In 2024, the forecast indicates a volume of cobalt used in cemented carbides of 827.32 metric tons, marking a consistent upward trend through to 2028, reaching 852.74 metric tons. With a year-on-year increase from 2024 to 2025 of approximately 0.79%, followed by similar incremental rises through to 2028, this demonstrates a steady growth pattern. The average annual growth rate (CAGR) over five years highlights a persistent demand increase in this sector. In 2023, actual consumption figures are not provided, leaving the 2024 value as the new baseline for comparative purposes.

Key future trends to monitor include:

The impact of advancements in hard metal applications, potentially driving higher demand.
Market dynamics influenced by the push for sustainable and eco-friendly materials in manufacturing.
Global supply chain factors that could affect cobalt availability and pricing, impacting the US market.