Global share of cobalt demand 2022, by end-use
Electric vehicle batteries accounted for a 40 percent share of the total global demand for cobalt in 2022. In second place that year, portable cobalt batteries accounted for a 30 percent share of global cobalt demand. The total global cobalt demand amounted to 187,000 metric tons in 2022.
Different applications require different forms of cobalt. For example, lithium-ion batteries, catalysts, soaps and dryers, and pigments consume mostly cobalt chemicals. Magnets and nickel-based alloys on the other hand require only metallic forms of cobalt such as powders and cathodes. These different requirements therefore diversify the types of cobalt demanded and consumed.
Different applications require different forms of cobalt. For example, lithium-ion batteries, catalysts, soaps and dryers, and pigments consume mostly cobalt chemicals. Magnets and nickel-based alloys on the other hand require only metallic forms of cobalt such as powders and cathodes. These different requirements therefore diversify the types of cobalt demanded and consumed.
