The cobalt market has emerged as a critical segment in the global materials industry, driven by the surging demand for electric vehicles (EVs) and advanced battery technologies. Cobalt plays an indispensable role in lithium-ion (Li-ion) batteries, especially in Nickel Manganese Cobalt (NMC) chemistries that power most EVs. It enhances battery life, energy density, and stability—factors that are vital for high-performance electric vehicles and portable electronics. Additionally, cobalt is used in various industries such as aerospace, defense, ceramics, pigments, and catalysts. As clean energy initiatives and technological innovations continue to rise globally, cobalt is becoming increasingly valuable across multiple industrial applications.