In 2023, China's cobalt imports stood at an actual level, serving as a baseline for future projections. From 2024 to 2028, the import volume is forecasted to increase from 311.66 million kilograms to 361.09 million kilograms. This reflects a consistent upward trend with a year-on-year growth rate, climbing steadily each year. The compound annual growth rate (CAGR) over the five-year forecast period indicates steady demand growth for cobalt, driven potentially by its critical role in battery manufacturing and electronics.
Future trends to watch for include potential developments in battery technology that could either amplify or reduce cobalt dependency, global supply chain dynamics impacting availability and price, and policy shifts towards sustainable sourcing practices.
