Asia Pacific Cobalt Market Industry Overview, Size, Share, Growth Trends, Research Insights and Forecast (2025–2032)

Asia Pacific Cobalt Market Overview

Cobalt is a hard, silver-grey metal element known for its magnetic and heat-resistant properties, usually found as a by-product in copper and nickel mining. It plays an important role in modern technology, with primary applications in lithium-ion batteries used in electric vehicles, smartphones and laptops.

A foremost driving force inside the Asia Pacific Cobalt Market is an increasing demand for electric vehicles (EVS), particularly in nations such as China, Japan and South Korea. Cobalt is an important component in the lithium-ion battery utilized in EVS due to its position in electricity density and increase in battery stability. According to the International Energy Agency (IEA), more than 9 million EVs were offered in Asia in 2024, for more than 60% of the global EV income with China, Cobalt's intake accelerated drastically.

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Asia Pacific Cobalt Market Dynamics

Government Policies Promoting Renewable Energy and Clean Mobility to Drive Asia Pacific Cobalt Market

Government policies in the Asia Pacific (APAC) region are accelerating the demand for cobalt, which is powered by renewable energy and clean mobility initiative. Countries like China, South Korea and India are implementing stringent EV adoption targets, battery recycling mandate, and renewable energy storage incentives, promoting the consumption of cobalt directly. For example, China's NEV (New Energy Vehicle) mandate is aimed at admission to 40% EV sales by 2030, while India's fame-second plan subsidize EV manufacturing with a $ 1.4 billion outlay.

Dependency on Cobalt Imports and Geopolitical Supply Risks to Restrain the Asia Pacific Cobalt Market

The Asia Pacific cobalt markets face significant restrictions due to heavy dependence on import and geo -political supply risks, more than 90% of cobalt supplies are received from Democratic Republic of Congo (DRC), which is a field suffering from political instability, child labour concerns and export restrictions. China, which processes 70% of the world's cobalt, dominates the refinement sector, causing the supply chain weaknesses for the APAC nations.

Strategic Collaborations with African Cobalt Producers to Boost Opportunities in the Asia Pacific Cobalt Market

Strategic collaboration between Asia Pacific (APAC) battery manufacturers and African cobalt producers are unlocking new opportunities to secure durable and diverse supply chains. APAC countries, which consume more than 80% of global sophisticated cobalt, are rapidly partnered with African miners to reduce dependence on Chinese dominated refining. For instance, South Korea's LG Energy Solution signed a 7000 tons yearly cobalt supply deal with Australia-based (but DRC-operating) CMOC in 2023, while JOGMEC of Japan invested $ 130 million in Copper-Cobalt Mines of Japan, which was to bypass the geopolitical risks.

Asia Pacific Cobalt Market Segment Analysis

Based on Product, the Cobalt Market is segmented into Cobalt Sulphate, Cobalt Oxide, Cobalt Metal, etc. Cobalt sulphate segment dominates the product-based division, mainly due to its important role in the lithium-ion battery cathode for electric vehicles (EVS) and energy storage system. According to the Cobalt Institute (2023), Cobalt Sulphate calculated more than 50% of the total cobalt chemical demand, inspired by the rapid development of EVS, which consumed 59,000 metric tonnes in 2022.

Based on Type, the Cobalt Market is segmented into Primary and Secondary Cobalt. The primary cobalt dominates the market, accounting for more than 80% global supply (cobalt institute, 2023), as most cobalt are mined directly from copper-cobalt ore. The dominance stems from limited recycling infrastructure and the sheer scale of mined production—DRC alone extracted 130,000+ metric tons in 2023 (USGS), dwarfing secondary supply.

Based on End-Use, the Cobalt Market is segmented into EV & Automotives, Industrial Metals, Superalloys, Healthcare, Aerospace & Defence, etc. EV and automotive segment dominated by the explosive increase of lithium-ion battery for electric vehicles. According to the Cobalt Institute (2023), EVS consumed 59,000 metric tonnes of cobalt in 2022, representing an increase of 40% from 35% of the total demand. This bounce with global EV adoption, with sales of more than 3 million to 10 million in 2020, (IEA) on cobalt for stability and energy density.

Asia Pacific Cobalt Market Regional Analysis

China Dominates the Asia Pacific Cobalt Market

China is the major country in the Asia Pacific cobalt market, accounting for the biggest stake in terms of consumption, refinement and downstream applications. Although it imports the majority of its raw cobalt - mainly from the Democratic Republic of Congo - it controls more than 70% of the global cobalt refining capacity. This makes China an important centre for the production of cobalt sulphate and other compounds used in lithium-ion batteries for electric vehicles and consumer electronics.

Asia Pacific Cobalt Market Competitive Landscape

In 2024, the Asia-Pacific Cobalt market experienced the dynamics of the global supply chain and significant merger and acquisition (M&A) activity affected by strategic investments. Huayou Cobalt acquired a controlled stake of $ 450 million in Zimbabwe's Arcadia Lithium mine, extending its cobalt-byproduct supply, while the Gem Company finalized a deal of $ 380 million to increase its ownership in PT QMB new energy content of Indonesia, nickel-cobalt productions to increase their ownership in new energy material production.

Key Players of Asia Pacific Cobalt Market

1. Huayou Cobalt Co., Ltd. (China)
2. Jinchuan Group Co., Ltd. (China)
3. China Molybdenum Co., Ltd. (China)
4. Sumitomo Metal Mining Co., Ltd. (Japan)
5. Nippon Chemical Industrial Co., Ltd. (Japan)
6. Mitsui Mining & Smelting Co., Ltd. (Japan)
7. POSCO Future M (South Korea)
8. LG Energy Solution (South Korea)
9. EcoPro BM (South Korea)
10. Nicomet Industries Ltd. (India)