In 2023, the consumption of cobalt used in steels in the US stood at approximately 1.88 thousand metric tons. Forecasts for 2024 to 2028 indicate a steady increase, starting from 1.95 thousand metric tons in 2024 to 2.20 thousand metric tons in 2028. This reflects consistent year-on-year growth, with variations taking a positive incline year after year. The compound annual growth rate (CAGR) over these five years is an estimated steady rise, underscoring a healthy demand trajectory for cobalt within the steel industry.

Future trends to watch for include:

Technological advancements in steel manufacturing potentially altering cobalt usage levels.
Policy changes regarding sustainable and critical mineral sourcing moving forward.
Market fluctuations influencing cobalt pricing and availability, impacting overall consumption.