In 2023, the United States' cobalt imports were 14.4 thousand metric tons. The forecast from 2024 to 2028 shows a steady increase, with values rising from 14.7 to 15.74 thousand metric tons. The year-on-year growth rates indicate a consistent upwards trajectory, showcasing an overall robust demand for cobalt. The compounded annual growth rate (CAGR) from 2024 to 2028 is moderate, reflecting a stable yet gradual growth in imports over this period.
Future trends to watch for:
- The growth in electric vehicle production and other high-tech sectors could drive further demand for cobalt imports.
- Global supply chain shifts and geopolitical developments may impact cobalt accessibility and price.
- Advancements in battery technology that reduce cobalt dependency could alter future import needs.
