The import forecast for cobalt oxides and hydroxides to the US shows a steady increase from 2024 through 2028, with values projected to rise from 107.81 million USD in 2024 to 122.54 million USD in 2028. This suggests a continuous demand growth in the US market. In 2023, actual import values stood at 104.5 million USD, marking a historical data point before the forecast period.
The year-on-year growth from 2023 to 2024 is approximately 3.16%, while subsequent years from 2024 to 2028 see an average percentage increase of roughly 3 to 3.5% annually. The compound annual growth rate (CAGR) over these forecast years hints at a solid upward trend.
Future trends to watch include potential impacts from shifts in the global automotive and electronics industries, which heavily rely on cobalt for battery production. Policy changes regarding sustainability and resource sourcing could also influence import volumes and values.
