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Cobalt Market Size, Share, Growth Trends, Industry Analysis, Key Players, Investment Opportunities and Forecast (2025-2032)
Cobalt Market size was valued at 151.32 kilo tons in 2024 and the total Global Cobalt Market revenue is expected to grow at a CAGR of 7.98% from 2025 to 2032, reaching nearly USD 299.11 kilo tons by 2032.
Format : PDF | Report ID : SMR_2727
Cobalt Market Overview
Cobalt (Co) is a hard, lustrous, silver-grey transition metal with essential uses in modern technology, particularly in batteries, alloys, and industrial chemistry. Cobalt market is a rapidly growing demand for lithium-ion battery, which is mainly powered by a rapidly growing electric vehicle (EV) industry, consumer electronics and energy storage systems. The battery is an important component in the battery cathode due to the cobalt energy density and the ability to increase life. As governments and industry expedite infection towards clean energy and electrification globally, the demand for cobalt-rich battery is increasing rapidly.
The world's largest sophisticated cobalt manufacturer Huayou Cobalt, expanding its DRC mining operations and dominating manufacturing to secure the nickel-cobalt supply for batteries, to invest in Indonesia's HPAL (high pressure acid leaching) projects. Meanwhile, Glencore remains a prominent player who supplies cobalt to Tesla and other vehicle manufacturers, while the artisans are facing investigation on mining risks.
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Cobalt Market Dynamics
Surging Demand from Electric Vehicles and Energy Storage to Drive Cobalt Market
Developing calls from electric vehicles (EVS) and energy storage systems (ESS) are especially agitated through their important functions in Lithium-ion Battery Cathode in the NMC (Nickel-manganese-cobalt) and NCA (Nickel-Cobalt-aluminium) chemistry. According to the International Energy Agency (IEA), the International EV income increased from 3 million in 2020 to 10 million in 2022, with the demand of cobalt for EVS through 60% throughout the era.Top of FormBottom of Form
Geopolitical Concentration and Supply Chain Risks to Restrain the Cobalt Market
The cobalt market faces significant restrictions due to its geopolitical concentration and related supply chain risks. About 75% of the world's cobalt is mined in the Democratic Republic of the Congo (DRC), with more than 80% of this production. This huge dependence on limited number of countries makes the global supply chain unsafe for political instability, export sanctions and business trade disruptions.
Exploration of Deep-Sea Mining for Cobalt to Boost Opportunities in the Cobalt Market
The deep-sea mining presents a transformative opportunity for the cobalt market by unlocking vast underwater reserves of polymetallic nodules, especially in the Clarian-Clipperton Zone (CCZ), which contains 2-3 times more cobble concentrations than land-based ores. This emerging source diversifies the supplements from EVS and renovation, fulfilling the rising demand from geopolitically Democratic Republic of Congo (DRC) and China-series.
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.
Cobalt Market Regional Analysis
The Middle East and Africa region, led by means of the Democratic Republic of Congo (DRC), dominate the global cobalt marketplace, which components more than 70% of the sector's production, as Moroc's Bou Azzer mine with Africa's only number one cobalt supply. This dominance stems from the precise copper-cobalt deposits of DRC, particularly inside the Central African Copper Belt, which is 50% of the global cobalt reserves. DRC mining (eg, Sicomines, CMOC) strengthens the context of MEA manage 80% of China's strategic funding and refinement capability.
Cobalt Market Competitive Landscape
In 2024, the world's largest sophisticated cobalt manufacturer Huayou Cobalt strengthened its vertical integration by obtaining Kunshan Power Lithium Battery Materials, a major Chinese cathode precursor manufacturer for $ 1.2 billion. This step consolidates the control of Huayou on the EV battery supply chain, from the DRC-mining cobalt to the end cathode material, reducing dependence on third-party processors. The deal follows Huayou's 2023 partnership with Ford, which underlines its strategy to dominate both mining and midstream refining, to develop a $ 4.5B Indonesian Nickel-Cobalt HPAL plant.
Cobalt Market Scope table
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Cobalt Market Scope |
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Market Size in 2024 |
151.32 kilo tons |
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Market Size in 2032 |
299.11 kilo tons |
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CAGR (2025-2032) |
7.98% |
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Historic Data |
2019-2024 |
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Base Year |
2024 |
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Forecast Period |
2025-2032 |
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Segments Analysis |
By Product Cobalt Sulphate Cobalt Oxide Cobalt Metal Others |
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By Type Primary Cobalt Secondary Cobalt |
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By End-Use EV & Automotives Industrial Metals Superalloys Healthcare Aerospace & Defence Others |
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Regional Scope |
North America: United States, Canada, Mexico Europe: United Kingdom, France, Germany, Italy, Spain, Sweden, Russia, Rest of Europe Asia Pacific (APAC): China, Japan, South Korea, India, Australia, Malaysia, Thailand, Vietnam, Indonesia, Philippines, Rest of APAC Middle East & Africa (MEA): South Africa, GCC, Nigeria, Egypt, Turkey, Rest of MEA South America: Brazil, Argentina, Colombia, Chile, Peru, Rest of South America |
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Key Players of Cobalt Market
North America
- Albemarle Corporation (US)
- Freeport-McMoRan (US)
- Sherritt International (Canada)
- Grupo México (Mexico)
- Industrias Peñoles (Mexico)
Europe
- Glencore (UK)
- Johnson Matthey (UK)
- Heraeus (Germany)
- Orano (France)
- Atlantic Copper (Spain)
Asia Pacific
- Huayou Cobalt (China)
- GEM Co. (China)
- Jinchuan Group (China)
- Tanaka Chemica (Japan)
- Mitsui Mining & Smelting (Japan)
- Hindustan Copper Ltd (India)
Middle East and Africa
- Sicomines (South Africa)
- Sibanye-Stillwater (South Africa)
- African Rainbow Minerals (South Africa)
- Maan Aluminium (GCC)
- Eti Bak?r (Turkey)
South America
- Vale S.A. (Barzil)
- Cerro Matoso (Colombia)Minsur (Peru)
Frequently Asked Questions
The expected CAGR of Cobalt Market is 7.98%.
The segments of Cobalt Market are by product, by type, by end-use.
Ans: The Products of Cobalt market are Cobalt Sulphate, Cobalt Oxide, Cobalt Metal.
The major key players of Cobalt Market are Sicomines, Sibanye-Stillwater, Albemarle Corporation, Freeport-McMoRan, etc.
1. Cobalt Market Introduction
1.1. Study Assumption and Market Definition
1.2. Scope of the Study
1.3. Executive Summary
2. Global Cobalt Market: Competitive Landscape
2.1. SMR Competition Matrix
2.2. Key Players Benchmarking
2.2.1. Company Name
2.2.2. Headquarter
2.2.3. Product Segment
2.2.4. End-User Segment
2.2.5. Revenue (2024)
2.2.6. Geographical Presence
2.3. Market Structure
2.3.1. Market Leaders
2.3.2. Market Followers
2.3.3. Emerging Players
2.4. Mergers and Acquisitions Details
3. Cobalt Market: Dynamics
3.1. Cobalt Market Trends
3.2. Cobalt Market Dynamics
3.2.1. Drivers
3.2.2. Restraints
3.2.3. Opportunities
3.2.4. Challenges
3.3. PORTER’s Five Forces Analysis
3.4. PESTLE Analysis
3.5. Regulatory Landscape by Region
3.6. Key Opinion Leader Analysis for the Global Industry
3.7. Analysis of Government Schemes and Initiatives for Industry
4. Cobalt Market: Global Market Size and Forecast by Segmentation (by Value in USD Bn) (2024-2032)
4.1. Cobalt Market Size and Forecast, By Product (2024-2032)
4.1.1. Cobalt Sulphate
4.1.2. Cobalt Oxide
4.1.3. Cobalt Metal
4.1.4. Others
4.2. Cobalt Market Size and Forecast, By Type (2024-2032)
4.2.1. Primary Cobalt
4.2.2. Secondary Cobalt
4.3. Cobalt Market Size and Forecast, By End-Use (2024-2032)
4.3.1. EV & Automotives
4.3.2. Industrial Metals
4.3.3. Superalloys
4.3.4. Healthcare
4.3.5. Aerospace & Defence
4.3.6. Others
4.4. Cobalt Market Size and Forecast, By Region (2024-2032)
4.4.1. North America
4.4.2. Europe
4.4.3. Asia Pacific
4.4.4. Middle East and Africa
4.4.5. South America
5. North America Cobalt Market Size and Forecast by Segmentation (by Value in USD Bn) (2024-2032)
5.1. North America Cobalt Market Size and Forecast, By Product (2024-2032)
5.1.1. Cobalt Sulphate
5.1.2. Cobalt Oxide
5.1.3. Cobalt Metal
5.1.4. Others
5.2. North America Cobalt Market Size and Forecast, By Type (2024-2032)
5.2.1. Primary Cobalt
5.2.2. Secondary Cobalt
5.3. North America Cobalt Market Size and Forecast, By End-Use (2024-2032)
5.3.1. EV & Automotives
5.3.2. Industrial Metals
5.3.3. Superalloys
5.3.4. Healthcare
5.3.5. Aerospace & Defence
5.3.6. Others
5.4. North America Cobalt Market Size and Forecast, by Country (2024-2032)
5.4.1. United States
5.4.1.1. United States Cobalt Market Size and Forecast, By Product (2024-2032)
5.4.1.1.1. Cobalt Sulphate
5.4.1.1.2. Cobalt Oxide
5.4.1.1.3. Cobalt Metal
5.4.1.1.4. Others
5.4.1.2. United States Cobalt Market Size and Forecast, By Type (2024-2032)
5.4.1.2.1. Primary Cobalt
5.4.1.2.2. Secondary Cobalt
5.4.1.3. United States Cobalt Market Size and Forecast, By End-Use (2024-2032)
5.4.1.3.1. EV & Automotives
5.4.1.3.2. Industrial Metals
5.4.1.3.3. Superalloys
5.4.1.3.4. Healthcare
5.4.1.3.5. Aerospace & Defence
5.4.2. Canada
5.4.2.1. Canada Cobalt Market Size and Forecast, By Product (2024-2032)
5.4.2.1.1. Cobalt Sulphate
5.4.2.1.2. Cobalt Oxide
5.4.2.1.3. Cobalt Metal
5.4.2.1.4. Others
5.4.2.2. Canada Cobalt Market Size and Forecast, By Type (2024-2032)
5.4.2.2.1. Primary Cobalt
5.4.2.2.2. Secondary Cobalt
5.4.2.3. Canada Cobalt Market Size and Forecast, By End-Use (2024-2032)
5.4.2.3.1. EV & Automotives
5.4.2.3.2. Industrial Metals
5.4.2.3.3. Superalloys
5.4.2.3.4. Healthcare
5.4.2.3.5. Aerospace & Defence
5.4.2.3.6. Others
5.4.3. Mexico
5.4.3.1. Mexico Cobalt Market Size and Forecast, By Product (2024-2032)
5.4.3.1.1. Cobalt Sulphate
5.4.3.1.2. Cobalt Oxide
5.4.3.1.3. Cobalt Metal
5.4.3.1.4. Others
5.4.3.2. Mexico Cobalt Market Size and Forecast, By Type (2024-2032)
5.4.3.2.1. Primary Cobalt
5.4.3.2.2. Secondary Cobalt
5.4.3.3. Mexico Cobalt Market Size and Forecast, By End-Use (2024-2032)
5.4.3.3.1. EV & Automotives
5.4.3.3.2. Industrial Metals
5.4.3.3.3. Superalloys
5.4.3.3.4. Healthcare
5.4.3.3.5. Aerospace & Defence
5.4.3.3.6. Others
6. Europe Cobalt Market Size and Forecast by Segmentation (by Value in USD Bn) (2024-2032)
6.1. Europe Cobalt Market Size and Forecast, By Product (2024-2032)
6.2. Europe Cobalt Market Size and Forecast, By Type (2024-2032)
6.3. Europe Cobalt Market Size and Forecast, By End-Use (2024-2032)
6.4. Europe Cobalt Market Size and Forecast, by Country (2024-2032)
6.4.1. United Kingdom
6.4.1.1. United Kingdom Cobalt Market Size and Forecast, By Product (2024-2032)
6.4.1.2. United Kingdom Cobalt Market Size and Forecast, By Type (2024-2032)
6.4.1.3. United Kingdom Cobalt Market Size and Forecast, By End-Use (2024-2032)
6.4.2. France
6.4.2.1. France Cobalt Market Size and Forecast, By Product (2024-2032)
6.4.2.2. France Cobalt Market Size and Forecast, By Type (2024-2032)
6.4.2.3. France Cobalt Market Size and Forecast, By End-Use (2024-2032)
6.4.3. Germany
6.4.3.1. Germany Cobalt Market Size and Forecast, By Product (2024-2032)
6.4.3.2. Germany Cobalt Market Size and Forecast, By Type (2024-2032)
6.4.3.3. Germany Cobalt Market Size and Forecast, By End-Use (2024-2032)
6.4.4. Italy
6.4.4.1. Italy Cobalt Market Size and Forecast, By Product (2024-2032)
6.4.4.2. Italy Cobalt Market Size and Forecast, By Type (2024-2032)
6.4.4.3. Italy Cobalt Market Size and Forecast, By End-Use (2024-2032)
6.4.5. Spain
6.4.5.1. Spain Cobalt Market Size and Forecast, By Product (2024-2032)
6.4.5.2. Spain Cobalt Market Size and Forecast, By Type (2024-2032)
6.4.5.3. Spain Cobalt Market Size and Forecast, By End-Use (2024-2032)
6.4.6. Sweden
6.4.6.1. Sweden Cobalt Market Size and Forecast, By Product (2024-2032)
6.4.6.2. Sweden Cobalt Market Size and Forecast, By Type (2024-2032)
6.4.6.3. Sweden Cobalt Market Size and Forecast, By End-Use (2024-2032)
6.4.7. Russia
6.4.7.1. Russia Cobalt Market Size and Forecast, By Product (2024-2032)
6.4.7.2. Russia Cobalt Market Size and Forecast, By Type (2024-2032)
6.4.7.3. Russia Cobalt Market Size and Forecast, By End-Use (2024-2032)
6.4.8. Rest of Europe
6.4.8.1. Rest of Europe Cobalt Market Size and Forecast, By Product (2024-2032)
6.4.8.2. Rest of Europe Cobalt Market Size and Forecast, By Type (2024-2032)
6.4.8.3. Rest of Europe Cobalt Market Size and Forecast, By End-Use (2024-2032)
7. Asia Pacific Cobalt Market Size and Forecast by Segmentation (by Value in USD Bn) (2024-2032)
7.1. Asia Pacific Cobalt Market Size and Forecast, By Product (2024-2032)
7.2. Asia Pacific Cobalt Market Size and Forecast, By Type (2024-2032)
7.3. Asia Pacific Cobalt Market Size and Forecast, By End-Use (2024-2032)
7.4. Asia Pacific Cobalt Market Size and Forecast, by Country (2024-2032)
7.4.1. China
7.4.1.1. China Cobalt Market Size and Forecast, By Product (2024-2032)
7.4.1.2. China Cobalt Market Size and Forecast, By Type (2024-2032)
7.4.1.3. China Cobalt Market Size and Forecast, By End-Use (2024-2032)
7.4.2. S Korea
7.4.2.1. S Korea Cobalt Market Size and Forecast, By Product (2024-2032)
7.4.2.2. S Korea Cobalt Market Size and Forecast, By Type (2024-2032)
7.4.2.3. S Korea Cobalt Market Size and Forecast, By End-Use (2024-2032)
7.4.3. Japan
7.4.3.1. Japan Cobalt Market Size and Forecast, By Product (2024-2032)
7.4.3.2. Japan Cobalt Market Size and Forecast, By Type (2024-2032)
7.4.3.3. Japan Cobalt Market Size and Forecast, By End-Use (2024-2032)
7.4.4. India
7.4.4.1. India Cobalt Market Size and Forecast, By Product (2024-2032)
7.4.4.2. India Cobalt Market Size and Forecast, By Type (2024-2032)
7.4.4.3. India Cobalt Market Size and Forecast, By End-Use (2024-2032)
7.4.5. Australia
7.4.5.1. Australia Cobalt Market Size and Forecast, By Product (2024-2032)
7.4.5.2. Australia Cobalt Market Size and Forecast, By Type (2024-2032)
7.4.5.3. Australia Cobalt Market Size and Forecast, By End-Use (2024-2032)
7.4.6. Indonesia
7.4.6.1. Indonesia Cobalt Market Size and Forecast, By Product (2024-2032)
7.4.6.2. Indonesia Cobalt Market Size and Forecast, By Type (2024-2032)
7.4.6.3. Indonesia Cobalt Market Size and Forecast, By End-Use (2024-2032)
7.4.7. Malaysia
7.4.7.1. Malaysia Cobalt Market Size and Forecast, By Product (2024-2032)
7.4.7.2. Malaysia Cobalt Market Size and Forecast, By Type (2024-2032)
7.4.7.3. Malaysia Cobalt Market Size and Forecast, By End-Use (2024-2032)
7.4.8. Philippines
7.4.8.1. Philippines Cobalt Market Size and Forecast, By Product (2024-2032)
7.4.8.2. Philippines Cobalt Market Size and Forecast, By Type (2024-2032)
7.4.8.3. Philippines Cobalt Market Size and Forecast, By End-Use (2024-2032)
7.4.9. Thailand
7.4.9.1. Thailand Cobalt Market Size and Forecast, By Product (2024-2032)
7.4.9.2. Thailand Cobalt Market Size and Forecast, By Type (2024-2032)
7.4.9.3. Thailand Cobalt Market Size and Forecast, By End-Use (2024-2032)
7.4.10. Vietnam
7.4.10.1. Vietnam Cobalt Market Size and Forecast, By Product (2024-2032)
7.4.10.2. Vietnam Cobalt Market Size and Forecast, By Type (2024-2032)
7.4.10.3. Vietnam Cobalt Market Size and Forecast, By End-Use (2024-2032)
7.4.11. Rest of Asia Pacific
7.4.11.1. Rest of Asia Pacific Cobalt Market Size and Forecast, By Product (2024-2032)
7.4.11.2. Rest of Asia Pacific Cobalt Market Size and Forecast, By Type (2024-2032)
7.4.11.3. Rest of Asia Pacific Cobalt Market Size and Forecast, By End-Use (2024-2032)
8. Middle East and Africa Cobalt Market Size and Forecast (by Value in USD Bn) (2024-2032)
8.1. Middle East and Africa Cobalt Market Size and Forecast, By Product (2024-2032)
8.2. Middle East and Africa Cobalt Market Size and Forecast, By Type (2024-2032)
8.3. Middle East and Africa Cobalt Market Size and Forecast, By End-Use (2024-2032)
8.4. Middle East and Africa Cobalt Market Size and Forecast, by Country (2024-2032)
8.4.1. South Africa
8.4.1.1. South Africa Cobalt Market Size and Forecast, By Product (2024-2032)
8.4.1.2. South Africa Cobalt Market Size and Forecast, By Type (2024-2032)
8.4.1.3. South Africa Cobalt Market Size and Forecast, By End-Use (2024-2032)
8.4.2. GCC
8.4.2.1. GCC Cobalt Market Size and Forecast, By Product (2024-2032)
8.4.2.2. GCC Cobalt Market Size and Forecast, By Type (2024-2032)
8.4.2.3. GCC Cobalt Market Size and Forecast, By End-Use (2024-2032)
8.4.3. Egypt
8.4.3.1. Egypt Cobalt Market Size and Forecast, By Product (2024-2032)
8.4.3.2. Egypt Cobalt Market Size and Forecast, By Type (2024-2032)
8.4.3.3. Egypt Cobalt Market Size and Forecast, By End-Use (2024-2032)
8.4.4. Nigeria
8.4.4.1. Nigeria Cobalt Market Size and Forecast, By Product (2024-2032)
8.4.4.2. Nigeria Cobalt Market Size and Forecast, By Type (2024-2032)
8.4.4.3. Nigeria Cobalt Market Size and Forecast, By End-Use (2024-2032)
8.4.5. Rest of ME&A
8.4.5.1. Rest of ME&A Cobalt Market Size and Forecast, By Product (2024-2032)
8.4.5.2. Rest of ME&A Cobalt Market Size and Forecast, By Type (2024-2032)
8.4.5.3. Rest of ME&A Cobalt Market Size and Forecast, By End-Use (2024-2032)
9. South America Cobalt Market Size and Forecast by Segmentation (by Value in USD Bn) (2024-2032
9.1. South America Cobalt Market Size and Forecast, By Product (2024-2032)
9.2. South America Cobalt Market Size and Forecast, By Type (2024-2032)
9.3. South America Cobalt Market Size and Forecast, By End-Use (2024-2032)
9.4. South America Cobalt Market Size and Forecast, by Country (2024-2032)
9.4.1. Brazil
9.4.1.1. Brazil Cobalt Market Size and Forecast, By Product (2024-2032)
9.4.1.2. Brazil Cobalt Market Size and Forecast, By Type (2024-2032)
9.4.1.3. Brazil Cobalt Market Size and Forecast, By End-Use (2024-2032)
9.4.2. Argentina
9.4.2.1. Argentina Cobalt Market Size and Forecast, By Product (2024-2032)
9.4.2.2. Argentina Cobalt Market Size and Forecast, By Type (2024-2032)
9.4.2.3. Argentina Cobalt Market Size and Forecast, By End-Use (2024-2032)
9.4.3. Colombia
9.4.3.1. Colombia Cobalt Market Size and Forecast, By Product (2024-2032)
9.4.3.2. Colombia Cobalt Market Size and Forecast, By Type (2024-2032)
9.4.3.3. Colombia Cobalt Market Size and Forecast, By End-Use (2024-2032)
9.4.4. Chile
9.4.4.1. Chile Cobalt Market Size and Forecast, By Product (2024-2032)
9.4.4.2. Chile Cobalt Market Size and Forecast, By Type (2024-2032)
9.4.4.3. Chile Cobalt Market Size and Forecast, By End-Use (2024-2032)
9.4.5. Rest Of South America
9.4.5.1. Rest Of South America Cobalt Market Size and Forecast, By Product (2024-2032)
9.4.5.2. Rest Of South America Cobalt Market Size and Forecast, By Type (2024-2032)
9.4.5.3. Rest Of South America Cobalt Market Size and Forecast, By End-Use (2024-2032)
10. Company Profile: Key Players
10.1. Albemarle Corporation
10.1.1. Company Overview
10.1.2. Business Portfolio
10.1.3. Financial Overview
10.1.4. SWOT Analysis
10.1.5. Strategic Analysis
10.1.6. Recent Developments
10.2. Freeport-McMoRan
10.3. Sherritt International
10.4. Grupo México
10.5. Industrias Peñoles
10.6. Glencore
10.7. Johnson Matthey
10.8. Heraeus
10.9. Orano
10.10. Atlantic Copper
10.11. Huayou Cobalt
10.12. GEM Co.
10.13. Jinchuan Group
10.14. Tanaka Chemica
10.15. Mitsui Mining & Smelting
10.16. Hindustan Copper Ltd
10.17. Sicomines
10.18. Sibanye-Stillwater
10.19. African Rainbow Minerals
10.20. Maan Aluminium
10.21. Eti Bak?r
10.22. Vale S.A.
10.23. Cerro Matoso
10.24. Minsur
11. Key Findings
12. Industry Recommendations
13. Cobalt Market: Research Methodology
