The Global Cobalt Salt Market was valued at USD 820 million in 2024 and is projected to reach USD 1,150.1 million by 2030, growing at a Compound Annual Growth Rate (CAGR) of 5.8% during the forecast period (2024-2030). This growth is being driven by accelerating demand for lithium-ion batteries, expanding industrial applications, and increasing adoption in renewable energy storage systems.
As industries transition toward electrification and sustainable technologies, cobalt salts have become indispensable components in critical applications from batteries to catalysts. This report profiles the Top 10 Companies in the Global Cobalt Salt Market—key players driving innovation, production capacity, and global supply chains.
🔟 1. Umicore
Headquarters: Brussels, Belgium
Key Offering: Battery-Grade Cobalt Sulfate, Cobalt Oxides
Umicore is a global leader in cobalt compounds for energy storage, with a closed-loop recycling system that recovers cobalt from spent batteries. The company operates across the entire battery materials value chain.
Sustainability Focus:
- 20% recycled content in battery materials
- Carbon-neutral production targets by 2035
- Vertical integration from mining to battery materials
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9️⃣ 2. Freeport Cobalt
Headquarters: Kokkola, Finland
Key Offering: Cobalt Sulfate, Cobalt Carbonate, Cobalt Hydroxide
A subsidiary of Freeport-McMoRan, this company operates one of the world’s largest cobalt refineries with annual capacity exceeding 15,000 metric tons. Their European location serves major battery manufacturers.
Market Strengths:
- Integrated supply chain from African mines
- High-purity products for EV batteries
- Strategic refinery location near battery production hubs
8️⃣ 3. Huayou Cobalt
Headquarters: Tongxiang, China
Key Offering: Cobalt Sulfate, Cobalt Chloride, Cobalt Oxide
As China’s largest cobalt processor, Huayou controls significant portions of the global supply chain through African mining operations and extensive refining capacity in China.
Production Capacity:
- 60,000+ metric tons annual cobalt salt production
- Primary supplier to leading Chinese battery manufacturers
- Expanding into nickel-rich battery chemistries
7️⃣ 4. Shepherd Chemical Company
Headquarters: Cincinnati, Ohio, USA
Key Offering: Cobalt Carbonate, Cobalt Sulfate, Cobalt Acetate
Shepherd Chemical is North America’s premier producer of high-purity cobalt salts, with 50+ years of metallurgical expertise. The company serves battery manufacturers globally.
Innovation Highlights:
- Patented purification technologies
- Vertically integrated production processes
- Strategic partnerships across battery supply chain
Download FREE Sample Report: Global Cobalt Salt Market – Detailed Research Report
6️⃣ 5. Jinchuan Group
Headquarters: Jinchang, China
Key Offering: Cobalt Metal, Cobalt Sulfate, Cobalt Carbonate
This state-owned enterprise has significant mining assets in the Democratic Republic of Congo and operates large-scale refining facilities across China.
Key Advantages:
- 40,000-ton annual cobalt production capacity
- World’s second-largest nickel producer
- Strong position in battery materials sector
5️⃣ 6. Ganzhou Tengyuan Cobalt New Material
Headquarters: Ganzhou, China
Key Offering: Battery-Grade Cobalt Salts, Cobalt Powders
Specializing in high-purity materials for lithium-ion batteries, Tengyuan has become a key supplier to China’s rapidly growing EV battery industry.
Quality Standards:
- 99.9%+ purity products
- Proprietary crystallization technology
- Expansion capabilities to meet growing demand
4️⃣ 7. CoreMax Corporation
Headquarters: Taipei, Taiwan
Key Offering: Cobalt Stearate, Cobalt Tetraoxide, Specialty Cobalt Compounds
CoreMax provides advanced cobalt compounds for applications beyond batteries, including catalysts, ceramics, and specialty chemicals across multiple industries.
Technical Expertise:
- 40+ years in cobalt chemistry
- Custom formulation capabilities
- Stringent quality control processes
3️⃣ 8. Zhangjiagang Huayi Chemical
Headquarters: Jiangsu, China
Key Offering: Cobalt Acetate, Cobalt Naphthenate, Cobalt Oxalate
This specialist producer focuses on cobalt catalysts and additives for petrochemicals, rubber, and coatings applications.
Market Position:
- Leading cobalt catalyst producer in Asia
- Advanced R&D capabilities
- Expanding export business globally
2️⃣ 9. Nicomet Industries
Headquarters: Mumbai, India
Key Offering: Cobalt Carbonate, Cobalt Sulfate, Cobalt Oxides
As India’s primary cobalt producer, Nicomet serves regional battery manufacturers while expanding into battery recycling operations.
Regional Impact:
- 15,000-ton annual production capacity
- Key supplier to India’s battery industry
- Strategic position in emerging market
1️⃣ 10. Australian Mines
Headquarters: Perth, Australia
Key Offering: Battery-Grade Cobalt Sulfate, Nickel-Cobalt Mixed Hydroxide
This emerging producer is developing vertically integrated production from Australian nickel-cobalt deposits to supply Asian battery markets.
Growth Strategy:
- Developing major Western Australian mining assets
- Focus on ethical and sustainable sourcing
- Planned refinery development
Get Full Report Here: Global Cobalt Salt Market – Detailed Research Report
⚡ Outlook: Cobalt Salts in the Battery Revolution
The cobalt salt market is undergoing significant transformation as electrification reshapes multiple industries. While lithium-ion batteries remain the primary growth driver, diverse industrial applications continue to expand.
📊 Key Market Trends:
- 5-10% annual growth in battery-grade cobalt demand
- Supply chain diversification initiatives
- Advancements in recycling and recovery technologies
- Development of cobalt-reduced battery formulations
Get Full Report Here: Global Cobalt Salt Market – Detailed Research Report
The companies profiled here aren’t just material suppliers—they’re enablers of the global transition to cleaner energy and advanced industrial applications through cobalt chemistry innovation.
