In 2023, cobalt usage in superalloys in the US stood at 4.26 thousand metric tons. Forecast data indicates a stable to slightly increasing trend from 2024 to 2028, with usage rising from 4.27 to 4.3 thousand metric tons. The year-on-year variation is minimal, reflecting a constant demand over the years. The Compound Annual Growth Rate (CAGR) from 2024 to 2028 is less than 0.2%, demonstrating a steady market with limited expansion.

Future trends to watch for include:

Technological advances in superalloy composition that might alter cobalt demand.
Potential environmental regulations affecting cobalt sourcing and use.
Geopolitical factors influencing global cobalt supply chains.
Market shifts towards alternative materials as a response to sustainability trends.