The Global Metal Cobalt Market was valued at USD 8.21 Billion in 2023 and is projected to reach USD 12.74 Billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 7.6% during the forecast period (2024–2029). This growth is fueled by soaring demand for lithium-ion batteries in electric vehicles, expanding aerospace applications, and increasing adoption in industrial catalysts and superalloys.

As the green energy transition accelerates, cobalt remains a critical material for high-performance applications. In this analysis, we examine the Top 10 Companies in the Metal Cobalt Market—global miners, refiners, and specialty chemical producers shaping the future of this strategic metal.

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🔟 1. Umicore

Headquarters: Brussels, Belgium
Key Offering: Battery-grade cobalt salts, cobalt oxides, and refined metal

Umicore is a leader in cobalt refining and battery materials, supplying high-purity products to the electric vehicle and energy storage sectors. The company operates one of the world’s most sustainable cobalt refineries and maintains strict responsible sourcing standards.

Sustainability Initiatives:

• 100% audited cobalt supply chain for battery materials

• Closed-loop battery recycling programs in operation

• Target of carbon-neutral operations by 2035

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9️⃣ 2. Jinchuan Group

Headquarters: Jinchang, China
Key Offering: Electrolytic cobalt, cobalt salts, and cobalt powder

As China’s largest cobalt producer, Jinchuan Group controls significant mining assets in Africa and operates advanced refining facilities. The company supplies about 20% of global cobalt demand and serves major battery cathode producers.

Market Position:

• Vertical integration from mining to refined products

• Strategic partnerships with Chinese battery manufacturers

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8️⃣ 3. Glencore

Headquarters: Baar, Switzerland
Key Offering: Cobalt metal, cobalt hydroxide

Glencore is the world’s largest cobalt miner, producing approximately 30% of global supply from its operations in the Democratic Republic of Congo. The company has made significant investments to improve artisanal mining conditions and traceability.

Sustainability Initiatives:

• Implementation of blockchain-based traceability systems

• Partnerships with automotive OEMs for responsible sourcing

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7️⃣ 4. China Molybdenum

Headquarters: Luoyang, China
Key Offering: Cobalt as byproduct, copper-cobalt alloys

China Molybdenum (CMOC) operates the Tenke Fungurume copper-cobalt mine in DRC, one of the world’s largest cobalt resources. The company has rapidly expanded its cobalt production capacity to meet booming battery demand.

Recent Developments:

• Expansion projects increasing cobalt output to 45,000+ tons annually

• Strategic relationships with Chinese cathode producers

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6️⃣ 5. Norilsk Nickel

Headquarters: Moscow, Russia
Key Offering: Cobalt as nickel byproduct, cobalt sulfate

Norilsk Nickel is a major producer of cobalt from its Arctic mining operations. The company supplies cobalt primarily to the aerospace, chemical and battery industries, with increasing focus on European battery supply chains.

Market Strategy:

• Expansion of cobalt refining capacity in Finland

• Long-term supply agreements with European automakers

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5️⃣ 6. Sherritt International

Headquarters: Toronto, Canada
Key Offering: High-purity cobalt metal and powders

Sherritt operates the Moa joint venture in Cuba, one of the few major cobalt operations outside Africa. The company’s Fort Saskatchewan refinery in Canada produces some of the purest cobalt metal available commercially.

Technical Capabilities:

• Specializes in aerospace-grade cobalt alloys

• Developing novel battery recycling technologies

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4️⃣ 7. Huayou Cobalt

Headquarters: Tongxiang, China
Key Offering: Battery-grade cobalt sulfate, cobalt oxide

Huayou has grown rapidly to become China’s second-largest cobalt producer, with investments throughout the battery value chain. The company has made significant efforts to improve supply chain transparency and environmental standards.

Vertical Integration:

• Mining assets in DRC supporting domestic refining

• Strategic partnerships with CATL and other battery giants

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3️⃣ 8. Sumitomo Metal Mining

Headquarters: Tokyo, Japan
Key Offering: High-purity cobalt compounds, cathode materials

Sumitomo produces specialty cobalt products for Japan’s high-tech industries, including leading-edge battery and electronics applications. The company maintains strict quality standards for its cobalt chemicals and metal.

Technical Leadership:

• Pioneer in next-generation cathode chemistries

• Advanced recycling technologies for cobalt recovery

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2️⃣ 9. ERG (Eurasian Resources Group)

Headquarters: Luxembourg
Key Offering: Cobalt hydroxide, copper-cobalt alloys

ERG operates major cobalt assets in Kazakhstan and Africa, supplying both Western and Chinese markets. The company has invested heavily in processing technology to improve cobalt recovery rates and product quality.

Recent Expansion:

• New hydrometallurgical facilities in DRC increasing output

• Long-term supply agreements with European chemical companies

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1️⃣ 10. Freeport-McMoRan

Headquarters: Phoenix, Arizona, USA
Key Offering: Cobalt byproduct from copper mining

Freeport produces cobalt as a byproduct of its massive copper operations, primarily supplying the North American market. The company is expanding cobalt recovery capabilities to meet growing domestic demand.

Market Position:

• Key supplier to U.S. aerospace and defense industries

• Investing in cobalt refining capacity for battery markets

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🌍 Outlook: The Future of Cobalt in a Decarbonizing World

The metal cobalt market stands at a crossroads between explosive battery demand and intensive sustainability efforts. While traditional applications remain critical, the green energy transition is reshaping the industry’s priorities and business models.

📈 Key Trends Shaping the Market:

• Battery sector projected to consume 70% of cobalt by 2030

• Geopolitical focus on diversified supply chains outside DRC

• Accelerating development of cobalt alternatives and recycling systems

• Tightening ESG standards across mining and refining operations

The companies profiled above are not only supplying today’s cobalt needs—they’re building the sustainable foundation for the battery-powered future.

Get Full Report Here:
Metal Cobalt Market – View in Detailed Research Report