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

Market Size for Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides in the Philippines

The Philippine cobalt oxides and hydroxides market was finally on the rise to reach $X in 2021, after three years of decline. Overall, consumption recorded significant growth. Cobalt oxides and hydroxides consumption peaked in 2021 and is expected to retain growth in the immediate term.

Production of Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides in the Philippines

In value terms, cobalt oxides and hydroxides production stood at $X in 2021 estimated in export price. Overall, production saw a dramatic decline. The most prominent rate of growth was recorded in 2020 with a decrease of 99.9% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Exports of Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides

Exports from the Philippines

Cobalt oxides and hydroxides exports from the Philippines was estimated at X tons in 2019, therefore, remained relatively stable against the previous year. Over the period under review, exports enjoyed a significant increase. The smallest decline of 99.9% was in 2014. Over the period under review, the exports hit record highs in 2019 and are likely to continue growth in the near future.

In value terms, cobalt oxides and hydroxides exports amounted to $X in 2019. Overall, exports enjoyed a significant expansion. The smallest decline of 99.9% was in 2014. The exports peaked in 2019 and are expected to retain growth in the near future.

Exports by Country

Taiwan (Chinese) (X tons) was the main destination for cobalt oxides and hydroxides exports from the Philippines, with a 98% share of total exports. It was followed by the United States (X tons), with a 1.7% share of total exports.

From 2013 to 2019, the average annual rate of growth in terms of volume to Taiwan (Chinese) was relatively modest.

In value terms, the largest markets for cobalt oxides and hydroxides exported from the Philippines were Taiwan (Chinese) ($X) and the United States ($X).

The United States, with a CAGR of +53.0%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review.

Export Prices by Country

In 2019, the average cobalt oxides and hydroxides export price amounted to $X per ton, approximately mirroring the previous year. In general, the export price showed a sharp descent. The growth pace was the most rapid in 2014 when the average export price decreased by 99.9% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2019, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Taiwan (Chinese) amounted to $X per ton.

From 2013 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+3.8%).

Imports of Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides

Imports into the Philippines

Cobalt oxides and hydroxides imports into the Philippines reduced dramatically to X tons in 2021, which is down by -27.9% on the previous year's figure. In general, imports, however, enjoyed a prominent expansion. The growth pace was the most rapid in 2016 when imports increased by 909% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, cobalt oxides and hydroxides imports dropped notably to $X in 2021. Over the period under review, imports, however, continue to indicate resilient growth. The pace of growth appeared the most rapid in 2016 when imports increased by 855% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest cobalt oxides and hydroxides supplier to the Philippines, accounting for a 49% share of total imports. Moreover, cobalt oxides and hydroxides imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X kg), threefold. Belgium (X kg) ranked third in terms of total imports with an 18% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +14.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+25.0% per year) and Belgium (+22.3% per year).

In value terms, the largest cobalt oxides and hydroxides suppliers to the Philippines were China ($X), Belgium ($X) and Malaysia ($X), together accounting for 96% of total imports.

Belgium, with a CAGR of +32.6%, 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 2021, the average cobalt oxides and hydroxides import price amounted to $X per ton, surging by 11% against the previous year. Overall, import price indicated a pronounced increase from 2012 to 2021: its price increased at an average annual rate of +4.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cobalt oxides and hydroxides import price increased by +147.8% against 2019 indices. The growth pace was the most rapid in 2020 an increase of 124%. The import price peaked in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+9.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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