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Report Western Africa - Cobalt - Market Analysis, Forecast, Size, Trends and Insights for 499$
Report Update Apr 1, 2024

Western Africa - Cobalt - Market Analysis, Forecast, Size, Trends and Insights

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Western Africa: Cobalt Market 2022

Cobalt Market Size in Western Africa

The West African cobalt market reduced dramatically to $X in 2021, waning by -53.1% against the previous year. Overall, consumption continues to indicate a pronounced descent. As a result, consumption attained the peak level of $X, and then fell sharply in the following year.

Cobalt Production in Western Africa

In value terms, cobalt production fell significantly to $X in 2021 estimated in export price. In general, production faced a abrupt shrinkage. The growth pace was the most rapid in 2020 when the production volume increased by 7,074%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Cobalt Exports

Exports in Western Africa

In 2020, exports of cobalt in Western Africa skyrocketed to X kg, rising by 106% compared with the year before. Overall, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2018 when exports increased by 1,591%. Over the period under review, the exports attained the maximum in 2020 and are expected to retain growth in the near future.

In value terms, cobalt exports soared to $X in 2020. Over the period under review, exports recorded a significant increase. The pace of growth was the most pronounced in 2018 when exports increased by 2,740% against the previous year. Over the period under review, the exports attained the peak figure in 2020 and are likely to see gradual growth in years to come.

Exports by Country

The biggest shipments were from Nigeria (X kg), together amounting to 100% of total export.

Nigeria was also the fastest-growing in terms of the cobalt exports, with a CAGR of +39.2% from 2013 to 2020. Nigeria (+99 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest cobalt supplier in Western Africa.

From 2013 to 2020, the average annual growth rate of value in Nigeria amounted to +14.9%.

Export Prices by Country

In 2020, the export price in Western Africa amounted to $X per ton, reducing by -40% against the previous year. Over the period under review, the export price recorded a deep downturn. The pace of growth was the most pronounced in 2018 an increase of 68%. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2020, the export prices remained at a lower figure.

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

From 2013 to 2020, the rate of growth in terms of prices for Nigeria amounted to -17.5% per year.

Cobalt Imports

Imports in Western Africa

In 2021, supplies from abroad of cobalt was finally on the rise to reach X tons after two years of decline. Over the period under review, imports showed tangible growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, cobalt imports skyrocketed to $X in 2021. In general, imports enjoyed a significant expansion. The pace of growth was the most pronounced in 2020 when imports increased by 161% against the previous year. The level of import peaked in 2021 and is likely to continue growth in the immediate term.

Imports by Country

In 2021, Nigeria (X tons) represented the major importer of cobalt, making up 62% of total imports. Ghana (X tons) took the second position in the ranking, followed by Cote d'Ivoire (X kg). All these countries together took near 32% share of total imports. Togo (X kg) took a relatively small share of total imports.

Nigeria was also the fastest-growing in terms of the cobalt imports, with a CAGR of +37.8% from 2012 to 2021. At the same time, Togo (+21.1%) displayed positive paces of growth. By contrast, Ghana (-3.3%) and Cote d'Ivoire (-13.7%) illustrated a downward trend over the same period. Nigeria (+62 p.p.) and Togo (+3 p.p.) significantly strengthened its position in terms of the total imports, while Ghana and Cote d'Ivoire saw its share reduced by -13.5% and -48.2% from 2012 to 2021, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported cobalt in Western Africa, comprising 84% of total imports. The second position in the ranking was held by Ghana ($X), with an 8.4% share of total imports. It was followed by Cote d'Ivoire, with a 1.4% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria amounted to +27.8%. In the other countries, the average annual rates were as follows: Ghana (+14.2% per year) and Cote d'Ivoire (-16.2% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, declining by -31.3% against the previous year. Overall, the import price, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2020 an increase of 406% against the previous year. As a result, import price attained the peak level of $X per ton, and then reduced dramatically in the following year.

Prices varied noticeably country of destination: the country with the highest price was Nigeria ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+18.1%), while the other leaders experienced a decline in the import price figures.

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Frequently Asked Questions (FAQ) :

Nigeria constituted the country with the largest volume of cobalt consumption, comprising approx. 83% of total volume. Moreover, cobalt consumption in Nigeria exceeded the figures recorded by the second-largest consumer, Ghana, more than tenfold. The third position in this ranking was held by Cote d'Ivoire, with a 4.8% share.
Nigeria remains the largest cobalt producing country in Western Africa, accounting for 96% of total volume. Moreover, cobalt production in Nigeria exceeded the figures recorded by the second-largest producer, Mali, more than tenfold.
In value terms, Nigeria remains the largest cobalt supplier in Western Africa.
In value terms, Nigeria constitutes the largest market for imported cobalt in Western Africa, comprising 84% of total imports. The second position in the ranking was held by Ghana, with an 8.4% share of total imports. It was followed by Cote d'Ivoire, with a 1.4% share.
The export price in Western Africa stood at $17,298 per ton in 2020, declining by -40% against the previous year.
The import price in Western Africa stood at $283,896 per ton in 2021, shrinking by -31.3% against the previous year.

This report provides an in-depth analysis of the cobalt market in Western Africa. 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.

Product coverage:

    Country coverage:

    • Benin
    • Burkina Faso
    • Cabo Verde
    • Cote d'Ivoire
    • Gambia
    • Ghana
    • Guinea
    • Guinea-Bissau
    • Liberia
    • Mali
    • Mauritania
    • Niger
    • Nigeria
    • Saint Helena, Ascension and Tristan da Cunha
    • Senegal
    • Sierra Leone
    • Togo

    Data coverage:

    • Market volume and value
    • Per Capita consumption
    • Forecast of the market dynamics in the medium term
    • Production in Western Africa, split by region and country
    • Trade (exports and imports) in Western Africa
    • Export and import prices
    • Market trends, drivers and restraints
    • Key market players and their profiles

    Reasons to buy this report:

    • Take advantage of the latest data
    • Find deeper insights into current market developments
    • Discover vital success factors affecting the market

    This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

    In this report, you can find information that helps you to make informed decisions on the following issues:

    1. How to diversify your business and benefit from new market opportunities
    2. How to load your idle production capacity
    3. How to boost your sales on overseas markets
    4. How to increase your profit margins
    5. How to make your supply chain more sustainable
    6. How to reduce your production and supply chain costs
    7. How to outsource production to other countries
    8. How to prepare your business for global expansion

    While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

    1. 1. INTRODUCTION

      Making Data-Driven Decisions to Grow Your Business

      1. REPORT DESCRIPTION
      2. RESEARCH METHODOLOGY AND AI PLATFORM
      3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
      4. GLOSSARY AND SPECIFIC TERMS

    2. 2. EXECUTIVE SUMMARY

      A Quick Overview of Market Performance

      1. KEY FINDINGS
      2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

    3. 3. MARKET OVERVIEW

      Understanding the Current State of The Market and Its Prospects

      1. MARKET SIZE
      2. CONSUMPTION BY COUNTRY
      3. MARKET FORECAST TO 2030

    4. 4. MOST PROMISING PRODUCT

      Finding New Products to Diversify Your Business

      This Chapter is Available Only for the Professional Edition PRO
      1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
      2. BEST-SELLING PRODUCTS
      3. MOST CONSUMED PRODUCT
      4. MOST TRADED PRODUCT
      5. MOST PROFITABLE PRODUCT FOR EXPORT

    5. 5. MOST PROMISING SUPPLYING COUNTRIES

      Choosing the Best Countries to Establish Your Sustainable Supply Chain

      This Chapter is Available Only for the Professional Edition PRO
      1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
      2. TOP PRODUCING COUNTRIES
      3. TOP EXPORTING COUNTRIES
      4. LOW-COST EXPORTING COUNTRIES

    6. 6. MOST PROMISING OVERSEAS MARKETS

      Choosing the Best Countries to Boost Your Exports

      This Chapter is Available Only for the Professional Edition PRO
      1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
      2. TOP CONSUMING MARKETS
      3. UNSATURATED MARKETS
      4. TOP IMPORTING MARKETS
      5. MOST PROFITABLE MARKETS

    7. 7. PRODUCTION

      The Latest Trends and Insights into The Industry

      1. PRODUCTION VOLUME AND VALUE
      2. PRODUCTION BY COUNTRY

    8. 8. IMPORTS

      The Largest Importers on The Market and How They Succeed

      1. IMPORTS FROM 2012–2023
      2. IMPORTS BY COUNTRY
      3. IMPORT PRICES BY COUNTRY

    9. 9. EXPORTS

      The Largest Exporters on The Market and How They Succeed

      1. EXPORTS FROM 2012–2023
      2. EXPORTS BY COUNTRY
      3. EXPORT PRICES BY COUNTRY

    10. 10. PROFILES OF MAJOR PRODUCERS

      The Largest Producers on The Market and Their Profiles

      This Chapter is Available Only for the Professional Edition PRO

    11. 11. COUNTRY PROFILES

      The Largest Markets And Their Profiles

      This Chapter is Available Only for the Professional Edition PRO
      • Benin
      • Burkina Faso
      • Cabo Verde
      • Gambia
      • Ghana
      • Guinea
      • Guinea-Bissau
      • Liberia
      • Mali
      • Mauritania
      • Niger
      • Nigeria
      • Saint Helena, Ascension and Tristan da Cunha
      • Senegal
      • Sierra Leone
      • Togo
      • Cote d'Ivoire

    12. LIST OF TABLES

      1. Key Findings In 2023
      2. Market Volume, In Physical Terms, 2012–2023
      3. Market Value, 2012–2023
      4. Per Capita Consumption, By Country, 2018–2023
      5. Production, In Physical Terms, By Country, 2012–2023
      6. Imports, In Physical Terms, By Country, 2012–2023
      7. Imports, In Value Terms, By Country, 2012–2023
      8. Import Prices, By Country Of Destination, 2012–2023
      9. Exports, In Physical Terms, By Country, 2012–2023
      10. Exports, In Value Terms, By Country, 2012–2023
      11. Export Prices, By Country Of Origin, 2012–2023

    13. LIST OF FIGURES

      1. Market Volume, In Physical Terms, 2012–2023
      2. Market Value, 2012–2023
      3. Consumption, By Country, 2023
      4. Market Volume Forecast to 2030
      5. Market Value Forecast to 2030
      6. Products: Market Size And Growth, By Type
      7. Products: Average Per Capita Consumption, By Type
      8. Products: Exports And Growth, By Type
      9. Products: Export Prices And Growth, By Type
      10. Production Volume And Growth
      11. Exports And Growth
      12. Export Prices And Growth
      13. Market Size And Growth
      14. Per Capita Consumption
      15. Imports And Growth
      16. Import Prices
      17. Production, In Physical Terms, 2012–2023
      18. Production, In Value Terms, 2012–2023
      19. Production, By Country, 2023
      20. Production, In Physical Terms, By Country, 2012–2023
      21. Imports, In Physical Terms, 2012–2023
      22. Imports, In Value Terms, 2012–2023
      23. Imports, In Physical Terms, By Country, 2023
      24. Imports, In Physical Terms, By Country, 2012–2023
      25. Imports, In Value Terms, By Country, 2012–2023
      26. Import Prices, By Country, 2012–2023
      27. Exports, In Physical Terms, 2012–2023
      28. Exports, In Value Terms, 2012–2023
      29. Exports, In Physical Terms, By Country, 2023
      30. Exports, In Physical Terms, By Country, 2012–2023
      31. Exports, In Value Terms, By Country, 2012–2023
      32. Export Prices, 2012–2023

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