South Korea Cobalt Market Size, Share, and COVID-19 Impact Analysis, By Product (Cobalt Sulfate, Cobalt Oxide, Cobalt Metal), By End-use (EV, Industrial Metals, Superalloys), and South Korea Cobalt Market Insights, Industry Trend, Forecasts to 2035

South Korea Cobalt Market Insights Forecasts to 2035

• The South Korea Cobalt Market Size Was Estimated at USD 2,814.3 Million in 2024
• The Market Size is Expected to Grow at a CAGR of around 7.11% from 2025 to 2035
• The South Korea Cobalt Market Size is Expected to Reach USD 5,990.6 Million by 2035

According to a research report published by Spherical Insights and Consulting, The South Korea Cobalt Market Size is anticipated to reach USD 5,990.6 Million by 2035, growing at a CAGR of 7.11% from 2025 to 2035. Cobalt demand is anticipated to rise because of the growing manufacturing of electric vehicles (EVs). The most widely used battery chemistries in EVs today are lithium-nickel-manganese-cobalt-oxide (NMC) batteries, which include a cathode that contains 10–20% cobalt.

Market Overview

The demand and supply for cobalt, a hard, silver-white, ferromagnetic metal that is mostly utilized in the manufacturing of lithium-ion batteries, superalloys, and other industrial uses, are referred to as the cobalt market. Lithium-ion batteries, which power electric vehicles and other portable electronics, require cobalt as a vital component. Fixed rechargeable batteries that store energy from wind and solar sources involve cobalt. The cobalt market is expanding due in large part to the rising use of EVs and renewable energy technologies. To promote the cobalt market, governments are passing laws and policies that encourage the use of renewable energy sources and the electrification of transportation. These regulations substitute an atmosphere that is conducive to the growth of the cobalt market.

Report Coverage

This research report categorizes the market for South Korea cobalt market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea cobalt market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment South Korea cobalt market.

Driving Factors        

Cobalt-based lithium-ion batteries, which are essential for powering EVs, are in high demand due to the growing popularity of EVs. Cobalt's market expansion is also being assisted by developments in battery technology, namely in lithium-ion and other battery chemistries. Cobalt helps the energy industry expand by being utilized in stationary rechargeable batteries that store renewable energy. The aerospace industry's use of cobalt-based alloys in high-temperature engine parts and other applications.

Restraining Factors                      

Profitability may be impacted and market expansion may be impeded by the high cost of cobalt raw materials and the costly and technically complex refining process. Supply chains and extraction are made more difficult by the uneven distribution of mineral resources around the world. Hazardous pollutants including carbon dioxide and nitrogen dioxide can be released during the mining and processing of cobalt, which can degrade the environment and make sustainable practices difficult. Deforestation, habitat loss, and water contamination are other consequences of mining operations.

Market Segmentation

The South Korea Cobalt Market share is classified into product and end-use.

• The cobalt sulfate segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea cobalt market is segmented by product into cobalt sulfate, cobalt oxide, and cobalt metal. Among these, the cobalt sulfate segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. The manufacturing of lithium batteries, which are found in a variety of modern products, including computers, EVs, and smartphones. It contributes to these batteries' increased permanency and performance. The projection period and rising investment in lithium battery production are anticipated to drive product demand.

• The superalloys segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea cobalt market is segmented by end-use into EV, industrial metals, and superalloys. Among these, the superalloys segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. Superalloys based on cobalt are especially helpful in situations where the materials must withstand high pressures, temperatures, and stresses.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea cobalt market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• LG Energy Solution Ltd
• Samsung SDI Co., Ltd
• SK Innovation Co., Ltd
• POSCO Future M Co., Ltd
• Ecopro BM Co., Ltd
• Kokam Co., Ltd
• Hanwha Solutions Corporation
• Lotte Chemical Corporation
• KG Chemical Co., Ltd
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the South Korea cobalt market based on the below-mentioned segments: 

South Korea Cobalt Market, By Product

• Cobalt Sulfate
• Cobalt Oxide
• Cobalt Metal

South Korea Cobalt Market, By End-use

• EV
• Industrial Metals
• Superalloys