As of 2023, the usage of cobalt in nonferrous alloys, welding materials, and wear-resistant alloys in the US stood at an estimated 595 metric tons. The forecasted data indicates a steady year-on-year growth, starting at 602.98 metric tons in 2024 and reaching 634.54 metric tons by 2028. Key variations include an approximate 1.35% annual increase between 2024 and 2025, slightly tapering off to around 1.23% in the latter years. Over the five-year period, the compound annual growth rate (CAGR) is projected to be approximately 1.64%.
Future trends to monitor include:
- Advancements in welding technologies that may alter cobalt demand.
- Sustainable alternatives affecting nonferrous alloy compositions.
- Potential supply chain disruptions impacting availability and pricing.
- Regulatory changes influencing cobalt mining and usage.
