The market size volume for commercial cobalt oxides and hydroxides in Germany showed fluctuations from 2013 to 2023. In 2023, the volume stood at 1.0119 million kilograms, marking a 1.54% year-on-year decrease from 2022. Over the last two years, the market experienced a noticeable contraction, reflected by negative annual growth. The 5-year CAGR ending in 2023 was -3.12%, indicating a declining trend in average annual growth between 2018 and 2023.
Future trends to watch include growing demand in energy storage applications, especially with the increase in electric vehicles and renewable energy systems. Additionally, supply chain factors and regulations around cobalt mining could significantly impact market dynamics.
