In 2023, China's cobalt refinery capacity continued to dominate globally at 170.91 thousand metric tons, with a year-on-year growth of 10.87%. Finland and Zambia showed moderate increases of 1.99% and 0.52% respectively. Notably, South Africa experienced significant growth at 14.86%, contrasting with the decline in the Democratic Republic of the Congo by 7.45%. Over the past five years, the compound annual growth rate (CAGR) for key countries has shown stability, with some volatility in emerging regions.
Future trends to watch include the potential impact of increased global demand for electric vehicle batteries, which may drive further expansion in countries with refining capacity. China's dominant position is expected to continue, though investment in refining technologies in regions like Africa and Europe could alter the competitive landscape. Environmental and ethical concerns surrounding cobalt sourcing might also influence regional capacities.
Top countries in Cobalt Refinery Capacity by Country
| # | 10 Countries | Metric Tons | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 170,910 | 2023 | +5.11% | +10.87% | View data |
| 2 | 2 Finland | 18,210 | 2023 | +2.15% | +1.99% | View data |
| 3 | 3 Zambia | 9,850 | 2023 | +0.55% | +0.52% | View data |
| 4 | 4 Canada | 8,740 | 2023 | +1.74% | +1.72% | View data |
| 5 | 5 Russia | 7,700 | 2023 | +0.44% | +0.47% | View data |
| 6 | 6 Australia | 6,950 | 2023 | +0.77% | +0.74% | View data |
| 7 | 7 Madagascar | 6,480 | 2023 | +2.97% | +2.95% | View data |
| 8 | 8 Japan | 6,240 | 2023 | +2.72% | +2.56% | View data |
| 9 | 9 Norway | 5,250 | 2023 | +0.19% | +0.18% | View data |
| 10 | 10 Democratic Republic of the Congo | 4,110 | 2023 | -10.64% | -7.45% | View data |
