Cobalt Nitrate Market
Report ID: SQMIG15E2958
Report ID: SQMIG15E2958
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Report ID:
SQMIG15E2958 |
Region:
Global |
Published Date: January, 2026
Pages:
186
|Tables:
119
|Figures:
70
Global Cobalt Nitrate Market size was valued at USD 684.64 Million in 2024 and is poised to grow from USD 751.05 Million in 2025 to USD 1575.14 Million by 2033, growing at a CAGR of 9.7% during the forecast period (2026–2033).
The global cobalt nitrate market growth is fast due to the growing demand for cobalt nitrate in diverse industries. In 2024, cobalt demand exceeded 200,000 metric tons worldwide, indicating the highest increase since 2021, with an estimated increase of over 14% from 2023. The electric vehicle (EV) industry emerged as the largest consumer of cobalt with 43% of the total demand compared to only 40% last year; this was driven by the rise in EV ownership and the increased use of cobalt in high-performance batteries. Also evolving are the ceramic manufacturing and pigment manufacturing industries, especially in the Asia Pacific region, where cobalt nitrate produces durable materials and bright colors.
In the cobalt nitrate sector, there are opportunities to develop new technologies for extracting and processing cobalt and to seek new suppliers to meet demand. In 2024, the Democratic Republic of the Congo produced 72% of the world's cobalt. The country is imposing a quota system to stabilize prices and increase domestic mining.
What Technological Advancements Are Shaping the Cobalt Nitrate Industry?
Progressing technology with Cobalt Nitrate. The manufacture of cobalt nitrate has improved in efficiency as of now. Researchers have developed cobalt-based catalysts that can facilitate electrochemical nitrate reduction. These catalysts enhance and accelerate these types of chemical reactions. They have also put in place systems to extract cobalt from waste streams such as used batteries and agricultural waste to recover high-purity cobalt nitrate for use as an electrocatalyst. All these innovations offer environmental benefits while discouraging the use of mined cobalt. They will also enlarge the industrial cobalt nitrate application in novel processes and energy storage, besides increasing outputs.
Market snapshot - 2026-2033
Global Market Size
USD 624.1 million
Largest Segment
Crystals
Fastest Growth
Solution
Growth Rate
9.7% CAGR
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Global Cobalt Nitrate Market is segmented by Application, Purity, Grade, Form and region. Based on Application, the market is segmented into Battery Materials, Pigments & Ceramics, Electroplating, Catalysts and Pharmaceuticals. Based on Purity, the market is segmented into High Purity (>99.9%), Medium Purity (99.0-99.9%) and Low Purity (99.0%). Based on Grade, the market is segmented into Technical, Analytical and Laboratory. Based on Form, the market is segmented into Crystals, Powder and Solution. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
How is the Battery Materials Sub-Segment Shaping Global Cobalt Nitrate Consumption?
As per the 2024 cobalt nitrate market analysis, the battery materials segment represented the largest share of demand for the market, as determined by sales. The increase can be attributed primarily to the global electric vehicle (EV) market, which utilizes cobalt nitrate as a precursor material to manufacture lithium-ion battery cathodes. In 2024, sales figures indicated that more than 15 million electric vehicles (EV)s were sold worldwide, increasing demand for cobalt battery materials. Additionally, renewable energy storage devices and portable electronics further underscored the fundamental importance of this subsegment for modern energy solutions.
Between 2025 and 2032, the catalysts sub-segment is projected to grow significantly as a result of increased demand for cobalt-based catalysts in the chemical and petrochemical industries. In 2024, many companies began using cobalt nitrate catalysts for hydrogenation and ammonia production. Cobalt nitrate catalysts resulted in companies becoming more productive and efficient. The demand for cobalt nitrate catalysts in green chemistry and industry is expected to enhance growth in this market.
How is the Crystalline Form Driving the Growth of the Cobalt Nitrate Market?
As per the 2024 cobalt nitrate market forecast, the crystals segment is the most widely available form because of its high purity, stability, and chemical suitability for the most critical electronics and battery applications. Commercial users of cobalt nitrate crystals would use it in the manufacture of cathodes for lithium-ion batteries as they are highly effective and last for a considerably longer time. In fact, crystalline cobalt nitrate was one of the important components used in making EV batteries by the largest battery manufacturers of China and South Korea for the year 2024.
As cobalt nitrate solutions are broadly used in chemical processing, electroplating, and as catalysts, it is expected to rapidly expand between 2024 and 2032. European and Asian businesses began using cobalt nitrate as a solution in 2024 to prepare catalysts and provide coatings that were more uniform. New applications continue to push forward cobalt nitrate solutions as a more common option for industry scale applications as it is easier to handle, flexible, and fits on automated lines.
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Why is Domestic Cobalt Refining Critical for North American Supply Chains?
As per the cobalt nitrate market regional analysis, the market is gradually expanding in North America due to increasing usage of electric vehicles and battery materials. The United States and Canada are equally investing in local manufacturing and refining infrastructure to ensure steady supply of their chain. The refs. of Electra Battery minerals and U.S. Department of Defense funding for cobalt processing showcase U.S. efforts toward self-sufficiency in foreign minerals for sustainable energy use.
U.S. Cobalt Nitrate Market
Two major applications elevate the demand for cobalt nitrate in the United States; these are the production of batteries and the electric vehicle sector. The market is expected to be USD 230 million in 2024. Noteworthy shifts include federal initiatives aimed at enhancing cobalt for electric vehicle batteries, maintaining U.S. supply chains, and furthering environmentally beneficial applications in energy storage and electronics, in addition to joint processing of cobalt with Eurasian Resources Group.
Canada Cobalt Nitrate Market
Canada plays a huge role for the North American supply of cobalt nitrate. With the cobalt sulfate refinery project in Ontario financed by the U.S. military, the nation is boosting its production capacity. These projects are planned to certify cobalt for batteries used in EV's and energy storage applications by 2024. To cater to regional demand and limit reliance on imports, Canada is focused on developing robust cobalt supply chains.
How are Government Incentives Supporting Battery and Electronics Applications in Europe?
The cobalt nitrate industry in Europe is propelled by industrial applications, particularly batteries, catalysts, and pigments. In 2024, it grossed more than USD 450 million, with significant contributions from Germany, the United Kingdom, and France. Environmentally conscious sourcing and support for the electronics and EV manufacturing sectors have become part of business concerns in Europe. The market will continue to grow, all due to grants from the governments, innovative technologies, and advanced battery production. This pattern of growth is expected to keep on increasing even after the year 2032.
UK Cobalt Nitrate Market
The cobalt nitrate sector in the UK recorded USD 203.7 million in 2024. Exports and the growing battery sector drive demand further. The cobalt nitrate hexahydrate was exported 2,470 times between October 2023 and September 2024. Through industrial expansion, government support, and new developments in sustainable battery materials, the country is greatly involved within the global supply chain.
France Cobalt Nitrate Market
In 2024, the cobalt nitrate market in France is expected to have the highest cobalt nitrate market share. Battery, electronics, and catalyst markets are witnessing increased interest from an ever-growing population. This is also aided by government pushes to renewably powered green energy persona and production of electric cars. French companies emphasize on establishing domestic processing capabilities while promoting sustainable sourcing to ensure secure supply for industry and technology applications.
Germany Cobalt Nitrate Market
Germany will be the next largest player within the European arena. The demand in the country is mainly driven by battery, catalyst, and pigment industrial needs, specifically in electronics and automotive industries. Germany invests significantly in high-purity cobalt production via sustainable sourcing and other signals of an increasing uptake in EVs as well as stronger technological advances.
What Strategies Are Driving EV and Battery Material Demand in Asia Pacific?
The Asia-Pacific cobalt nitrate market is growing quickly in the consumption of constant demand by industries such as electronics, batteries, and electric vehicles, and China is the dominant player in this market. China has acquired up to 15,000 metric tons of cobalt in 2024 to augment its reserves and for the electric vehicle sector. In this regard, India has emerged as an important player by developing supply chains and processing capabilities to help relieve the growing demand in the region and continued import dependence.
China Cobalt Nitrate Market
The largest one in global cobalt nitrate market is China in 2024, with USD 8,565.2 million. The growing sectors include those in the electric vehicle (EV), battery, and electronics industries. In 2024, the state stockpiler bought a maximum cobalt of 15,000 metric tons, for its own stocks. China remains as world's leading producer and consumer for cobalt nitrate, focusing on acquiring raw material, developing high-performance batteries and researching new technologies. The same growth initiates in both domestic and international markets.
India Cobalt Nitrate Market
The cobalt nitrate industry in India is developing because of electric vehicles, renewable energy projects, and electronics manufacture. The country is working towards putting up supply chains and processing capabilities in the country to help reduce reliance on imports. Hence, India is gradually emerging into the picture due to efforts in acquiring battery-grade cobalt with efforts to grow their respective industries. India is believed to experience sustained growth in the market with a focus on sustainable sourcing, alternative technologies, and partnerships with other firms.
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Cobalt Nitrate Market Drivers
EVs are in Great Demand
Renewables and Electronics Are Expanding Their Markets
Cobalt Nitrate Market Restraints
Supply Chain Issues and Price Fluctuations
Cobalt Mining Raises Environmental and Ethical Issues
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Major players in the cobalt nitrate industry are continually striving to gain an advantage over their competitors. In the cobalt nitrate industry, it will take into account that the leading companies are enhancing their distribution networks, conducting new product development, and entering strategic partnerships. The cobalt nitrate market is growing, partly due to increasing demand from a range of end-use industries including electronics, catalysts, and coatings. The substantial number of established competitors and new entrants means the cobalt nitrate industry is highly competitive.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the cobalt nitrate market outlook will significantly continue to expand owing to high demand in the electronics, electric vehicles and renewable energy sectors. Although challenges still exist, including supply chain issues and problems related to ethics in mining, advances in recycling technologies and the push to promote sustainably sourced cobalt are all influencing the future of the market. Companies who are able to adapt to the changing market and address the accompanying challenges will be well-positioned for success.
| Report Metric | Details |
|---|---|
| Market size value in 2024 | USD 684.64 Million |
| Market size value in 2033 | USD 1575.14 Million |
| Growth Rate | 9.7% |
| Base year | 2024 |
| Forecast period | 2026-2033 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Cobalt Nitrate Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cobalt Nitrate Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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