Category: Metals and Mining

paulflint097 » Blog » Metals and Mining

South Korea Cobalt Market Size, Share, Price, Research Report 2034

By paulflint097, 2025-03-18

South Korea Cobalt Market Outlook

The South Korea cobalt market is poised for significant growth, with a projected compound annual growth rate (CAGR) of 11.4% from 2025 to 2034. The market size is expected to increase from approximately 13.70 KMT in 2024 to around 39.70 KMT by 2034. This growth is driven by the increasing demand for cobalt in key industries, particularly in the production of batteries, alloys, and catalysts. As a critical raw material for various applications, cobalt is expected to continue its pivotal role in South Korea’s manufacturing and technological sectors.

Cobalt is primarily used in the production of rechargeable batteries, which are integral to the booming electric vehicle (EV) market, as well as in the aerospace and electronics industries. Additionally, cobalt’s essential properties make it crucial in the production of high-performance alloys and catalysts. As South Korea remains a leader in technology and automotive innovation, the demand for cobalt is expected to rise steadily, contributing to the expansion of the market.

South Korea Cobalt Market Trends

Several trends are shaping the growth trajectory of the cobalt market in South Korea:

Rising Demand for Electric Vehicles (EVs): The global push towards electrification in the automotive industry is driving the demand for lithium-ion batteries, in which cobalt is a key component. South Korea is home to major automakers like Hyundai and Kia, both of which are ramping up their electric vehicle production. The growing need for energy-dense batteries in EVs is expected to boost cobalt consumption significantly over the forecast period.
Advancements in Battery Technology: Innovations in battery technology, such as the development of solid-state batteries, are expected to have a considerable impact on the cobalt market. Although research is ongoing to reduce cobalt content in batteries, it remains a critical material for the current generation of lithium-ion batteries. As demand for high-performance batteries increases, cobalt’s role in this sector will continue to be prominent.
Increased Use of Cobalt in Aerospace and Electronics: Cobalt is a key material in the aerospace industry, where it is used in turbine blades, superalloys, and high-temperature applications. Additionally, cobalt is essential for the production of hard metals, catalysts, and magnets, which are increasingly used in electronics, telecommunications, and medical devices. The continuous innovation in these sectors is likely to support the stable demand for cobalt in South Korea.
Focus on Recycling and Sustainability: As the global focus on sustainability and circular economy practices intensifies, there is a growing emphasis on recycling cobalt from used batteries and other products. South Korea has already made strides in battery recycling, and the cobalt recycling market is expected to grow in parallel with the demand for new cobalt. Companies in South Korea, like Ecopro Materials and SungEel HiTech, are investing in cobalt recovery from spent batteries, contributing to market growth.
Volatile Supply and Prices: Cobalt’s supply chain is highly dependent on a few key regions, particularly the Democratic Republic of Congo (DRC), which accounts for a significant portion of global cobalt production. This geographic concentration can lead to price volatility and supply risks. South Korean companies are increasingly looking to diversify their supply chains and secure stable sources of cobalt through partnerships and investment in mining operations or recycling facilities.

Get a Free Sample Report with Table of Contents@ https://www.expertmarketresearch.com/reports/south-korea-cobalt-market/requestsample

South Korea Cobalt Market Growth

The growth of the South Korea cobalt market can be attributed to several key factors:

Booming Electric Vehicle Market: South Korea’s automotive industry is one of the largest in the world, with both traditional automakers and emerging electric vehicle manufacturers driving demand for cobalt. The shift to electric vehicles, supported by government policies and subsidies, is expected to significantly increase the demand for lithium-ion batteries and, in turn, for cobalt. As South Korea’s automakers expand their electric vehicle offerings, cobalt demand will continue to rise.
Technological Advancements in Battery Manufacturing: The development of advanced lithium-ion battery technologies, including improvements in battery life, charging speed, and energy efficiency, will further accelerate cobalt consumption. South Korea’s leading position in battery manufacturing—thanks to companies like LG Chem and Samsung SDI—positions the country as a key player in driving both domestic and international demand for cobalt.
Growth in Industrial Applications: Cobalt’s applications in industrial sectors such as aerospace, electronics, and energy generation are expected to grow, driven by ongoing innovations and the increasing demand for high-performance materials. As South Korea is a hub for high-tech manufacturing, the demand for cobalt in these industries will continue to be a significant driver for market growth.
Government Policies Supporting EV Infrastructure: The South Korean government has set ambitious goals for the adoption of electric vehicles, including incentives for consumers and investments in EV infrastructure. As these initiatives take shape, demand for cobalt-based components in EV batteries will increase. The government’s support for clean energy and green technologies further strengthens the case for sustained growth in the cobalt market.
Cobalt Recycling and Recovery Efforts: South Korea’s focus on sustainability and resource efficiency has driven significant investments in cobalt recycling. Companies such as Ecopro Materials and SungEel HiTech are working on developing processes to recover cobalt from spent batteries, reducing reliance on primary mining and mitigating supply chain risks. These efforts are expected to contribute to the market’s growth while promoting a more sustainable approach to cobalt use.

Industry Segmentation

The South Korea cobalt market can be segmented by form, application, and sector, each contributing uniquely to the overall market dynamics.

Breakup by Form

Metal: Cobalt metal is widely used in the production of high-performance alloys, including superalloys used in aerospace and turbine engines. It is also utilized in the manufacturing of magnets and tools, providing strength and durability at high temperatures. Cobalt metal is expected to continue to be a key material in these sectors.
Chemical Compound: Cobalt chemical compounds, such as cobalt sulfate and cobalt chloride, are crucial for the production of lithium-ion batteries. These compounds are also used in catalysts for petroleum refining and in the production of ceramics and pigments. As battery manufacturing continues to grow, cobalt chemical compounds will remain a key segment in the market.
Purchased Scrap: With the increasing focus on sustainability and recycling, the cobalt scrap market is expected to see growth, particularly from spent batteries and used industrial components. The demand for recycled cobalt, driven by the global push for a circular economy, will expand as companies strive to reduce raw material consumption and costs.

Breakup by Application

Alloys: Cobalt alloys are used in a variety of industries, including aerospace, automotive, and energy. These alloys are known for their ability to withstand high temperatures, corrosion, and wear. As the demand for high-performance alloys increases, so will the consumption of cobalt in this application.
Batteries: The use of cobalt in batteries, particularly in lithium-ion batteries for electric vehicles and energy storage systems, is one of the largest drivers of cobalt demand. As South Korea accelerates its transition to electric vehicles and expands its battery manufacturing capacity, cobalt will continue to play a critical role in powering the future of clean energy.
Catalysts: Cobalt is widely used as a catalyst in petroleum refining and chemical processing. The growing demand for cleaner energy sources and more efficient industrial processes is expected to drive continued demand for cobalt-based catalysts.
Tool Materials: Cobalt is used in the production of cutting tools, drill bits, and other tool materials due to its hardness and resistance to wear. As industries such as manufacturing and construction continue to grow, the demand for cobalt in tool materials will increase.
Magnets: Cobalt-based magnets, particularly those made from cobalt and rare earth elements, are used in applications such as motors, generators, and electronics. With the increasing demand for electric vehicles and renewable energy technologies, cobalt magnets will see growing demand.
Ceramic and Pigments: Cobalt compounds are used in ceramics, glass, and pigments to provide blue and green colours. As the global demand for ceramics and specialized pigments rises, the consumption of cobalt in this application will continue to grow.
Others: Cobalt is also used in a variety of other applications, including medical implants, hydrogen production, and electroplating. While these applications represent a smaller portion of the market, they still contribute to overall cobalt demand.

Breakup by Sector

Commercial: The commercial sector, including the automotive, electronics, and manufacturing industries, is the largest consumer of cobalt in South Korea. The demand for cobalt in commercial applications such as batteries, alloys, and catalysts will continue to drive the market’s growth.
Non-Commercial: The non-commercial sector, including government and academic research, plays a smaller role in cobalt consumption but is nonetheless significant in terms of innovation and the development of new applications for cobalt in clean energy, medical, and industrial sectors.

Market Key Players

Several major players dominate the South Korea cobalt market, including global mining and material companies as well as local manufacturers:

Glencore plc: A global leader in the mining and production of cobalt, Glencore is a key supplier of cobalt to South Korea and the rest of Asia.
Umicore SA: Known for its expertise in the recycling of cobalt and other precious metals, Umicore plays a critical role in the South Korean market, particularly in the battery sector.
NICHIA Corporation: A major player in the production of cobalt-based magnets and phosphors, NICHIA is involved in a wide range of industries requiring cobalt.
COSMO Chemical Co., Ltd.: A South Korean company involved in the production of cobalt chemical compounds, COSMO Chemical supplies cobalt to a variety of industries.
Ecopro Materials Co., Ltd.: A key player in the cobalt recycling sector, Ecopro Materials is contributing to the circular economy by recovering cobalt from spent batteries.
SungEel HiTech Co. Ltd.: Specialising in battery recycling, SungEel HiTech is helping to meet the growing demand for cobalt while promoting sustainable practices.
Korea Zinc Company, Ltd.: A leading producer of refined zinc and other base metals, Korea Zinc is also involved in the production of cobalt.