EU: Cobalt Market 2022

Cobalt Market Size in the EU

In 2021, the EU cobalt market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, recorded a buoyant expansion. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Cobalt Production in the EU

In value terms, cobalt production rose rapidly to $X in 2021 estimated in export price. The total production indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -32.5% against 2018 indices. The growth pace was the most rapid in 2018 when the production volume increased by 33%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

Cobalt Exports

Exports in the EU

Cobalt exports skyrocketed to X tons in 2021, increasing by 30% compared with the previous year. Total exports indicated a pronounced increase from 2012 to 2021: its volume increased at an average annual rate of +2.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +119.0% against 2016 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, cobalt exports surged to $X in 2021. In general, exports recorded a noticeable expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 90%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Belgium (X tons) and the Netherlands (X tons) were the key exporters of cobalt in 2021, finishing at near 41% and 33% of total exports, respectively. It was distantly followed by Finland (X tons), constituting an 18% share of total exports. France (X tons) and Germany (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were in the Netherlands (with a CAGR of +15.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Belgium ($X) and Finland ($X) constituted the countries with the highest levels of exports in 2021, together comprising 89% of total exports.

In terms of the main exporting countries, the Netherlands, with a CAGR of +30.5%, saw the highest rates of growth with regard to 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

In 2021, the export price in the European Union amounted to $X per ton, growing by 31% against the previous year. Overall, the export price recorded a moderate increase. The most prominent rate of growth was recorded in 2017 an increase of 54%. Over the period under review, the export prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+13.3%), while the other leaders experienced more modest paces of growth.

Cobalt Imports

Imports in the EU

Cobalt imports fell modestly to X tons in 2021, dropping by -3.7% against 2020. Over the period under review, imports, however, continue to indicate a buoyant increase. The growth pace was the most rapid in 2018 with an increase of 216% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, cobalt imports surged to $X in 2021. In general, imports, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2018 with an increase of 178%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Belgium represented the major importing country with an import of around X tons, which reached 42% of total imports. The Netherlands (X tons) took a 23% share (based on physical terms) of total imports, which put it in second place, followed by Germany (10%) and France (7.7%). The following importers - Ireland (X tons), Spain (X tons), Austria (X tons) and Finland (X tons) - together made up 13% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Spain (with a CAGR of +30.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest cobalt importing markets in the European Union were the Netherlands ($X), Belgium ($X) and Germany ($X), with a combined 73% share of total imports. These countries were followed by Spain, France, Ireland, Austria and Finland, which together accounted for a further 21%.

Among the main importing countries, Spain, with a CAGR of +40.8%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in the European Union amounted to $X per ton, growing by 36% against the previous year. Import price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cobalt import price increased by +37.9% against 2019 indices. Over the period under review, import prices hit record highs at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Spain ($X per ton), while Finland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+7.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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