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Turkey - Cobalt - Market Analysis, Forecast, Size, Trends And Insights
Report Update: Apr 1, 2025

Turkey - Cobalt - Market Analysis, Forecast, Size, Trends And Insights

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October 20, 2024 at 3:11 AM GMT+0

Cobalt Imports in Turkey Plummet by 67%, Dropping to $16 Million in 2023

Turkey Cobalt Imports

In 2023, purchases abroad of cobalt decreased by -57.6% to 496 tons for the first time since 2020, thus ending a two-year rising trend. Over the period under review, imports, however, enjoyed a strong increase. The pace of growth appeared the most rapid in 2021 with an increase of 237% against the previous year. Over the period under review, imports hit record highs at 1.2K tons in 2022, and then dropped markedly in the following year.

In value terms, cobalt imports reduced markedly to $16M (IndexBox estimates) in 2023. In general, imports, however, continue to indicate resilient growth. The pace of growth was the most pronounced in 2022 when imports increased by 232% against the previous year. As a result, imports reached the peak of $50M, and then contracted sharply in the following year.

COUNTRYImport Value of Cobalt in Turkey (million USD)
20132014201520162017201820192020202120222023
CanadaN/A0.1N/A0.1N/A0.31.30.12.24.83.4
AustraliaN/AN/AN/AN/A1.11.42.02.85.06.72.7
United States0.60.80.80.70.61.01.50.80.31.51.8
United Kingdom0.50.30.50.50.70.70.50.50.50.71.7
Madagascar0.20.31.00.30.6N/A0.81.40.32.41.6
Belgium1.10.60.70.70.70.70.51.21.01.81.5
China0.20.10.10.10.74.40.20.40.10.70.7
Germany0.20.30.30.31.82.41.20.91.00.80.6
Finland0.91.21.01.41.72.00.70.40.30.60.5
Russia0.20.1N/AN/A0.4N/A0.30.40.826.60.3
Others2.22.21.22.11.11.21.10.53.53.71.7
Total6.26.05.66.19.414.010.19.515.150.216.4
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Imports by Country

Canada (134 tons), Australia (96 tons) and Madagascar (61 tons) were the main suppliers of cobalt imports to Turkey, together accounting for 59% of total imports.

From 2013 to 2023, the biggest increases were recorded for Canada (with a CAGR of +74.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cobalt suppliers to Turkey were Canada ($3.4M), Australia ($2.7M) and the United States ($1.8M), with a combined 48% share of total imports.

Canada, with a CAGR of +69.7%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the cobalt price amounted to $33,120 per ton (CIF, Turkey), with a decrease of -22.9% against the previous year. Overall, the import price recorded a slight curtailment. The pace of growth appeared the most rapid in 2022 an increase of 131%. The import price peaked at $71,831 per ton in 2018; however, from 2019 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Finland ($59,592 per ton), while the price for Canada ($25,120 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by the UK (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the cobalt market in Turkey. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

    Country coverage:

    • Turkey

    Data coverage:

    • Market volume and value
    • Per Capita consumption
    • Forecast of the market dynamics in the medium term
    • Trade (exports and imports) in Turkey
    • Export and import prices
    • Market trends, drivers and restraints
    • Key market players and their profiles

    Reasons to buy this report:

    • Take advantage of the latest data
    • Find deeper insights into current market developments
    • Discover vital success factors affecting the market

    This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

    In this report, you can find information that helps you to make informed decisions on the following issues:

    1. How to diversify your business and benefit from new market opportunities
    2. How to load your idle production capacity
    3. How to boost your sales on overseas markets
    4. How to increase your profit margins
    5. How to make your supply chain more sustainable
    6. How to reduce your production and supply chain costs
    7. How to outsource production to other countries
    8. How to prepare your business for global expansion

    While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

    1. 1. INTRODUCTION

      Making Data-Driven Decisions to Grow Your Business

      1. REPORT DESCRIPTION
      2. RESEARCH METHODOLOGY AND AI PLATFORM
      3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
      4. GLOSSARY AND SPECIFIC TERMS

    2. 2. EXECUTIVE SUMMARY

      A Quick Overview of Market Performance

      1. KEY FINDINGS
      2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

    3. 3. MARKET OVERVIEW

      Understanding the Current State of The Market and Its Prospects

      1. MARKET SIZE
      2. MARKET STRUCTURE
      3. TRADE BALANCE
      4. PER CAPITA CONSUMPTION
      5. MARKET FORECAST TO 2030

    4. 4. MOST PROMISING PRODUCT

      Finding New Products to Diversify Your Business

      This Chapter is Available Only for the Professional Edition PRO
      1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
      2. BEST-SELLING PRODUCTS
      3. MOST CONSUMED PRODUCT
      4. MOST TRADED PRODUCT
      5. MOST PROFITABLE PRODUCT FOR EXPORT

    5. 5. MOST PROMISING SUPPLYING COUNTRIES

      Choosing the Best Countries to Establish Your Sustainable Supply Chain

      This Chapter is Available Only for the Professional Edition PRO
      1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
      2. TOP PRODUCING COUNTRIES
      3. TOP EXPORTING COUNTRIES
      4. LOW-COST EXPORTING COUNTRIES

    6. 6. MOST PROMISING OVERSEAS MARKETS

      Choosing the Best Countries to Boost Your Exports

      This Chapter is Available Only for the Professional Edition PRO
      1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
      2. TOP CONSUMING MARKETS
      3. UNSATURATED MARKETS
      4. TOP IMPORTING MARKETS
      5. MOST PROFITABLE MARKETS

    7. 7. PRODUCTION

      The Latest Trends and Insights into The Industry

      1. PRODUCTION VOLUME AND VALUE

    8. 8. IMPORTS

      The Largest Import Supplying Countries

      1. IMPORTS FROM 2012–2024
      2. IMPORTS BY COUNTRY
      3. IMPORT PRICES BY COUNTRY

    9. 9. EXPORTS

      The Largest Destinations for Exports

      1. EXPORTS FROM 2012–2024
      2. EXPORTS BY COUNTRY
      3. EXPORT PRICES BY COUNTRY

    10. 10. PROFILES OF MAJOR PRODUCERS

      The Largest Producers on The Market and Their Profiles

      This Chapter is Available Only for the Professional Edition PRO

    11. LIST OF TABLES

      1. Key Findings In 2024
      2. Market Volume, In Physical Terms, 2012–2024
      3. Market Value, 2012–2024
      4. Per Capita Consumption In 2012-2024
      5. Imports, In Physical Terms, By Country, 2012–2024
      6. Imports, In Value Terms, By Country, 2012–2024
      7. Import Prices, By Country Of Origin, 2012–2024
      8. Exports, In Physical Terms, By Country, 2012–2024
      9. Exports, In Value Terms, By Country, 2012–2024
      10. Export Prices, By Country Of Destination, 2012–2024

    12. LIST OF FIGURES

      1. Market Volume, In Physical Terms, 2012–2024
      2. Market Value, 2012–2024
      3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2024
      4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2024
      5. Trade Balance, In Physical Terms, 2012-2024
      6. Trade Balance, In Value Terms, 2012-2024
      7. Per Capita Consumption, 2012-2024
      8. Market Volume Forecast to 2030
      9. Market Value Forecast to 2030
      10. Products: Market Size And Growth, By Type
      11. Products: Average Per Capita Consumption, By Type
      12. Products: Exports And Growth, By Type
      13. Products: Export Prices And Growth, By Type
      14. Production Volume And Growth
      15. Exports And Growth
      16. Export Prices And Growth
      17. Market Size And Growth
      18. Per Capita Consumption
      19. Imports And Growth
      20. Import Prices
      21. Production, In Physical Terms, 2012–2024
      22. Production, In Value Terms, 2012–2024
      23. Imports, In Physical Terms, 2012–2024
      24. Imports, In Value Terms, 2012–2024
      25. Imports, In Physical Terms, By Country, 2024
      26. Imports, In Physical Terms, By Country, 2012–2024
      27. Imports, In Value Terms, By Country, 2012–2024
      28. Import Prices, By Country Of Origin, 2012–2024
      29. Exports, In Physical Terms, 2012–2024
      30. Exports, In Value Terms, 2012–2024
      31. Exports, In Physical Terms, By Country, 2024
      32. Exports, In Physical Terms, By Country, 2012–2024
      33. Exports, In Value Terms, By Country, 2012–2024
      34. Export Prices, By Country Of Destination, 2012–2024

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