Report Update Apr 5, 2024

World - Cobalt - Market Analysis, Forecast, Size, Trends and Insights

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Global Cobalt Market 2024

Cobalt Market Size

In 2023, after three years of growth, there was significant decline in the global cobalt market, when its value decreased by X% to $X. Overall, the total consumption indicated modest growth from 2012 to 2023: its value 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. As a result, consumption attained the peak level of $X. From 2019 to 2023, the growth of the global market remained at a lower figure.

Cobalt Production

In value terms, cobalt production rose to $X in 2023 estimated in export price. In general, production enjoyed strong growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by X% against the previous year. Global production peaked at $X in 2018; however, from 2019 to 2023, production remained at a lower figure.

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Cobalt Exports

Exports

In 2023, after two years of growth, there was significant decline in overseas shipments of cobalt, when their volume decreased by X% to X tons. In general, exports, however, showed resilient growth. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. The global exports peaked at X tons in 2022, and then fell in the following year.

In value terms, cobalt exports dropped dramatically to $X in 2023. Overall, exports, however, continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. The global exports peaked at $X in 2022, and then shrank rapidly in the following year.

Exports by Country

Democratic Republic of the Congo prevails in exports structure, accounting for X tons, which was near X% of total exports in 2023. The following exporters - Malaysia (X tons), Canada (X tons) and Belgium (X tons) - each resulted at a X% share of total exports.

From 2012 to 2023, average annual rates of growth with regard to cobalt exports from Democratic Republic of the Congo stood at X%. At the same time, Malaysia (X%) and Belgium (X%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in the world, with a CAGR of X% from 2012-2023. By contrast, Canada (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Democratic Republic of the Congo and Malaysia increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Democratic Republic of the Congo ($X) remains the largest cobalt supplier worldwide, comprising X% of global exports. The second position in the ranking was taken by Canada ($X), with a X% share of global exports. It was followed by Belgium, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Democratic Republic of the Congo totaled X%. The remaining exporting countries recorded the following average annual rates of exports growth: Canada (X% per year) and Belgium (X% per year).

Export Prices by Country

In 2023, the average cobalt export price amounted to $X per ton, waning by X% against the previous year. Over the period under review, the export price, however, saw a measured expansion. The most prominent rate of growth was recorded in 2018 an increase of X%. The global export price peaked at $X per ton in 2022, and then declined in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Canada ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Democratic Republic of the Congo (X%), while the other global leaders experienced mixed trends in the export price figures.

Cobalt Imports

Imports

In 2023, the amount of cobalt imported worldwide rose sharply to X tons, increasing by X% on the year before. In general, imports showed a remarkable increase. The pace of growth appeared the most rapid in 2018 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2023, the growth of global imports remained at a somewhat lower figure.

In value terms, cobalt imports dropped dramatically to $X in 2023. Overall, imports showed a strong increase. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Global imports peaked at $X in 2022, and then reduced markedly in the following year.

Imports by Country

China prevails in imports structure, finishing at X tons, which was approx. X% of total imports in 2023. The following importers - Belgium (X tons) and the United States (X tons) - each accounted for a X% share of total imports.

China was also the fastest-growing in terms of the cobalt imports, with a CAGR of X% from 2012 to 2023. The United States (X%) and Belgium (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of China and Belgium increased by X and X percentage points, respectively.

In value terms, China ($X) constitutes the largest market for imported cobalt worldwide, comprising X% of global imports. The second position in the ranking was taken by the United States ($X), with a X% share of global imports.

From 2012 to 2023, the average annual growth rate of value in China stood at X%. In the other countries, the average annual rates were as follows: the United States (X% per year) and Belgium (X% per year).

Import Prices by Country

The average cobalt import price stood at $X per ton in 2023, with a decrease of X% against the previous year. In general, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure at $X per ton in 2022, and then reduced markedly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United States (X%), while the other global leaders experienced mixed trends in the import price figures.

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This report provides an in-depth analysis of the global cobalt market. 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:

Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:

+ the largest producing countries

Data coverage:

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

Company coverage:

Glencore Plc, Vale S.A., Gécamines S.A., Lundin Mining Corp., Sibanye-Stillwater, Jervois Mining Ltd., Umicore N.V./S.A., Plansee Group, PJSC MMC Norilsk Nickel (Nornickel), Sherritt International Corp., BHP Billiton Plc, First Quantum Minerals Ltd., Jinchuan Group Co. Ltd., Shenzhen GEM HighTech Co. Ltd., Huayou Cobalt Co., CMOC Group Limited, Groupe Forrest International and Gécamines, Shalina Resources Ltd., Metorex Group, Fleurette Group

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:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
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. 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. 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. 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. 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. 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. 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. GLOBAL PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
2. PRODUCTION BY COUNTRY
8. GLOBAL 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. GLOBAL 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. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
11. COUNTRY PROFILES

The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO
- United States
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
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
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