State of the Cobalt Market Report 2020

17 May 2021

State of the Cobalt Market Report 2020

The Cobalt Institute commissioned Roskill – a leader in critical materials supply chain intelligence – to look at the global trends in cobalt consumption, supply and production in 2020. The report looks at the global trends in cobalt consumption, supply and production in 2020 and is the most comprehensive publicly available market overview to date. 

According to the report, the cobalt market grew by 5% year-on-year. The major driver for this growth was the demand for cobalt in lithium-ion batteries for electric vehicles. It accounted for 57% of the total cobalt consumption in 2020, followed by nickel-based alloys and tool materials (13% and 8% respectively). 

The cobalt market also remained robust despite the challenges brought about by the pandemic: the Covid-19-related shutdowns, and weaker demand in certain segments such as aerospace. 

Overall, the Cobalt Institute expects to see a greater increase in the use of cobalt in batteries, with the report projecting demand for electric vehicles growing by nearly 30% annually to 2025. Combined with the expectations for traditional cobalt applications – such as aerospace and tooling – to recover from the pandemic, prospects for the cobalt market look bright for the coming years.