U.S.: Cobalt Market 2022

Cobalt Market Size in the U.S.

In 2021, the U.S. cobalt market decreased by -13.4% to $X, falling for the third consecutive year after two years of growth. 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 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Cobalt Production in the U.S.

In value terms, cobalt production reached $X in 2021. Overall, production enjoyed a significant increase. The pace of growth appeared the most rapid in 2015 when the production volume increased by 509% against the previous year. Cobalt production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Cobalt Exports

Exports from the U.S.

In 2021, after two years of decline, there was significant growth in overseas shipments of cobalt, when their volume increased by 40% to X tons. Over the period under review, exports saw a relatively flat trend pattern. Over the period under review, the exports hit record highs at X tons in 2014; afterwards, it flattened through to 2021.

In value terms, cobalt exports surged to $X in 2021. In general, total exports indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when exports increased by 60% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Ireland (X tons) was the main destination for cobalt exports from the United States, with a 28% share of total exports. Moreover, cobalt exports to Ireland exceeded the volume sent to the second major destination, France (X tons), threefold. The third position in this ranking was held by Germany (X tons), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume to Ireland amounted to +4.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-8.5% per year) and Germany (+7.6% per year).

In value terms, the largest markets for cobalt exported from the United States were Ireland ($X), Germany ($X) and Canada ($X), with a combined 44% share of total exports. Japan, France, the UK, Brazil, China, Luxembourg, South Korea, India, Tunisia and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 44%.

In terms of the main countries of destination, Brazil, with a CAGR of +39.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average cobalt export price amounted to $X per ton, increasing by 4.9% against the previous year. Over the period under review, export price indicated a pronounced expansion from 2012 to 2021: its price increased at an average annual rate of +2.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cobalt export price decreased by -8.8% against 2018 indices. The pace of growth appeared the most rapid in 2018 an increase of 44% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Japan ($X per ton), while the average price for exports to Tunisia ($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 Japan (+8.6%), while the prices for the other major destinations experienced more modest paces of growth.

Cobalt Imports

Imports into the U.S.

In 2021, the amount of cobalt imported into the United States reduced to X tons, falling by -11.2% on the previous year's figure. Over the period under review, imports continue to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2019 when imports increased by 18% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2021, the growth of imports remained at a lower figure.

In value terms, cobalt imports rose remarkably to $X in 2021. Overall, imports, however, enjoyed a mild increase. The pace of growth was the most pronounced in 2017 when imports increased by 63% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Norway (X tons) constituted the largest cobalt supplier to the United States, accounting for a 42% share of total imports. Moreover, cobalt imports from Norway exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. The third position in this ranking was taken by Canada (X tons), with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from Norway amounted to +12.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+5.4% per year) and Canada (-1.5% per year).

In value terms, Norway ($X) constituted the largest supplier of cobalt to the United States, comprising 44% of total imports. The second position in the ranking was taken by Japan ($X), with a 13% share of total imports. It was followed by Canada, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from Norway totaled +17.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+8.7% per year) and Canada (+1.9% per year).

Import Prices by Country

In 2021, the average cobalt import price amounted to $X per ton, surging by 28% against the previous year. Overall, the import price enjoyed a moderate expansion. The growth pace was the most rapid in 2017 an increase of 64%. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was the UK ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+7.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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