Asia-Pacific: Cobalt Market 2022

Cobalt Market Size in Asia-Pacific

The Asia-Pacific cobalt market skyrocketed to $X in 2021, jumping by 41% against the previous year. In general, consumption continues to indicate a remarkable increase. The level of consumption peaked in 2021 and is likely to see gradual growth in the immediate term.

Cobalt Production in Asia-Pacific

In value terms, cobalt production totaled $X in 2021 estimated in export price. Overall, production, however, recorded a strong increase. The most prominent rate of growth was recorded in 2017 with an increase of 100%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Cobalt Exports

Exports in Asia-Pacific

In 2021, approx. X tons of cobalt were exported in Asia-Pacific; falling by -7.7% on the previous year. In general, exports showed a noticeable reduction. The pace of growth appeared the most rapid in 2017 when exports increased by 66% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, cobalt exports surged to $X in 2021. Over the period under review, exports, however, enjoyed a modest increase. The most prominent rate of growth was recorded in 2017 with an increase of 147%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Japan (X tons), Australia (X tons) and China (X tons) was the main exporter of cobalt in Asia-Pacific, achieving 65% of total export. Singapore (X tons) ranks next in terms of the total exports with a 10% share, followed by South Korea (8%), India (7.1%) and Malaysia (5%).

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Singapore (with a CAGR of +46.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest cobalt supplying countries in Asia-Pacific were Japan ($X), Australia ($X) and China ($X), with a combined 81% share of total exports. These countries were followed by Singapore, South Korea, India and Malaysia, which together accounted for a further 14%.

In terms of the main exporting countries, Singapore, with a CAGR of +50.4%, saw the highest growth rate of 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 export price in Asia-Pacific amounted to $X per ton, jumping by 29% against the previous year. Export price indicated a tangible increase 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. The most prominent rate of growth was recorded in 2017 when the export price increased by 49%. Over the period under review, the export prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Australia ($X per ton), while Malaysia ($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 (+10.1%), while the other leaders experienced more modest paces of growth.

Cobalt Imports

Imports in Asia-Pacific

In 2021, cobalt imports in Asia-Pacific expanded modestly to X tons, rising by 2.9% against 2020. In general, imports showed a strong expansion. The pace of growth appeared the most rapid in 2018 when imports increased by 91% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, cobalt imports surged to $X in 2021. Over the period under review, imports continue to indicate a prominent expansion. The pace of growth appeared the most rapid in 2017 with an increase of 118%. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Imports by Country

China dominates imports structure, recording X tons, which was near 93% of total imports in 2021. The following importers - Japan (X tons) and Malaysia (X tons) - together made up 4.3% of total imports.

From 2012 to 2021, average annual rates of growth with regard to cobalt imports into China stood at +16.1%. At the same time, Malaysia (+22.1%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +22.1% from 2012-2021. By contrast, Japan (-1.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China increased by +12 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported cobalt in Asia-Pacific, comprising 84% of total imports. The second position in the ranking was held by Japan ($X), with a 7.7% share of total imports.

In China, cobalt imports increased at an average annual rate of +27.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Japan (+2.5% per year) and Malaysia (+9.9% per year).

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, rising by 80% against the previous year. Import price indicated a measured increase from 2012 to 2021: its price increased at an average annual rate of +4.5% 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 import price increased by +94.7% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Japan ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+10.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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