In 2024, Canada's import of cobalt oxides and hydroxides is forecasted at 574.3 thousand US dollars, marking a continuous decline through 2028, reaching 218.56 thousand US dollars. This indicates a significant downward trend, suggesting a substantial decrease in demand or supply constraints. The year-on-year reduction between 2024 and 2025 is nearly 16%, while from 2025 to 2026, it decreases by approximately 18.6%. The subsequent years see a decline of 22.4% and 28.3% respectively. The compound annual growth rate (CAGR) over this five-year period illustrates an average decline of over 23% per year.
Future trends to watch for include global shifts in demand for renewable energy technologies, where cobalt is a critical component, as well as potential shifts in supply chain dynamics and advancements in cobalt recycling technologies, which could impact import levels.
