The forecast for the import of cobalt to Japan shows a gradual decline from 2024 to 2028. In 2023, the actual volume stood at an unprovided baseline number; however, the expected decrease indicates a cautious market sentiment possibly influenced by factors such as technological advancements in battery production, recycling capacities, and substitution strategies by industries.
Year-on-year percentage variations show a slight but continuous reduction in cobalt imports, reflecting a compounded annual growth rate (CAGR) decline over five years.
Future trends to watch for include:
- Technological progress reducing dependence on cobalt in batteries.
- Increased recycling efforts impacting new cobalt demand.
- Geopolitical developments affecting cobalt supply chains.
