United Kingdom: Market for Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides 2024

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

The UK cobalt oxides and hydroxides market skyrocketed to $X in 2021, jumping by 16% against the previous year. Overall, consumption continues to indicate a prominent expansion. Cobalt oxides and hydroxides consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

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

In value terms, cobalt oxides and hydroxides production totaled $X in 2021 estimated in export price. Overall, the total production indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +2.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -28.2% against 2018 indices. The growth pace was the most rapid in 2017 with an increase of 33% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Exports of Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides

Exports from the UK

In 2021, shipments abroad of cobalt oxides and hydroxides and commercial cobalt oxides increased by 15% to X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, exports, however, saw a perceptible decline. The most prominent rate of growth was recorded in 2013 with an increase of 27%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, cobalt oxides and hydroxides exports skyrocketed to $X in 2021. Overall, exports recorded a prominent expansion. The pace of growth appeared the most rapid in 2017 with an increase of 89% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for cobalt oxides and hydroxides exports from the UK, with a 70% share of total exports. Moreover, cobalt oxides and hydroxides exports to the United States exceeded the volume sent to the second major destination, France (X tons), fourfold. Saudi Arabia (X tons) ranked third in terms of total exports with a 6.6% share.

From 2012 to 2021, the average annual growth rate of volume to the United States amounted to +2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-8.2% per year) and Saudi Arabia (+75.1% per year).

In value terms, the United States ($X) remains the key foreign market for cobalt oxides and hydroxides and commercial cobalt oxides exports from the UK, comprising 76% of total exports. The second position in the ranking was taken by France ($X), with a 12% share of total exports. It was followed by Saudi Arabia, with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +12.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-4.2% per year) and Saudi Arabia (+76.2% per year).

Export Prices by Country

The average cobalt oxides and hydroxides export price stood at $X per ton in 2021, increasing by 59% against the previous year. In general, the export price recorded a resilient increase. The most prominent rate of growth was recorded in 2017 an increase of 78% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Spain ($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 the United States (+10.2%), 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 the UK

In 2021, supplies from abroad of cobalt oxides and hydroxides and commercial cobalt oxides was finally on the rise to reach X tons after three years of decline. Over the period under review, imports continue to indicate resilient growth. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, cobalt oxides and hydroxides imports surged to $X in 2021. Overall, imports showed a strong expansion. Imports peaked at $X in 2017; however, from 2018 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 the UK, accounting for a 73% share of total imports. Moreover, cobalt oxides and hydroxides imports from Finland exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Finland totaled +13.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+113.2% per year) and Spain (-50.0% per year).

In value terms, Finland ($X) constituted the largest supplier of cobalt oxides and hydroxides and commercial cobalt oxides to the UK, comprising 76% of total imports. The second position in the ranking was taken by Italy ($X), with a 19% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Finland amounted to +14.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+107.3% per year) and Spain (-21.4% per year).

Import Prices by Country

The average cobalt oxides and hydroxides import price stood at $X per ton in 2021, picking up by 33% against the previous year. Over the period under review, import price indicated perceptible growth from 2012 to 2021: its price increased at an average annual rate of +3.8% 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 oxides and hydroxides import price decreased by -14.7% against 2019 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by 57%. The import price peaked at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Spain ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+57.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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