Middle East: Cobalt Market 2024

Cobalt Market Size in the Middle East

The Middle Eastern cobalt market contracted dramatically to $X in 2023, with a decrease of X% against the previous year. Overall, consumption, however, enjoyed significant growth. As a result, consumption attained the peak level of $X, and then contracted markedly in the following year.

Cobalt Production in the Middle East

In value terms, cobalt production dropped to $X in 2023 estimated in export price. Over the period under review, production, however, continues to indicate a significant increase. The most prominent rate of growth was recorded in 2015 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2022, and then shrank in the following year.

Cobalt Exports

Exports in the Middle East

In 2023, approx. X tons of cobalt were exported in the Middle East; picking up by X% compared with the year before. In general, exports recorded a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

In value terms, cobalt exports surged to $X in 2023. Over the period under review, exports enjoyed a significant increase. The most prominent rate of growth was recorded 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 near X% of total exports in 2023. It was distantly followed by the United Arab Emirates (X tons), constituting a X% share of total exports.

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. While the share of Turkey (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of the United Arab Emirates (X p.p.) displayed negative dynamics.

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.

In Turkey, cobalt exports increased at an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

In 2023, the export price in the Middle East amounted to $X per ton, growing by X% against the previous year. Over the period under review, the export price enjoyed a strong expansion. The growth pace was the most rapid in 2022 an increase of X% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2023, the export prices stood at a somewhat lower figure.

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 stood at $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, purchases abroad of cobalt decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. Overall, imports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The volume of import peaked at X tons in 2022, and then shrank rapidly in the following year.

In value terms, cobalt imports dropped remarkably to $X in 2023. In general, imports, however, showed a remarkable increase. The pace of growth appeared the most rapid in 2022 when imports increased by X%. As a result, imports attained the peak of $X, and then contracted notably in the following year.

Imports by Country

In 2023, Turkey (X tons) represented the largest importer of cobalt, making up X% of total imports. Israel (X tons) ranks second in terms of the total imports with a X% share, followed by Iran (X%). The United Arab Emirates (X tons) held a little share of total imports.

From 2012 to 2023, average annual rates of growth with regard to cobalt imports into Turkey stood at X%. 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 showed a slight shrinkage. The most prominent rate of growth was recorded in 2022 an increase of X%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2023, import prices failed to regain momentum.

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