The forecasts for the import of cobalt to the US from 2024 to 2028 show a steady increase from 13.429 million kilograms in 2024 to an anticipated 14.265 million kilograms in 2028. Compared to 2023, this represents a consistent yearly growth trend, indicating a strong demand for cobalt likely driven by its use in emerging technologies and battery production. Year-on-year percentage growth can be observed in incremental increases between 1.6% and 1.5% annually. The compound annual growth rate (CAGR) over the five-year period is slightly over 1.5%.
Future trends to watch for include technological advancements in battery production, shifts in electric vehicle demand, and geopolitical factors affecting cobalt supply chains. These elements could significantly influence the volume and pace of cobalt imports to the US over the next decade.
