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

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

In 2021, the Singaporean cobalt oxides and hydroxides market increased by 17% to $X, rising for the second year in a row after three years of decline. In general, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Exports of Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides

Exports from Singapore

In 2021, shipments abroad of cobalt oxides and hydroxides and commercial cobalt oxides was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, faced a abrupt downturn. The most prominent rate of growth was recorded in 2018 with an increase of 204% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, cobalt oxides and hydroxides exports skyrocketed to $X in 2021. Over the period under review, exports, however, saw a abrupt contraction. The growth pace was the most rapid in 2018 with an increase of 150% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Thailand (X tons) was the main destination for cobalt oxides and hydroxides exports from Singapore, with a 50% share of total exports. Moreover, cobalt oxides and hydroxides exports to Thailand exceeded the volume sent to the second major destination, Vietnam (X tons), fourfold. New Zealand (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Thailand stood at -1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+9.4% per year) and New Zealand (+6.7% per year).

In value terms, Thailand ($X) remains the key foreign market for cobalt oxides and hydroxides and commercial cobalt oxides exports from Singapore, comprising 48% of total exports. The second position in the ranking was held by Vietnam ($X), with a 15% share of total exports. It was followed by New Zealand, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to Thailand stood at +3.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+15.8% per year) and New Zealand (+10.2% per year).

Export Prices by Country

In 2021, the average cobalt oxides and hydroxides export price amounted to $X per ton, picking up by 65% against the previous year. In general, the export price enjoyed resilient growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Vietnam ($X per ton) and Pakistan ($X per ton), while the average price for exports to Thailand ($X per ton) and New Zealand ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+64.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides

Imports into Singapore

After two years of decline, purchases abroad of cobalt oxides and hydroxides and commercial cobalt oxides increased by 20% to X tons in 2021. Overall, imports, however, showed a deep contraction. The growth pace was the most rapid in 2014 with an increase of 72%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, cobalt oxides and hydroxides imports soared to $X in 2021. In general, imports, however, recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2014 when imports increased by 50%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Finland (X tons) constituted the largest supplier of cobalt oxides and hydroxides to Singapore, with a 67% share of total imports. Moreover, cobalt oxides and hydroxides imports from Finland exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), twofold.

From 2012 to 2021, the average annual growth rate of volume from Finland amounted to -3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-14.5% per year) and China (+27.7% per year).

In value terms, Malaysia ($X), Finland ($X) and China ($X) constituted the largest cobalt oxides and hydroxides suppliers to Singapore, together comprising 99% of total imports.

Among the main suppliers, China, with a CAGR of +40.4%, 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 a decline.

Import Prices by Country

The average cobalt oxides and hydroxides import price stood at $X per ton in 2021, with an increase of 9.8% against the previous year. Over the period under review, import price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +3.6% 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 +14.4% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 56% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Finland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+11.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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