In 2023, cobalt apparent consumption in the US was 11.76 thousand metric tons. The forecast indicates a consistent growth in consumption from 2024 to 2028, reaching 12.49 thousand metric tons by 2028. The year-on-year growth rate between these years ranges from 1.26% to 1.12%. The compound annual growth rate (CAGR) for the five-year period from 2023 to 2028 is approximately 1.19%, suggesting steady growth.
Future trends to watch include the impact of advancements in electric vehicle technology and battery innovation, as well as potential policy shifts towards sustainable and ethical sourcing of cobalt. Monitoring these factors could influence US consumption patterns significantly.
