The import volume of cobalt oxides and hydroxides to China is forecasted to increase significantly from 2024 to 2028. In 2023, the imports stood at approximately 1.82 million kilograms. From 2024 onwards, imports are projected to grow annually, reaching 2.1573 million kilograms by 2028.
Key observations:
- The year-on-year growth rate from 2023 to 2024 is noteworthy, showcasing an increase of 4.0%.
- The subsequent years project consistent growth, with the import volume increasing at nearly 2-3% annually.
- The compound annual growth rate (CAGR) over the four-year forecast period is approximately 3.5%, indicative of a steady upward momentum.
Future trends to watch for include potential shifts in global cobalt supply and demand dynamics, particularly driven by the technological advancements in battery production and electric vehicle expansion. Additionally, any geopolitical changes or environmental regulations could impact the supply chain and influence import rates.
