In 2023, Japan's cobalt refinery capacity stood at approximately 6.25 thousand metric tons. The forecasted data indicates a steady year-on-year increase from 2024 to 2028, with annual growth rates of 2.8% in 2025, 2.6% in 2026, 2.5% in 2027, and 2.3% by 2028. The compound annual growth rate (CAGR) from 2024 to 2028 is expected to be around 2.5%, signifying moderate but consistent expansion in capacity.
Future trends to watch for include potential impacts from advancements in battery technology, shifts in global cobalt demand, and Japan's strategic initiatives to secure raw material supply chains, which could influence production capacities and further drive technological improvements in refining processes.
