GCC: Cobalt Market 2022

Cobalt Market Size in GCC

In 2021, the GCC cobalt market decreased by -9.2% to $X, falling for the seventh year in a row after three years of growth. Over the period under review, consumption showed a mild shrinkage. Over the period under review, the market attained the maximum level at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Cobalt Production in GCC

In value terms, cobalt production expanded significantly to $X in 2021 estimated in export price. In general, production continues to indicate a abrupt decrease. The growth pace was the most rapid in 2017 with an increase of 36%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Cobalt Exports

Exports in GCC

In 2021, shipments abroad of cobalt increased by 315% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports continue to indicate a relatively flat trend pattern. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, cobalt exports skyrocketed to $X in 2021. In general, exports recorded a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates dominates exports structure, amounting to X tons, which was near 95% of total exports in 2021. It was distantly followed by Bahrain (X tons), comprising a 5.1% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to cobalt exports from the United Arab Emirates stood at +22.7%. At the same time, Bahrain (+43.9%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of +43.9% from 2012-2021. From 2012 to 2021, the share of the United Arab Emirates and Bahrain increased by +79 and +4.9 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest cobalt supplier in GCC, comprising 39% of total exports. The second position in the ranking was held by Bahrain ($X), with a 0.5% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates stood at +40.9%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, jumping by 244% against the previous year. Over the period under review, the export price recorded significant growth. The most prominent rate of growth was recorded in 2013 when the export price increased by 319%. The level of export peaked in 2021 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was the United Arab Emirates ($X per ton), while Bahrain amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+14.9%).

Cobalt Imports

Imports in GCC

In 2021, purchases abroad of cobalt was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, recorded a abrupt downturn. The growth pace was the most rapid in 2013 with an increase of 485%. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, cobalt imports soared to $X in 2021. In general, imports continue to indicate temperate growth. The growth pace was the most rapid in 2013 with an increase of 475%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) was the key importer of cobalt, achieving 79% of total imports. Saudi Arabia (X tons) ranks second in terms of the total imports with a 14% share, followed by Qatar (6.6%).

Imports into the United Arab Emirates decreased at an average annual rate of -7.4% from 2012 to 2021. At the same time, Qatar (+27.8%) and Saudi Arabia (+14.9%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +27.8% from 2012-2021. While the share of Saudi Arabia (+12 p.p.) and Qatar (+6.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of the United Arab Emirates (-18.6 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported cobalt in GCC, comprising 65% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 29% share of total imports.

In the United Arab Emirates, cobalt imports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Saudi Arabia (+17.2% per year) and Qatar (+10.3% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, growing by 40% against the previous year. Overall, the import price saw a resilient expansion. The growth pace was the most rapid in 2017 an increase of 85% against the previous year. The level of import peaked in 2021 and is likely to see steady growth in the near future.

Prices varied noticeably country of destination: the country with the highest price was Saudi Arabia ($X per ton), while Qatar ($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 United Arab Emirates (+9.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform