Cobalt is a mined, refined and recycled material used heavily in batteries but also in superalloys, catalysts, ceramics and colors. The statistics below distinguish contained mine production, primary supply, refined output, demand, resources, reserves and recycled supply across explicit periods and geographies.
Key Cobalt Statistics
The most broadly useful cobalt statistics include:
- In 2024, 290,000 metric tons of contained cobalt were produced from mines worldwide, according to the USGS estimate.
- In 2024, the Democratic Republic of the Congo produced an estimated 220,000 metric tons of contained cobalt, the USGS reported.
- In 2024, Indonesia produced an estimated 28,000 metric tons of mined cobalt, mostly as a nickel by-product, according to the USGS.
- In 2024, battery applications represented an estimated 76% of global cobalt demand.
- In 2024, electric vehicles represented an estimated 43% of global cobalt demand.
- In 2024, global cobalt demand exceeded 200,000 metric tons and grew 14% year over year.
- In 2024, portable-electronics cobalt demand rose 12% year over year to 67,000 metric tons globally.
- In 2024, EV cobalt demand reached an estimated 81,000 metric tons globally, up from 75,000 metric tons in 2023.
- In 2024, the global cobalt-market surplus was estimated at 36,000 metric tons, or 15% of demand.
- During 2024, European cobalt-metal prices fell 21.5% on an EXW Europe basis.
- In 2024, China accounted for an estimated 78.6% of global refined cobalt production.
- In 2024, recycled cobalt supply from lithium-ion batteries reached an estimated 22,000 metric tons, up 13% from 2023.
- In 2024, recycled cobalt represented an estimated 8% of total global cobalt supply.
- In 2024, 82% of global refined cobalt supply was reported as certified against the Responsible Minerals Initiative.
- By 2030, EVs are forecast to rise from 43% to 57% of total cobalt demand.
- By 2030, Indonesia is forecast to rise from 12% to 22% of primary cobalt supply.
- By the early 2030s, total cobalt demand is forecast to reach about 400,000 metric tons.
Contents
- Cobalt production by country, mines and reserves
- Cobalt demand across batteries and industry
- Battery chemistry and electric-vehicle cobalt trends
- Cobalt prices, market balance and supply concentration
- Cobalt recycling and responsible sourcing
- Cobalt outlook forecasts through 2030 and beyond
Cobalt Production Statistics by Country, Mines and Reserves
USGS mine-production figures measure contained cobalt in mined material. They should not be combined directly with cobalt hydroxide, refined cobalt, recycled cobalt or Benchmark primary-supply estimates.
| Geography | 2023 mine production | 2024 mine production | Reported reserves |
|---|---|---|---|
| World | 238,000 metric tons | 290,000 metric tons | — |
| Congo (Kinshasa) | 175,000 metric tons | 220,000 metric tons | — |
| Indonesia | 19,000 metric tons | 28,000 metric tons | — |
| Australia | 5,220 metric tons | 3,600 metric tons | 1.7 million metric tons |
| Canada | 4,220 metric tons | 4,500 metric tons | 220,000 metric tons |
The USGS estimates world mine production and country output; Australian and Canadian reserves are reported under USGS reserve definitions. Mineral Commodity Summaries 2025: Cobalt
- The USGS reported about 25 million metric tons of identified terrestrial cobalt resources worldwide in its 2024 assessment, but resources are geologic concentrations rather than economically recoverable reserves.
- The USGS estimated about 1 million metric tons of identified cobalt resources in the United States, mostly in Minnesota; this is not current mineable reserves or annual production.
- CMOC reported 114,165 metric tons of cobalt in hydroxide in 2024, compared with 55,526 metric tons in 2023, from its Tenke Fungurume and Kisanfu operations in Congo (Kinshasa).
- CMOC stated annual cobalt capacity of 87,000 metric tons, consisting of 37,000 metric tons at TFM and 50,000 metric tons at KFM; capacity is not realized production.
- The Cobalt Institute report says CMOC produced 114,000 metric tons in 2024, or 31% above stated capacity, using a rounded company-output comparison.
CMOC’s company-reported hydroxide output differs in form from USGS contained mine-production estimates. Its combined TFM and KFM copper output was 650,161 metric tons in 2024 versus 419,537 metric tons in 2023, a co-product measure describing the copper-cobalt operations. Congo (Kinshasa) – USGS National Minerals Information Center and Cobalt Market Report 2024
Cobalt Demand Statistics Across Batteries, Electronics and Industry
Demand estimates describe material consumed across end-use sectors, not the mass produced by mines in the same year. The Cobalt Institute’s 2024 benchmark estimate puts global demand above 200,000 metric tons, with demand up 14% year over year.
- Battery applications accounted for 76% of global cobalt demand in 2024.
- EVs accounted for 43% of global cobalt demand in 2024, and EV demand contributed 61% of total cobalt-market growth.
- Portable electronics represented 30% of total cobalt demand in 2024.
- Portable-electronics batteries required 72 GWh in 2024, up 7% year over year and 5% above the 2021 peak; GWh measures battery energy, not cobalt mass.
- Lithium cobalt oxide represented about 96% of portable-electronics cobalt demand in 2024, a chemistry estimate that does not mean 96% of all batteries used LCO.
| End use or measure | 2023 | 2024 |
|---|---|---|
| EV cobalt demand | 75,000 metric tons | 81,000 metric tons |
| Portable cobalt demand in the cited narrow series | 50,000 metric tons | 54,000 metric tons |
| Total unadjusted battery cobalt demand | — | 139,000 metric tons |
| Superalloy cobalt demand | — | 18,500 metric tons |
The narrow portable-electronics series differs from the report’s broader 67,000-metric-ton portable-electronics estimate because the source uses different table scopes. Total unadjusted battery cobalt demand rose 8% in 2024, while superalloy demand rose 5% and represented about 8% of total cobalt demand. Cobalt Market Report 2024
Non-battery cobalt demand growth in 2024 was estimated at 5.0% for superalloys, 3.1% for catalysts and 2.5% for ceramics and colors. Stationary-storage cobalt demand grew 13% year over year but remained below 4,000 metric tons globally.
Battery Chemistry and Electric-Vehicle Cobalt Trends
The IEA estimated global battery cobalt demand at about 150,000 metric tons in 2023, up 15% year over year and equal to 70% of total cobalt demand. This is battery demand, not mined supply.
EVs and battery storage together represented around 90% of the lithium-ion battery market described by the IEA in its 2025 report context. In 2023, cobalt supply exceeded demand by 6.5%, an IEA estimate of the global balance.
High-voltage mid-nickel NCM materials were reported to extend cycle life by 20–30% over polycrystalline mid-nickel NCM. The same comparison estimated cathode-material cost reductions of 10–15% at recent prices, but these are technology and price dependent rather than guaranteed battery-pack savings. Cobalt Market Report 2024 and Global EV Outlook 2024: Trends in electric vehicle batteries
Cobalt Prices, Market Balance and Supply-Chain Concentration
The estimated global cobalt surplus widened from 25,000 metric tons, or 12% of demand, in 2023 to 36,000 metric tons, or 15% of demand, in 2024. Surplus figures are Benchmark market-balance estimates and are not interchangeable with mine inventories.
- European cobalt-metal prices declined 21.5% during 2024 on an EXW Europe basis; the report’s rounded summary describes the fall as 22%.
- Cobalt hydroxide prices fell 22% during 2024 on a CIF Asia basis.
- Cobalt sulfate prices fell 32% during 2024 on an EXW China basis and a 100% cobalt basis.
- China accounted for 78.6% of global refined cobalt production in both 2023 and 2024.
- Finland’s refined-production share fell from 8.3% in 2023 to 7.2% in 2024, while Indonesia’s rose from 0.8% to 1.7%.
- CMOC, Glencore and ERG together supplied the equivalent of 85% of DRC cobalt exports in 2024, an export-equivalence estimate rather than a legal ownership or mine-share measure.
The Cobalt Institute’s 2024 report estimated Indonesia’s mined cobalt at 30,000 metric tons, up 82% year over year. This differs from the USGS estimate because the sources use different revisions, reporting bases and timing. Cobalt Market Report 2024
Cobalt Recycling and Responsible-Sourcing Statistics
Secondary supply from recycled lithium-ion batteries reached 22,000 metric tons in 2024, up 13% from 19,000 metric tons in 2023. Recycled cobalt represented 8% of total supply, and its share fell despite higher tonnage because primary supply grew faster.
- In 2023, recycled battery-metal input rates for cobalt and nickel exceeded 40% of theoretically available feedstock; this is not a collection rate for all batteries.
- From 2015 to 2023, 40% of growth in recycled battery-metal market value occurred during 2020–2023, a combined battery-metals measure rather than cobalt alone.
- The IEA’s climate-pledge-aligned scenario says successful recycling scale-up could reduce the need for new mining activity by 25–40% by 2050; this is a global critical-minerals scenario, not a cobalt-only observed outcome.
- Industry reporting says 82% of global refined cobalt supply was certified against the Responsible Minerals Initiative in 2024; certification is not proof of zero social or environmental harm.
- Artisanal cobalt mining was estimated at less than 2% of DRC production and approximately 1% of global production in 2024; this is not a worker-count statistic.
The 2024 mined-cobalt supply assessment classified 77.0% under RMI, 12.7% under Copper Mark, 3.6% under IRMA and 6.7% in remaining displayed categories combined. These percentages describe assessment status and are not additive certification-quality scores. Cobalt Market Report 2024 and Recycling of Critical Minerals: Executive summary
Cobalt Outlook Statistics for Demand, Supply and Battery Markets
Benchmark forecasts cobalt demand to grow at a 7% compound annual growth rate to 2030, compared with a forecast 5% supply CAGR toward 2030. The forecast depends on battery chemistry, EV sales, industrial activity, mine projects, policy and prices.
- Total cobalt demand is forecast to reach about 400,000 metric tons by the early 2030s.
- EVs are forecast to rise from 43% of cobalt demand in 2024 to 57% in 2030.
- The DRC is forecast to fall from 76% of primary cobalt supply in 2024 to 65% in 2030.
- Indonesia is forecast to rise from 12% of primary cobalt supply in 2024 to 22% in 2030.
- Benchmark forecasts 9% cobalt-demand growth in 2025, slower than the 14% estimated for 2024, excluding government stockpiling in the cited outlook context.
- EV cobalt demand is forecast to grow 16% year over year in 2025.
In the IEA STEPS scenario, emerging markets and developing economies outside China are expected to double their share of EV battery demand from nearly 5% in 2024 to 10% in 2030. The United States share is projected to decline from about 13% to below 10% over the same period. Cobalt Market Report 2024 and Global EV Outlook 2024: Trends in electric vehicle batteries
The IEA estimates a roughly 15-year lag between EV battery-demand growth and comparable volumes of end-of-life batteries becoming available for recycling. This is an approximate structural timing estimate, not a fixed service life for every battery.