Global cobalt consumption is expected to expand significantly over the next five years, with market volume projected to reach 398.2 million tons by 2031, up from 258.99 million tons in 2026, according to analysis from Mordor Intelligence. This expansion represents a compound annual growth rate of 8.98% and reflects accelerating demand across multiple industrial sectors, particularly electric vehicle battery manufacturing, aerospace applications, and 5G network infrastructure development.
The Democratic Republic of the Congo maintains its dominant position in global cobalt supply, accounting for approximately 76% of worldwide production. However, emerging supply sources in Indonesia and North America are anticipated to play an increasingly important role in meeting growing demand and alleviating potential supply constraints. This geographic diversification of production capacity comes as battery manufacturers and industrial consumers seek to reduce supply chain risks and secure long-term cobalt availability for their operations.
The forecasted growth trajectory reflects structural shifts in global manufacturing, driven by the automotive industry's transition to electric propulsion and the continued expansion of wireless communications infrastructure worldwide. Industry participants are closely monitoring supply developments as cobalt remains a critical mineral in both energy storage and advanced manufacturing applications.