Cobalt Market to Hit 398 Mn Tons by 2031 at 8.98% CAGR on Strong EV, Aerospace, and 5G Demand, Says Mordor Intelligence

The cobalt market is gaining momentum as rising electric vehicle battery production, expanding aerospace superalloys demand, and accelerating 5G infrastructure deployment strengthen long-term consumption trends.

Hyderabad, Feb. 20, 2026 (GLOBE NEWSWIRE) — According to Mordor Intelligence, the cobalt market is set to grow from 258.99 million tons in 2026 to 398.2 million tons by 2031, reflecting at 8.98% CAGR. Demand continues to climb on the back of battery-grade sulfate, aerospace superalloys, and advanced magnetic materials, while supply remains tight. The DRC accounts for about 76% of global mined cobalt, and its four-month export halt in early 2026 pushed spot prices up, highlighting ongoing supply-risk concerns. New output from Indonesia’s HPAL projects and emerging North American sulfide assets will help ease constraints, and the market benefits from broad use cases-from batteries to aerospace, defense components, and 5G equipment-supporting steady growth across cycles. 

Cobalt Market: Emerging Trends and Developments 

Expanding Use in Rechargeable Power Systems 

Growing reliance on rechargeable batteries continues to shape cobalt use as EV adoption accelerates. Even with efforts to reduce cobalt content in advanced chemistries, it remains important for performance and durability, prompting producers to secure material in advance to manage market uncertainty and support new refining and recycling capacity. 

Strengthening Demand from Aerospace Engine Manufacturing 

Aerospace activity is also lifting demand as engine programs ramp back up and rely heavily on cobalt-based superalloys. Strict qualification standards limit substitution, giving miners and refiners a reliable, high-value outlet that helps balance the more volume-driven battery segment. 

Rising Need for Cobalt-Based Machining Tools 

Machining industries are increasing their use of cobalt-rich tooling to handle tougher next-generation metals, with manufacturers reporting steady interest as aircraft fleets undergo more frequent maintenance cycles. 

For a full breakdown of cobalt market size, segmentation data, and competitive intelligence, access the details of the Mordor Intelligence report: https://www.mordorintelligence.com/industry-reports/cobalt-market?utm_source=globenewswire  

Cobalt Market Segmentation: 

By Form: 

• Chemical Compound 

• Metal 

• Purchased Scrap 

By Applications: 

• Batteries 

• Alloys 

• Catalysts 

• Tool Materials 

• Magnets 

• Ceramics and Pigments 

By Production Source: 

• Primary 

• Secondary 

By End-user Industry: 

• Automotive 

• Aerospace and Defense 

• Consumer Electronics 

• Energy and Utilities 

• Industrial Machinery and Tooling 

Geography (Production) 

• Australia 

• Canada 

• China 

• Democratic Republic of Congo 

• Cuba 

• Indonesia 

• Morocco 

• Russia 

• United States 

• Rest of World 

Geography (Consumption) 

Asia-Pacific 

• China 

• India 

• Japan 

• South Korea 

• Rest of Asia-Pacific 

North America 

• United States 

• Canada 

• Mexico 

Europe 

• Germany 

• United Kingdom 

• France 

• Italy 

• Rest of Europe 

South America 

• Brazil 

• Chile 

• Rest of South America 

Middle-East and Africa 

• Saudi Arabia 

• South Africa 

• Rest of Middle-East and Africa 

Cobalt Market Regional Overview 

Asia-Pacific continues to anchor the global cobalt sector, supported by China’s deeply integrated refining and mining partnerships that reinforce its strong position in battery materials. South Korea and Japan are broadening their upstream reach through new investments in emerging production hubs, signaling a gradual shift toward a more diversified supply structure. Across North America, policy incentives are speeding up efforts to build domestic refining and processing capacity 

Cobalt Companies Overview 

• BHP 

• CMOC 

• Cobalt Blue Holdings Limited 

• Eramet 

• Eurasian Resources Group 

• First Quantum Minerals Ltd. 

• Freeport-McMoRan 

• GECAMINES SA 

• Glencore 

• Huayou Cobalt Co., Ltd. 

• Jervois 

• Jinchuan Group International Resources Co. Ltd 

• Mitsui Mining & Smelting Co., Ltd. 

• Sherritt International Corporation 

• Sumitomo Metal Mining Co., Ltd. 

• Umicore 

• Vale S.A. 

• Wheaton Precious Metals 

Check Out Related Industry Reports from Mordor Intelligence 

Copper Market: The copper market is projected to reach 27.34 million tons in 2026, up from 26.29 million tons in 2025, and is expected to climb to 33.27 million tons by 2031, expanding at a CAGR of 4.01% during 2026–2031. This growth is being driven by long-term electrification trends, significantly higher copper usage in renewable energy installations, and large-scale grid modernization initiatives that are placing additional pressure on an already constrained supply chain. 

Read more about companies active in copper industry at: https://www.mordorintelligence.com/industry-reports/copper-market/companies 

Antimony Market: The antimony market is anticipated to expand steadily, increasing from 129.12 kilotons in 2026 to around 140.27 kilotons by 2031, reflecting a compound annual growth rate (CAGR) of 1.67% over the forecast period. A sharp surge in prices highlighted the market’s structural dependence on Chinese supply. Meanwhile, strategic demand is increasingly shifting toward energy storage systems, semiconductor doping applications, and defense electronics, where antimony’s unique metallurgical and electronic characteristics offer limited substitution options. 

Read more about companies active in antimony at: https://www.mordorintelligence.com/industry-reports/antimony-market/companies  

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