MENA - Cobalt - Market Analysis, Forecast, Size, Trends and Insights
MENA: Cobalt Market 2022
Cobalt Market Size in MENA
In 2021, the MENA's cobalt market decreased by -28.5% to $X, falling for the third year in a row after two years of growth. In general, consumption showed a abrupt contraction. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.
Cobalt Production in MENA
In value terms, cobalt production contracted significantly to $X in 2021 estimated in export price. Overall, production, however, showed a strong expansion. The pace of growth was the most pronounced in 2020 when the production volume increased by 136%. As a result, production attained the peak level of $X, and then plummeted in the following year.
Exports in MENA
In 2021, shipments abroad of cobalt decreased by -14.4% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, exports, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 220%. As a result, the exports attained the peak of X tons, and then reduced in the following year.
In value terms, cobalt exports surged to $X in 2021. Overall, exports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2017 when exports increased by 75%. The level of export peaked in 2021 and is likely to see gradual growth in the near future.
Exports by Country
In 2021, Turkey (X tons) was the main exporter of cobalt, comprising 74% of total exports. It was distantly followed by Morocco (X tons), generating a 23% share of total exports.
Turkey was also the fastest-growing in terms of the cobalt exports, with a CAGR of +125.7% from 2012 to 2021. At the same time, Morocco (+3.7%) displayed positive paces of growth. While the share of Turkey (+74 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Morocco (-70.5 p.p.) displayed negative dynamics.
In value terms, the largest cobalt supplying countries in MENA were Turkey ($X) and Morocco ($X).
Turkey, with a CAGR of +134.2%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review.
Export Prices by Country
In 2021, the export price in MENA amounted to $X per ton, jumping by 69% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The level of export peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.
There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Morocco ($X per ton), while Turkey totaled $X per ton.
From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Morocco (+6.0%).
Imports in MENA
In 2021, purchases abroad of cobalt was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports posted prominent growth. The most prominent rate of growth was recorded in 2013 when imports increased by 250% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.
In value terms, cobalt imports soared to $X in 2021. Overall, imports recorded a tangible increase. The most prominent rate of growth was recorded in 2014 when imports increased by 135% against the previous year. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.
Imports by Country
Turkey prevails in imports structure, reaching X tons, which was approx. 72% of total imports in 2021. The United Arab Emirates (X tons) ranks second in terms of the total imports with an 8.9% share, followed by Tunisia (8.4%) and Israel (5.4%). Saudi Arabia (X tons) followed a long way behind the leaders.
Imports into Turkey increased at an average annual rate of +20.7% from 2012 to 2021. At the same time, Israel (+48.3%), Tunisia (+27.2%) and Saudi Arabia (+14.9%) displayed positive paces of growth. Moreover, Israel emerged as the fastest-growing importer imported in MENA, with a CAGR of +48.3% from 2012-2021. By contrast, the United Arab Emirates (-7.4%) illustrated a downward trend over the same period. Turkey (+36 p.p.), Tunisia (+5.8 p.p.) and Israel (+4.9 p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates saw its share reduced by -39.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, Turkey ($X) constitutes the largest market for imported cobalt in MENA, comprising 54% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 16% share of total imports. It was followed by Israel, with an 11% share.
From 2012 to 2021, the average annual growth rate of value in Turkey totaled +9.4%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+0.9% per year) and Israel (-7.7% per year).
Import Prices by Country
In 2021, the import price in MENA amounted to $X per ton, falling by -33.8% against the previous year. Overall, the import price continues to indicate a abrupt curtailment. The pace of growth appeared the most rapid in 2017 an increase of 71% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.
Prices varied noticeably country of destination: the country with the highest price was Saudi Arabia ($X per ton), while Turkey ($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 United Arab Emirates (+9.0%), while the other leaders experienced mixed trends in the import price figures.
Source: IndexBox Platform
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This report provides an in-depth analysis of the cobalt market in MENA. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Making Data-Driven Decisions to Grow Your Business
A Quick Overview of Market Performance
Understanding the Current State of The Market and Its Prospects
Finding New Products to Diversify Your Business
Choosing the Best Countries to Establish Your Sustainable Supply Chain
Choosing the Best Countries to Boost Your Exports
The Latest Trends and Insights into The Industry
The Largest Importers on The Market and How They Succeed
The Largest Exporters on The Market and How They Succeed
The Largest Producers on The Market and Their Profiles
The Largest Markets And Their Profiles
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