GCC: Cobalt Market 2024

Cobalt Market Size in GCC

In 2023, the GCC cobalt market increased by X% to $X for the first time since 2020, thus ending a two-year declining trend. Overall, consumption, however, showed temperate growth. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2023, consumption stood at a somewhat lower figure.

Cobalt Production in GCC

In value terms, cobalt production reached $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2023, production remained at a lower figure.

Cobalt Exports

Exports in GCC

For the fourth year in a row, GCC recorded decline in shipments abroad of cobalt, which decreased by X% to X tons in 2023. Overall, exports, however, saw significant growth. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2023, the exports remained at a lower figure.

In value terms, cobalt exports contracted notably to $X in 2023. Over the period under review, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2023, the exports failed to regain momentum.

Exports by Country

The shipments of the one major exporters of cobalt, namely the United Arab Emirates, represented more than two-thirds of total export.

The United Arab Emirates was also the fastest-growing in terms of the cobalt exports, with a CAGR of X% from 2012 to 2023. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest cobalt supplier in GCC.

From 2012 to 2023, the average annual rate of growth in terms of value in the United Arab Emirates amounted to X%.

Export Prices by Country

In 2023, the export price in GCC amounted to $X per ton, dropping by X% against the previous year. Export price indicated a noticeable increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, cobalt export price increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2016 when the export price increased by X%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2023, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2023, the rate of growth in terms of prices for the United Arab Emirates amounted to X% per year.

Cobalt Imports

Imports in GCC

In 2023, overseas purchases of cobalt decreased by X% to X tons, falling for the third consecutive year after four years of growth. Overall, imports, however, saw a remarkable increase. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2015; however, from 2016 to 2023, imports failed to regain momentum.

In value terms, cobalt imports expanded sharply to $X in 2023. In general, imports, however, posted a buoyant expansion. The growth pace was the most rapid in 2017 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at $X in 2015; however, from 2016 to 2023, imports remained at a lower figure.

Imports by Country

The United Arab Emirates was the key importer of cobalt in GCC, with the volume of imports accounting for X tons, which was approx. X% of total imports in 2023. It was distantly followed by Qatar (X tons), comprising a X% share of total imports.

From 2012 to 2023, average annual rates of growth with regard to cobalt imports into the United Arab Emirates stood at X%. At the same time, Qatar (X%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2023. While the share of Qatar (X p.p.) and the United Arab Emirates (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported cobalt in GCC, comprising X% of total imports. The second position in the ranking was taken by Qatar ($X), with an X% share of total imports.

From 2012 to 2023, the average annual rate of growth in terms of value in the United Arab Emirates amounted to X%.

Import Prices by Country

The import price in GCC stood at $X per ton in 2023, surging by X% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the import price increased by X% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2023, import prices remained at a lower figure.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%).

Source: IndexBox Platform