MENA: Market for Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides 2024

Market Size for Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides in MENA

In 2021, the MENA's cobalt oxides and hydroxides market decreased by -2% to $X, falling for the third consecutive year after two years of growth. Overall, consumption, however, continues to indicate prominent growth. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Production of Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides in MENA

In value terms, cobalt oxides and hydroxides production shrank remarkably to $X in 2021 estimated in export price. In general, production, however, continues to indicate a strong expansion. The most prominent rate of growth was recorded in 2020 when the production volume increased by 3,535% against the previous year. As a result, production reached the peak level of $X, and then declined rapidly in the following year.

Exports of Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides

Exports in MENA

In 2021, after four years of decline, there was significant growth in overseas shipments of cobalt oxides and hydroxides and commercial cobalt oxides, when their volume increased by 241% to X tons. In general, exports, however, continue to indicate a precipitous curtailment. The most prominent rate of growth was recorded in 2016 when exports increased by 1,328% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, cobalt oxides and hydroxides exports surged to $X in 2021. Overall, exports, however, showed a drastic downturn. The pace of growth appeared the most rapid in 2016 with an increase of 1,326% against the previous year. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Turkey represented the key exporting country with an export of about X tons, which amounted to 83% of total exports. It was distantly followed by the United Arab Emirates (X tons), comprising a 12% share of total exports. Morocco (X tons) took a little share of total exports.

Turkey was also the fastest-growing in terms of the cobalt oxides and hydroxides and commercial cobalt oxides exports, with a CAGR of +41.7% from 2012 to 2021. Morocco (-7.9%) and the United Arab Emirates (-10.0%) illustrated a downward trend over the same period. While the share of Turkey (+83 p.p.), the United Arab Emirates (+10 p.p.) and Morocco (+3.5 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) emerged as the largest cobalt oxides and hydroxides supplier in MENA, comprising 75% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 21% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Turkey stood at +62.0%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (+1.1% per year) and Morocco (-8.8% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2021, rising by 13% against the previous year. Overall, the export price saw resilient growth. The growth pace was the most rapid in 2014 when the export price increased by 48%. Over the period under review, the export prices hit record highs in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Morocco ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+14.3%), while the other leaders experienced mixed trends in the export price figures.

Imports of Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides

Imports in MENA

In 2021, overseas purchases of cobalt oxides and hydroxides and commercial cobalt oxides decreased by -7.8% to X tons, falling for the third year in a row after two years of growth. Overall, imports, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of 483% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, cobalt oxides and hydroxides imports rose significantly to $X in 2021. In general, imports, however, recorded a strong increase. The pace of growth was the most pronounced in 2017 when imports increased by 267% against the previous year. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) was the key importer of cobalt oxides and hydroxides and commercial cobalt oxides in MENA, achieving 99% of total import.

The United Arab Emirates was also the fastest-growing in terms of the cobalt oxides and hydroxides and commercial cobalt oxides imports, with a CAGR of +14.2% from 2012 to 2021. While the share of the United Arab Emirates (+16 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported cobalt oxides and hydroxides and commercial cobalt oxides in MENA.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates stood at +10.8%.

Import Prices by Country

In 2021, the import price in MENA amounted to $X per ton, picking up by 19% against the previous year. Overall, the import price, however, recorded a abrupt contraction. The most prominent rate of growth was recorded in 2014 when the import price increased by 20%. The level of import peaked at $X per ton in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

As there is only one major supplying country, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2021, the rate of growth in terms of prices for the United Arab Emirates amounted to -3.0% per year.

Source: IndexBox Platform