate (Metric Tons) | Global Market Share | Supply Trend |
| DRC | approx 220,000 | approx 76.4% (Dominant) | Output grew 25% in 2024, largely due to a massive ramp-up by CMOC. |
| Indonesia | approx 28,000 | approx 10% | Fastest-growing producer, driven by new HPAL (High-Pressure Acid Leaching) projects recovering Cobalt from low-grade nickel laterite. |
DRC Supply Leader (CMOC): CMOC (China Molybdenum Co., Ltd.) has dramatically reshaped the supply landscape. Its Cobalt metal output from the TFM and KFM mines in the DRC reached approximately 114,200 t in 2024 (106% YoY growth), significantly exceeding its nameplate capacity of 87,000 t/year. CMOC’s global market share surged from 23% in 2023 to an estimated 40% in 2024, with its share of the DRC output exceeding 50%. The company reported a stock of approximately 42,400 t of Cobalt metal at the end of 2024.
Indonesia's Role: Indonesia is poised to become the fastest-growing Cobalt producer. The rapid expansion of its HPAL capacity, designed to treat low-grade nickel ore, yields Cobalt as a valuable byproduct, typically at a Nickel:Cobalt ratio of 8:1 to 10:1.
Key Market Players
The market’s competitive structure is highly concentrated among major miners and processors:
-
Glencore
-
CMOC
-
Eurasian Resources
-
Shalina Resources
-
MMC Norilsk Nickel
-
Sumitomo Metal
-
Vale
-
Huayou Cobalt
-
Jinchuan Group
-
Sherritt International
The significant capacity expansion, particularly from CMOC, has led to a short-term supply surge. However, sustained demand from the EV sector and long-term concerns over resource stability in the DRC mean that Cobalt remains a structurally critical commodity for the energy transition.