The forecast for cobalt consumption as purchased scrap in the US shows a gradual increase from 2024 to 2028, starting at 2.94 thousand metric tons in 2024 and reaching 3.08 thousand metric tons by 2028. The year-on-year growth is consistent at around 1% to 1.3%. Compared to 2023, the initial value of 2.94 thousand metric tons in 2024 represents a marginal increase. The compound annual growth rate (CAGR) over the next five years is approximately 1.1%.

Future trends to watch for:

Potential increase in cobalt recycling efforts and technologies, impacting scrap consumption.
Evolving demand from the electric vehicle and energy storage sectors influencing cobalt markets.
Regulatory changes affecting resource recovery and environmental practices in the industry.