In 2023, China dominated the global cobalt refinery capacity share with a staggering 65.27%, showcasing a significant increase of 10.87% from previous figures. Finland held a distant second position at 6.95%, followed by Zambia and Canada, showcasing modest growth of 0.52% and 1.72%, respectively. South Africa notably surged by 14.86%, while the Democratic Republic of the Congo dropped by 7.45%. Countries like Madagascar and Japan maintained stable growth at around 2.95% and 2.56%. Over the past five years, the compound annual growth rate (CAGR) reflects robust expansion primarily driven by China.
Future trends to watch include:
- Continuous expansion of China’s capacity, potentially solidifying its dominant position.
- Opportunities for African nations like Democratic Republic of the Congo and Zambia to expand their refining capacities could shift market dynamics.
- Potential geopolitical and environmental regulations might affect Russia's and China's future capacities.
Top countries in Cobalt Refinery Capacity Share by Country (Metric Tons)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 65.27 | 2023 | +5.11% | +10.87% | View data |
| 2 | 2 Finland | 6.95 | 2023 | +2.15% | +1.99% | View data |
| 3 | 3 Zambia | 3.76 | 2023 | +0.55% | +0.52% | View data |
| 4 | 4 Canada | 3.34 | 2023 | +1.74% | +1.72% | View data |
| 5 | 5 Russia | 2.94 | 2023 | +0.44% | +0.47% | View data |
| 6 | 6 Australia | 2.65 | 2023 | +0.77% | +0.74% | View data |
| 7 | 7 Madagascar | 2.47 | 2023 | +2.97% | +2.95% | View data |
| 8 | 8 Japan | 2.38 | 2023 | +2.72% | +2.56% | View data |
| 9 | 9 Norway | 2 | 2023 | +0.19% | +0.18% | View data |
| 10 | 10 Democratic Republic of the Congo | 1.57 | 2023 | -10.64% | -7.45% | View data |
