Overview of the Global Market for Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides

Market Size for Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides

The global cobalt oxides and hydroxides market soared to $X in 2021, picking up by 120% against the previous year. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the global market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Production of Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides

In value terms, cobalt oxides and hydroxides production reached $X in 2021 estimated in export price. In general, production continues to indicate a perceptible decline. The pace of growth was the most pronounced in 2014 when the production volume increased by 6.8% against the previous year. Over the period under review, global production hit record highs at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides

Exports

For the fourth consecutive year, the global market recorded decline in shipments abroad of cobalt oxides and hydroxides and commercial cobalt oxides, which decreased by -91.4% to X tons in 2021. Overall, exports, however, saw slight growth. The growth pace was the most rapid in 2015 when exports increased by 383% against the previous year. The global exports peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, cobalt oxides and hydroxides exports dropped dramatically to $X in 2021. In general, exports, however, saw measured growth. The pace of growth was the most pronounced in 2015 with an increase of 372% against the previous year. The global exports peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The shipments of the three major exporters of cobalt oxides and hydroxides and commercial cobalt oxides, namely China, Democratic Republic of the Congo and Belgium, represented more than two-thirds of total export. It was distantly followed by Taiwan (Chinese) (X tons), mixing up a 6.5% share of total exports. The UK (X tons) and the Netherlands (X tons) took a little share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by the Netherlands (with a CAGR of +28.9%), while the other global leaders experienced more modest paces of growth.

In value terms, China ($X), Belgium ($X) and Democratic Republic of the Congo ($X) appeared to be the countries with the highest levels of exports in 2021, together accounting for 79% of global exports. The UK, Taiwan (Chinese) and the Netherlands lagged somewhat behind, together comprising a further 15%.

The Netherlands, with a CAGR of +36.8%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

The average cobalt oxides and hydroxides export price stood at $X per ton in 2021, growing by 114% against the previous year. In general, export price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the UK ($X per ton), while Democratic Republic of the Congo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+8.5%), while the other global leaders experienced more modest paces of growth.

Imports of Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides

Imports

In 2021, after two years of decline, there was significant growth in overseas purchases of cobalt oxides and hydroxides and commercial cobalt oxides, when their volume increased by 5.8% to X tons. Over the period under review, imports recorded resilient growth. The pace of growth appeared the most rapid in 2018 with an increase of 56% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of global imports failed to regain momentum.

In value terms, cobalt oxides and hydroxides imports soared to $X in 2021. Overall, imports recorded a moderate increase. The most prominent rate of growth was recorded in 2017 with an increase of 96%. Global imports peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

The United Arab Emirates represented the largest importer of cobalt oxides and hydroxides and commercial cobalt oxides in the world, with the volume of imports resulting at X tons, which was approx. 46% of total imports in 2021. South Korea (X tons) took the second position in the ranking, followed by Tanzania (X tons), Zambia (X tons), Belgium (X tons) and Spain (X tons). All these countries together held approx. 38% share of total imports. The United States (X tons) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the cobalt oxides and hydroxides and commercial cobalt oxides imports, with a CAGR of +14.2% from 2012 to 2021. At the same time, Spain (+4.8%) and Zambia (+1.9%) displayed positive paces of growth. Tanzania and the United States experienced a relatively flat trend pattern. By contrast, South Korea (-4.0%) and Belgium (-11.1%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+24 p.p.), Tanzania (+10 p.p.) and Belgium (+4.7 p.p.) increased significantly in terms of the global imports from 2012-2021, the share of Zambia (-1.9 p.p.), the United States (-2.3 p.p.) and South Korea (-15.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X), the United Arab Emirates ($X) and Belgium ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 51% share of global imports.

Among the main importing countries, Belgium, with a CAGR of +29.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global 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, rising by 39% against the previous year. Overall, the import price, however, showed a mild decrease. Over the period under review, average import prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Belgium ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+46.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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