In 2023, cobalt consumption as chemical compounds in the US was recorded at approximately [just under 2.19 Thousand Metric Tons]. Forecasts for 2024 through 2028 show a very modest growth pattern, with consumption slightly increasing from 2.19 to 2.21 Thousand Metric Tons over five years. The year-on-year variations are minimal, with the largest increment being a 0.45% increase in 2027. The compound annual growth rate (CAGR) over this period is negligible, indicating a stable but low growth trend.

Future trends to watch for include:

Advancements in battery technologies potentially influencing cobalt demand.
Regulatory changes impacting supply chains and pricing.
Emerging sustainability concerns that may drive alternative materials development.