Middle East: Cobalt Market 2024

Cobalt Market Size in the Middle East

In 2023, after two years of growth, there was significant decline in the Middle Eastern cobalt market, when its value decreased by X% to $X. Overall, consumption, however, recorded a significant expansion. As a result, consumption attained the peak level of $X, and then fell rapidly in the following year.

Cobalt Production in the Middle East

In value terms, cobalt production shrank to $X in 2023 estimated in export price. Over the period under review, production, however, saw significant growth. The most prominent rate of growth was recorded in 2020 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2023, production growth failed to regain momentum.

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Cobalt Exports

Exports in the Middle East

After two years of decline, overseas shipments of cobalt increased by X% to X tons in 2023. In general, exports saw a significant increase. The growth pace was the most rapid in 2020 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2023, the growth of the exports remained at a lower figure.

In value terms, cobalt exports surged to $X in 2023. Over the period under review, exports posted significant growth. The pace of growth appeared the most rapid in 2020 with an increase of X%. The level of export peaked at $X in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

Exports by Country

Turkey dominates exports structure, resulting at X tons, which was approx. X% of total exports in 2023. The United Arab Emirates (X tons) followed a long way behind the leaders.

Turkey was also the fastest-growing in terms of the cobalt exports, with a CAGR of X% from 2012 to 2023. At the same time, the United Arab Emirates (X%) displayed positive paces of growth. From 2012 to 2023, the share of Turkey increased by X percentage points.

In value terms, Turkey ($X) remains the largest cobalt supplier in the Middle East, comprising X% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of value in Turkey stood at X%.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2023, picking up by X% against the previous year. Overall, the export price enjoyed a remarkable increase. The pace of growth was the most pronounced in 2022 an increase of X%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2023, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the United Arab Emirates totaled $X per ton.

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

Cobalt Imports

Imports in the Middle East

In 2023, overseas purchases of cobalt decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. Overall, imports, however, saw a prominent increase. The pace of growth was the most pronounced in 2021 when imports increased by X%. Over the period under review, imports reached the maximum at X tons in 2022, and then reduced dramatically in the following year.

In value terms, cobalt imports dropped rapidly to $X in 2023. Over the period under review, imports, however, showed a buoyant expansion. The growth pace was the most rapid in 2022 with an increase of X% against the previous year. As a result, imports attained the peak of $X, and then contracted notably in the following year.

Imports by Country

Turkey represented the largest importing country with an import of about X tons, which amounted to X% of total imports. Iran (X tons) ranks second in terms of the total imports with a X% share, followed by Israel (X%). The United Arab Emirates (X tons) took a minor share of total imports.

Imports into Turkey increased at an average annual rate of X% from 2012 to 2023. At the same time, Iran (X%) and the United Arab Emirates (X%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing importer imported in the Middle East, with a CAGR of X% from 2012-2023. By contrast, Israel (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Turkey and Iran increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported cobalt in the Middle East, comprising X% of total imports. The second position in the ranking was held by Israel ($X), with a X% share of total imports. It was followed by Iran, with a X% share.

In Turkey, cobalt imports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Israel (X% per year) and Iran (X% per year).

Import Prices by Country

In 2023, the import price in the Middle East amounted to $X per ton, falling by X% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2022 an increase of X% against the previous year. The level of import peaked at $X per ton in 2018; however, from 2019 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 ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Israel (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform