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Global demand for cobalt is projected to surge by more than 10% this year, according to the Cobalt Institute, which represents key players in the sector.
The institute estimates that demand could reach as high as 227,000 tonnes in 2025, marking an 11% increase compared to last year.
This sharp uptick follows a more modest 4% rise in 2024, reflecting the growing need for cobalt in the global energy transition. The mineral is a critical component in rechargeable batteries, which power electric vehicles (EVs), smartphones, laptops, and other consumer electronics.
Africa Reports highlights that cobalt’s strategic importance is only set to grow. With accelerating shifts towards clean energy and electrification, the world may require as much as 5.5 million tonnes of cobalt for battery production by 2050, according to global projections.
The Democratic Republic of Congo (DRC), which produces nearly 75% of the world's cobalt, has implemented a four-month suspension on cobalt exports since February. The move, aimed at addressing global oversupply and stabilizing prices, has raised concerns about future market disruptions.
At the end of 2024, global cobalt inventories were assessed as sufficient to meet demand for approximately four months, but analysts warn that a longer ban could lead to supply constraints and potentially renewed volatility in pricing.
As the cobalt market continues to evolve, its role in the circular energy economy—and the balance between sustainable sourcing and rising demand—remains a pressing concern for producers, consumers, and policymakers alike.