In 2023, the cobalt industry stocks in the US were at 1.18 thousand metric tons. Forecasts indicate a steady annual increase from 1.20 thousand metric tons in 2024 to 1.28 thousand metric tons in 2028, reflecting an annual Compound Annual Growth Rate (CAGR) of approximately 1.63%. This signifies modest and consistent growth in cobalt stock levels over the forecasted period.
Future trends to watch for include:
- The impact of growing demand for electric vehicles, which may accelerate the need for cobalt.
- Potential developments in cobalt-free battery technologies reducing reliance on cobalt.
- Potential regulatory and geopolitical factors that might influence cobalt supply chains and prices.
