Global DRC Cobalt Market to Reach USD 21 Billion by 2034, Driven by EV Battery Demand and Energy Transition
Global DRC Cobalt market was valued at USD 16,000 million in 2025 and is projected to reach USD 21,000 million by 2034, exhibiting a remarkable CAGR of 3.0% during the forecast period.
Cobalt, a critical transition metal with a high melting point and exceptional corrosion resistance, has moved from the confines of geological surveys to become a cornerstone of modern technology. Its unique properties-such as stabilizing lithium ion battery chemistries, enabling high temperature superalloys, and serving as an essential catalyst in petrochemical processes-make it indispensable across a wide range of sectors. Unlike many other base metals, cobalt’s strategic importance is amplified by its concentration in the Democratic Republic of Congo, which accounts for roughly 70% of worldwide production, underscoring both its geopolitical relevance and supply chain sensitivities.
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