The import of cobalt to the UK is forecasted to grow steadily from 6.9008 million kilograms in 2024 to 7.3357 million kilograms in 2028. The trend indicates a consistent year-on-year increase in imports. When calculating the annual growth rate, the year-on-year variation suggests incremental positive growth. Comparing this with the actual import data for 2023, which stood at approximately 6.73 million kilograms, the expansion is evident. The compound annual growth rate (CAGR) over the forecast period is moderate but demonstrates a positive outlook.
Future trends to watch for include:
- Changes in global supply chains affecting cobalt availability and prices.
- Technological advancements in battery technology that may alter demand.
- Policy shifts such as tariffs or trade agreements impacting import dynamics.
