The forecast for cobalt used in magnetic alloys in the US shows a declining trend from 2024 to 2028, with an annual decrease in volume, dropping from 272.76 metric tons in 2024 to 256.17 metric tons in 2028. This represents a consistent year-on-year decline, averaging approximately -1.5% per year over these five years. The compound annual growth rate (CAGR) reflects this downward trend, pointing to a sustained reduction in the demand or use of cobalt in this sector. In 2023, cobalt usage stood higher than the forecasted 2024 value, indicating the beginning of this downward trend.
Future trends to watch for include the potential impact of technological advancements that might reduce dependency on cobalt in magnetic alloys and the influence of regulatory and market pressures towards sustainability that could accelerate the search for alternative materials or processes.
