Morocco bags top position on cobalt market in MENA
Morocco has established itself as a key driver of the energy and industrial transition, securing a commanding position in the cobalt market across the Middle East and North Africa (MENA). According to a recent IndexBox report, the country now accounts for more than 90% of the region’s cobalt production and consumption, underscoring its rising importance in global supply chains.
Morocco leads both consumption and production, holding a 91% market share equivalent to nearly 234,000 tons, while Oman follows at a distant 23,000 tons. On a per capita basis, Moroccan consumption is estimated at 6.1 kilograms, compared to Oman’s 4.2 kilograms. This reflects the country’s success in integrating cobalt into its industrial framework, supported by favorable regulations and modern infrastructure that attract international investors in the battery and renewable energy industries.
Clean energy revolution
Over the past decade, Morocco’s cobalt market has grown steadily at an annual rate of 1.4%, reaching an estimated value of $1.9 billion. The country has also emerged as the leading cobalt importer in the region, bringing in 1,200 tons in 2024 equivalent to 86% of all MENA imports. In value terms, imports reached $4.4 million, representing 68% of the regional share. This surge, growing at more than 28% annually over the past ten years, highlights Morocco’s strategy to secure domestic supply and fuel industrial demand.
Exports remain modest at 201 kilograms in 2024 but have been rising rapidly, expanding by over 80% annually since 2013. Export earnings reached $61,000, though at one of the region’s lowest price points. A milestone was the establishment of the first lithium-ion battery materials unit at Jorf Lasfar, reinforcing Morocco’s ambition to move up the value chain.
By consolidating its cobalt leadership, Morocco is positioning itself at the center of the clean energy revolution, transforming mineral wealth into an engine of industrial growth and international investment.
