Cobalt Market Report 2024

Cobalt outlook remains positive despite sustained market weakness

According to the Cobalt Institute’s Cobalt Market Report 2024, the cobalt market demonstrated continued growth, driven by increased use of batteries for EVs and electronics, as well as superalloys for both defence and commercial aircraft segments. Ramped up cobalt supply cemented the market in structural oversupply, weighing on prices. The surplus seen in 2024 will shrink and shift to a deficit by early 2030s, triggering a call for cobalt, which means more investment is needed in the short-term to meet long-term demand trends.

Additionally, artisanal cobalt mining in the Democratic Republic of the Congo dropped to a historic low of less than 2% in 2024 and is not expected to recover to its previous market share. This is a result of the prolonged low-price environment, large volumes of industrial mining in the DRC, and formalisation efforts.

The government of the DRC, in collaboration with international partners, has made significant strides in addressing longstanding environmental, social and safety issues tied to artisanal mining. This helps to create a pathway for responsibly sourced artisanal cobalt and to integrate artisanal miners into the global cobalt market.

Most industrial production in the DRC – including CMOC’s TFM Mine and Glencore’s KCC and Mutanda – is now covered by rigorous third-party assurance frameworks, such as the Copper Mark and the Responsible Minerals Initiative (RMI). Additionally, in 2024 82% of global refined cobalt supply was certified against RMI.

Securing access to essential critical minerals is at the top of the world’s agenda, and cobalt is part of the solution to ensuring industrial growth, national security and a low carbon economy. Urgent action is needed to build reliable and responsible cobalt value chains to secure cobalt supply.

The Cobalt Market Report, developed by Benchmark Mineral Intelligence for Cobalt Institute, offers an in-depth and publicly accessible analysis of the global cobalt industry. It provides exclusive insights and serves as one of the most detailed market overviews currently available.