Outlook for the global cobalt market through 2030

Cobalt, a critical mineral in the global market, is in high demand due to its diverse applications in various industries such as defense, aerospace, energy storage, consumer electronics, and electric vehicles. The majority of cobalt is extracted as a by-product of copper or nickel mining, making it an essential element in the production of many modern technologies.

The number of countries producing cobalt has increased significantly from seven in 2000 to 16 in 2024, reflecting the growing importance and demand for this mineral. However, oversupply from major producers like the Democratic Republic of Congo has led to a decline in prices, posing challenges to market stability. Furthermore, China’s dominance in the cobalt market has made it vulnerable to escalating tariffs due to geopolitical tensions, with the US imposing a 25% tariff on refined cobalt metal imports from China.

Despite these challenges, global cobalt production has continued to increase, reaching over 300 kilotonnes in 2024. To address the issue of oversupply and pricing fluctuations, international cooperation among key players in the market is crucial. By working together, stakeholders can develop strategies to balance supply and demand more effectively and ensure the long-term sustainability of the cobalt market.

Looking ahead to 2030, the outlook for the cobalt market remains positive, driven by ongoing demand from emerging industries and technological advancements. However, the market’s future growth and stability will depend on how key players navigate geopolitical tensions and address oversupply issues. By monitoring market trends and collaborating on industry-wide initiatives, stakeholders can help shape a more sustainable and resilient cobalt market for the years to come.