In 2023, the use of cobalt in chemical and ceramic applications in the US was estimated at 2.97 thousand metric tons. The forecast from 2024 to 2028 shows a gradual increase, with values ranging from 3.0 to 3.13 thousand metric tons. The year-on-year growth indicates a steady increase, reflecting a positive trend in demand over these years. The compound annual growth rate (CAGR) from 2024 to 2028 averages around 0.86%, suggesting moderate and consistent growth.
Future trends to watch include:
- Technological innovations in ceramics and chemical applications that could drive cobalt usage further.- Potential supply chain disruptions or geopolitical tensions impacting cobalt availability.- Increasing demand in emerging technologies, including electric vehicle batteries, that might influence cobalt allocation.
