Belgium: Cobalt Market 2022

Cobalt Market Size in Belgium

In 2021, after two years of decline, there was significant growth in the Belgian cobalt market, when its value increased by 8.2% to $X. Over the period under review, consumption, however, showed significant growth. Cobalt consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Cobalt Production in Belgium

In value terms, cobalt production expanded notably to $X in 2021 estimated in export price. In general, the total production indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -32.6% against 2018 indices. The pace of growth was the most pronounced in 2018 with an increase of 29% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Cobalt Exports

Exports from Belgium

In 2021, exports of cobalt from Belgium surged to X tons, with an increase of 45% compared with 2020. Overall, exports saw prominent growth. The most prominent rate of growth was recorded in 2019 with an increase of 92%. The exports peaked in 2021 and are expected to retain growth in the near future.

In value terms, cobalt exports skyrocketed to $X in 2021. In general, exports enjoyed a measured expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Brazil (X tons), France (X tons) and Canada (X tons) were the main destinations of cobalt exports from Belgium, together accounting for 41% of total exports. These countries were followed by Germany, South Korea, Taiwan (Chinese), India, the United States, Japan, Luxembourg, Finland, the Netherlands and China, which together accounted for a further 47%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Luxembourg (with a CAGR of +90.3%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), France ($X) and Brazil ($X) appeared to be the largest markets for cobalt exported from Belgium worldwide, with a combined 38% share of total exports. These countries were followed by Taiwan (Chinese), Japan, South Korea, Canada, the United States, India, China, Luxembourg, Finland and the Netherlands, which together accounted for a further 43%.

Among the main countries of destination, Luxembourg, with a CAGR of +78.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average cobalt export price stood at $X per ton in 2021, increasing by 42% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was China ($X per ton), while the average price for exports to Canada ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+25.1%), while the prices for the other major destinations experienced more modest paces of growth.

Cobalt Imports

Imports into Belgium

In 2021, after two years of decline, there was significant growth in overseas purchases of cobalt, when their volume increased by 5.2% to X tons. In general, imports, however, faced a deep setback. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, cobalt imports skyrocketed to $X in 2021. Overall, imports, however, continue to indicate a sharp shrinkage. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Russia (X tons), the Netherlands (X tons) and Canada (X tons) were the main suppliers of cobalt imports to Belgium, together accounting for 78% of total imports.

From 2018 to 2021, the biggest increases were in the Netherlands (with a CAGR of +214.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) constituted the largest supplier of cobalt to Belgium, comprising 43% of total imports. The second position in the ranking was held by Canada ($X), with a 20% share of total imports. It was followed by Japan, with an 11% share.

From 2018 to 2021, the average annual growth rate of value from the Netherlands amounted to +206.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (-38.6% per year) and Japan (-42.6% per year).

Import Prices by Country

The average cobalt import price stood at $X per ton in 2021, with an increase of 96% against the previous year. Over the period under review, the import price, however, continues to indicate a deep slump. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was the Netherlands ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2018 to 2021, the most notable rate of growth in terms of prices was attained by Russia (+46.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :