The reported consumption of cobalt in the US shows a gradual upward trend from 2024 to 2028, with an increase in forecasted values from 9.26 thousand metric tons in 2024 to 9.37 thousand metric tons in 2028. In comparison, the actual value for 2023 stood at 9.22 thousand metric tons. This indicates a year-on-year increase of 0.33% from 2023 to 2024. Over the five-year forecast period from 2024 to 2028, the compound annual growth rate (CAGR) is estimated at approximately 0.29%.
Future Trends to Watch for:
Key trends to monitor include advancements in battery technologies and electric vehicle production, as these sectors significantly influence cobalt demand. Additionally, any changes in global supply chain dynamics or innovation in cobalt recycling could impact future consumption levels.
