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

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

The Vietnamese cobalt oxides and hydroxides market soared to $X in 2021, picking up by 23% 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). Overall, consumption, however, recorded prominent growth. Cobalt oxides and hydroxides consumption peaked in 2021 and is likely to continue growth in years to come.

Exports of Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides

Exports from Vietnam

Cobalt oxides and hydroxides exports from Vietnam skyrocketed to X tons in 2021, jumping by 77% against the year before. Over the period under review, exports posted a strong expansion. The growth pace was the most rapid in 2017 when exports increased by 2,872% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, cobalt oxides and hydroxides exports skyrocketed to $X in 2021. In general, exports continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2017 when exports increased by 3,521% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X kg) was the main destination for cobalt oxides and hydroxides exports from Vietnam, accounting for a 72% share of total exports. Moreover, cobalt oxides and hydroxides exports to China exceeded the volume sent to the second major destination, Japan (X kg), threefold.

From 2012 to 2021, the average annual growth rate of volume to China stood at +20.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+5.3% per year) and South Korea (+13.6% per year).

In value terms, China ($X), Japan ($X) and South Korea ($X) appeared to be the largest markets for cobalt oxides and hydroxides exported from Vietnam worldwide.

South Korea, with a CAGR of +32.2%, recorded the highest growth rate of the value of exports, among the main countries of destination 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 oxides and hydroxides export price amounted to $X per ton, surging by 25% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt downturn. The pace of growth was the most pronounced in 2016 an increase of 58% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

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 South Korea ($X per ton), while the average price for exports to China ($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 South Korea (+16.2%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides

Imports into Vietnam

In 2021, supplies from abroad of cobalt oxides and hydroxides and commercial cobalt oxides decreased by -10.7% to X tons, falling for the second year in a row after four years of growth. Over the period under review, imports, however, saw a prominent expansion. The pace of growth was the most pronounced in 2016 with an increase of 113% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, cobalt oxides and hydroxides imports skyrocketed to $X in 2021. In general, imports, however, continue to indicate significant growth. The pace of growth appeared the most rapid in 2016 with an increase of 91% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to continue growth in the near future.

Imports by Country

China (X tons), South Korea (X tons) and Finland (X tons) were the main suppliers of cobalt oxides and hydroxides imports to Vietnam, with a combined 72% share of total imports.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +72.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), South Korea ($X) and Finland ($X) appeared to be the largest cobalt oxides and hydroxides suppliers to Vietnam, with a combined 72% share of total imports.

South Korea, with a CAGR of +81.6%, saw 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

The average cobalt oxides and hydroxides import price stood at $X per ton in 2021, jumping by 65% against the previous year. In general, import price indicated perceptible growth from 2012 to 2021: its price increased at an average annual rate of +4.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for South Africa ($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 (+10.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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