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Morocco dominates over 90% of cobalt market in MENA region
Morocco has solidified its position as a key player in the global energy and industrial transition, capturing more than 90% of cobalt production and consumption across the Middle East and North Africa (MENA). This dominance underscores the country’s pivotal role in supply chains for critical minerals, particularly as the world shifts toward clean energy technologies.
Morocco’s cobalt market leadership
According to a recent IndexBox report, Morocco controls 91% of the region's cobalt market, producing nearly 234,000 tons annually. This figure dwarfs Oman’s 23,000 tons, its closest regional competitor. Per capita consumption also highlights Morocco’s leadership, with 6.1 kilograms compared to Oman’s 4.2 kilograms.
Morocco’s success stems from robust infrastructure, supportive regulations, and its ability to attract global players in the renewable energy and battery sectors. These factors have helped the country integrate cobalt into its industrial ecosystem, cementing its status as a leader in the region.
Over the past decade, the sector has experienced steady growth at an average annual rate of 1.4%, reaching a market value of nearly $1.9 billion.
Import dominance and emerging export potential
Morocco is not only the largest cobalt producer in the MENA region but also its leading importer. In 2024, the country imported 1,200 tons of cobalt, representing 86% of regional imports and a market value of $4.4 million, or 68% of the regional share. This growth, averaging over 28% annually in the last ten years, reflects Morocco’s strategy to secure supply for domestic demand.
While exports remain in their infancy, Morocco is taking steps to expand its capacity. Exports increased by an impressive 80% annually since 2013, though the total volume reached only 201 kilograms in 2024. Export revenue last year stood at $61,000, with Morocco achieving some of the lowest average prices in the region.
A major milestone in Morocco’s industrial ambitions came with the establishment of the first facility for producing materials used in lithium-ion batteries at Jorf Lasfar. This step positions Morocco at the forefront of a sector critical to the renewable energy transition.
Cobalt’s role in the clean energy transition
Cobalt is a key component in lithium-ion batteries, which power electric vehicles and enable efficient renewable energy storage. Morocco’s dominance in this sector places it at the heart of one of the most transformative industrial shifts of the 21st century.
By consolidating its control over regional cobalt supply and expanding its industrial base, Morocco is poised to capture a significant share of the rapidly growing global demand for clean energy technologies. This strategy not only strengthens its position in international investment flows but also signals a broader ambition to transform its mineral wealth into a driving force for industrial and economic development.
