The cobalt refinery capacity in Brazil is forecasted to experience a slight increase from 2.36 thousand metric tons in 2024 to 2.37 thousand metric tons in 2026, maintaining this level through 2028. Although showing minimal growth, the overall capacity indicates stability. As of 2023, the capacity was also at 2.36 thousand metric tons, demonstrating a negligible year-on-year change and suggesting a stagnant market condition with less than a 1% CAGR for the coming five years.
Future trends to watch for:
- Technological advancements in cobalt extraction and refining processes, potentially enhancing capacity or efficiency.
- Increasing demand for cobalt in battery production, particularly for electric vehicles, which could lead to capacity expansion.
- Government policies and environmental regulations affecting mining and refinery operations.
