The Global Cobalt Oxide Market was valued at USD 1.45 Billion in 2024 and is projected to reach USD 2.75 Billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 7.8% during the forecast period (2024–2032). This growth is being driven by the explosive demand for lithium-ion batteries in electric vehicles and renewable energy storage, alongside steady consumption from the ceramics, pigments, and catalyst industries.

As the global economy shifts toward electrification and sustainable technologies, the spotlight is on the key material producers who are securing supply chains, driving innovation in battery chemistry, and advancing production efficiency. In this blog, we profile the Top 10 Companies in the Cobalt Oxide Industry—a mix of mining giants, specialized chemical processors, and vertically integrated battery material suppliers shaping the future of advanced materials.

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🔟 1. Umicore

Headquarters: Brussels, Belgium
Key Offering: Battery-grade Cobalt Oxide (Co3O4), Cathode Precursor Materials

Umicore is a global leader in sustainable technologies and a premier supplier of high-purity cobalt oxide. Its business model is vertically integrated, encompassing cobalt refining, precursor production, and cathode active material manufacturing for lithium-ion batteries. The company serves major automotive and electronics manufacturers worldwide.

Innovation and Sustainability Initiatives:

• Pioneering closed-loop recycling for end-of-life batteries to recover cobalt

• Investment in proprietary hydrometallurgical processes for ultra-high purity (>99.8%)

• Commitment to 100% sustainable sourcing of cobalt by 2030 via its “Clean Cobalt Framework”

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9️⃣ 2. Freeport Cobalt

Headquarters: Kokkola, Finland
Key Offering: Cobalt Oxides (CoO, Co3O4), Cobalt Salts, Powder

Freeport Cobalt operates one of the world’s largest and most advanced cobalt chemical plants in Finland. The company is a key supplier to the European market, providing essential materials for rechargeable batteries, catalysts, and pigment industries with a strong focus on quality and traceability.

Innovation and Sustainability Initiatives:

• Implementation of blockchain technology for full supply chain transparency

• Strategic partnerships with European automakers for secure battery material supply

• Focus on reducing carbon footprint in cobalt refining operations

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8️⃣ 3. Huayou Cobalt

Headquarters: Tongxiang, Zhejiang, China
Key Offering: Battery-grade Cobalt Oxide, Cobalt Sulfate, Nickel-Cobalt-Manganese (NCM) Precursors

Huayou Cobalt is a Chinese powerhouse and one of the world’s largest cobalt producers. The company has a significant presence across the entire value chain, from mining operations in the Democratic Republic of Congo to refining and precursor production in Asia, serving global battery manufacturers.

Innovation and Sustainability Initiatives:

• Massive capacity expansion projects for battery-grade cobalt oxide and precursors

• Joint ventures with LG Chem and other major battery producers to secure market share

• Investing in ESG-compliant mining practices and supply chain audits

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7️⃣ 4. Jinchuan Group International Resources Co. Ltd.

Headquarters: Jinchang, Gansu, China
Key Offering: High-Purity Cobalt Oxide, Cobalt Metal, Nickel-Cobalt Products

Jinchuan Group is a leading Chinese non-ferrous metals company and a major global supplier of cobalt. Leveraging its vast nickel-cobalt mining resources, the company produces high-purity cobalt oxide essential for advanced battery applications and industrial uses.

Innovation and Sustainability Initiatives:

• Development of proprietary purification technology achieving 99.95% purity levels

• Expansion into European markets through strategic distribution agreements

• Investment in R&D for next-generation battery materials

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6️⃣ 5. OMG (OM Group)

Headquarters: Cleveland, Ohio, USA
Key Offering: Cobalt Oxides, Cobalt Powders, Specialty Chemicals

OMG is a leading global producer of cobalt-based specialty chemicals and advanced materials. The company’s high-performance cobalt oxides are critical components in rechargeable batteries, cemented carbides, and industrial catalysts, serving diverse high-tech industries.

Innovation and Sustainability Initiatives:

• Focus on high-value applications in aerospace and defense sectors

• Development of customized cobalt oxide formulations for specific customer requirements

• Commitment to responsible sourcing and environmental stewardship

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5️⃣ 6. KLK Oleo

Headquarters: Kuala Lumpur, Malaysia
Key Offering: Cobalt Carboxylates, Cobalt Oxide Catalysts

p>KLK Oleo, part of the KLK Group, is a significant player in the cobalt derivatives market, particularly for catalyst applications. The company produces cobalt-based compounds used extensively in the petrochemical, polymer, and paint industries.

Innovation and Sustainability Initiatives:

• Specialization in cobalt-based catalysts for polyurethane and polyester production

• Investment in green chemistry initiatives for sustainable product development

• Strategic focus on Asian markets with expanding industrial bases

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4️⃣ 7. COBOTO (Korea Cobalt Inc.)

Headquarters: Seoul, South Korea
Key Offering: Battery-grade Cobalt Oxide, Cobalt Sulfate

COBOTO is a key South Korean producer of cobalt materials, strategically positioned to serve the country’s massive lithium-ion battery industry. The company supplies essential cathode materials to leading battery manufacturers for electric vehicles and electronics.

Innovation and Sustainability Initiatives:

• Strong partnerships with Korean battery giants like Samsung SDI and LG Energy Solution

• Investment in recycling technologies to create a domestic cobalt supply loop

• Focus on quality control to meet stringent battery manufacturer specifications

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3️⃣ 8. Haina New Material

Headquarters: Jiangsu, China
Key Offering: Nano Cobalt Oxide, Battery Materials

Haina New Material is an emerging specialist in advanced cobalt materials, particularly nano-sized cobalt oxides for next-generation battery applications. The company’s focus on material innovation positions it as a key supplier for high-performance energy storage solutions.

Innovation and Sustainability Initiatives:

• Patented low-temperature synthesis method reducing energy consumption by 32%

• Development of nanostructured cobalt oxides for improved battery performance

• Attracting investments from electric vehicle manufacturers seeking advanced materials

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Cobalt Oxide Market – View in Detailed Research Report

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2️⃣ 9. Galico

Headquarters: Zhejiang, China
Key Offering: Cobalt Oxide, Cobalt Carbonate, Cobalt Salts

Galico is a established Chinese manufacturer of cobalt compounds, supplying various industries including ceramics, pigments, and batteries. The company has built a reputation for consistent quality and competitive pricing in the global cobalt chemicals market.

Innovation and Sustainability Initiatives:

• Expansion of production capacity to meet growing battery material demand

• Diversification into value-added cobalt products for specialized applications

• Implementation of environmental protection measures in manufacturing processes

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1️⃣ 10. Dongxin Energy

Headquarters: Hunan, China
Key Offering: Cobalt Oxide for Batteries, Energy Storage Materials

Dongxin Energy is a growing player in the cobalt oxide market, focusing primarily on materials for the energy storage sector. The company is expanding its footprint in China’s rapidly growing battery industry through strategic investments and partnerships.

Innovation and Sustainability Initiatives:

• Focus on cost-competitive production for mass-market battery applications

• Investment in upstream raw material sourcing to ensure supply stability

• Exploration of new market opportunities in stationary energy storage

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Cobalt Oxide Market – View in Detailed Research Report

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🌍 Outlook: The Future of Cobalt Oxide Is High-Tech and Sustainable

The cobalt oxide market is undergoing a fundamental transformation. While traditional applications in ceramics and catalysts remain important, the industry is being reshaped by massive investments in battery megafactories, advanced material science, and sustainable sourcing initiatives.

📈 Key Trends Shaping the Market:

• Accelerating EV adoption driving battery-grade cobalt oxide demand growth of 10%+ annually

• Supply chain diversification away from geopolitical hotspots through recycling and new mining projects

• Technological innovations in battery chemistry balancing cobalt content with performance and cost

• Increasing regulatory pressure for ESG-compliant and transparent cobalt sourcing

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

The companies listed above are not only supplying critical materials for the energy transition—they’re pioneering the sustainable and technologically advanced future of the global materials industry.