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

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

The Turkish cobalt oxides and hydroxides market fell significantly to $X in 2021, with a decrease of -58.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption recorded a abrupt decline. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Exports of Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides

Exports from Turkey

In 2021, approx. X tons of cobalt oxides and hydroxides and commercial cobalt oxides were exported from Turkey; picking up by 390% against the previous year. Overall, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 460% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to see gradual growth in the immediate term.

In value terms, cobalt oxides and hydroxides exports soared to $X in 2021. Over the period under review, exports saw a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Spain (X tons) was the main destination for cobalt oxides and hydroxides exports from Turkey, accounting for a 77% share of total exports. Moreover, cobalt oxides and hydroxides exports to Spain exceeded the volume sent to the second major destination, Iraq (X tons), more than tenfold. Georgia (X tons) ranked third in terms of total exports with a 6.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Spain was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (+46.7% per year) and Georgia (+11.4% per year).

In value terms, Spain ($X) emerged as the key foreign market for cobalt oxides and hydroxides and commercial cobalt oxides exports from Turkey, comprising 91% of total exports. The second position in the ranking was held by Georgia ($X), with a 4.8% share of total exports. It was followed by Iraq, with a 1.6% share.

From 2012 to 2021, the average annual growth rate of value to Spain was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Georgia (+20.4% per year) and Iraq (+45.1% per year).

Export Prices by Country

The average cobalt oxides and hydroxides export price stood at $X per ton in 2021, growing by 61% against the previous year. In general, the export price posted a prominent increase. The pace of growth was the most pronounced in 2019 when the average export price increased by 111%. The export price peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to Qatar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Egypt (+14.5%), 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 Turkey

Cobalt oxides and hydroxides imports into Turkey reduced dramatically to X tons in 2021, waning by -62.5% against 2020 figures. In general, imports saw a abrupt decline. The most prominent rate of growth was recorded in 2014 when imports increased by 41% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, cobalt oxides and hydroxides imports contracted remarkably to $X in 2021. Over the period under review, imports recorded a mild shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 102%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

Belgium (X tons), Finland (X tons) and Brazil (X tons) were the main suppliers of cobalt oxides and hydroxides imports to Turkey, with a combined 99% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of +22.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest cobalt oxides and hydroxides suppliers to Turkey were Belgium ($X), Finland ($X) and Brazil ($X), with a combined 99% share of total imports.

Belgium, with a CAGR of +30.2%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average cobalt oxides and hydroxides import price amounted to $X per ton, surging by 49% against the previous year. Over the period under review, the import price posted a strong expansion. The most prominent rate of growth was recorded in 2017 an increase of 69%. Over the period under review, average import prices hit record highs in 2021 and is likely to see steady growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+13.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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