We use cookies to improve your experience and for marketing. Read our cookie policy or manage cookies.

Accept essential cookies
Accept all cookies
Report World - Cobalt - Market Analysis, Forecast, Size, Trends and Insights for 499$
Report Update May 1, 2024

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

Single report
Sent by email within 24h (Mon-Fri)
What's the difference?
Subscription
Online access and download
from $350/month

Get instant access to more than 2 million reports, dashboards, and datasets on the IndexBox Platform.

View Pricing

Global Cobalt Market 2022

Cobalt Market Size

The global cobalt market surged to $X in 2021, rising by 22% against the previous year. Over the period under review, consumption, however, saw resilient growth. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the global market remained at a somewhat lower figure.

Cobalt Production

In value terms, cobalt production expanded notably to $X in 2021 estimated in export price. Overall, production, however, recorded a prominent increase. The pace of growth appeared the most rapid in 2017 with an increase of 76% against the previous year. Over the period under review, global production attained the maximum level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Cobalt Exports

Exports

In 2021, overseas shipments of cobalt increased by 4.2% to X tons, rising for the second year in a row after two years of decline. Overall, exports, however, recorded a abrupt shrinkage. The growth pace was the most rapid in 2020 when exports increased by 25%. Over the period under review, the global exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, cobalt exports skyrocketed to $X in 2021. In general, total exports indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 73%. Over the period under review, the global exports reached the peak figure at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Democratic Republic of the Congo (X tons), distantly followed by Canada (X tons), the United States (X tons), Belgium (X tons), Turkey (X tons), the Netherlands (X tons) and Norway (X tons) represented the key exporters of cobalt, together achieving 64% of total exports. Russia (X tons), Japan (X tons), the UK (X tons), Australia (X tons), China (X tons) and Mozambique (X tons) held a little share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Mozambique (with a CAGR of +923.4%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest cobalt supplying countries worldwide were Canada ($X), the United States ($X) and the Netherlands ($X), together accounting for 37% of global exports. These countries were followed by Norway, Belgium, Democratic Republic of the Congo, the UK, Japan, Australia, China, Turkey, Russia and Mozambique, which together accounted for a further 43%.

Mozambique, with a CAGR of +322.2%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

The average cobalt export price stood at $X per ton in 2021, with an increase of 26% against the previous year. In general, the export price saw resilient growth. The pace of growth appeared the most rapid in 2015 when the average export price increased by 78% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Australia ($X per ton), while Democratic Republic of the Congo ($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 Netherlands (+12.3%), while the other global leaders experienced more modest paces of growth.

Cobalt Imports

Imports

In 2021, approx. X tons of cobalt were imported worldwide; picking up by 3.7% compared with 2020. Over the period under review, imports continue to indicate prominent growth. The growth pace was the most rapid in 2018 when imports increased by 88%. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of global imports failed to regain momentum.

In value terms, cobalt imports skyrocketed to $X in 2021. Overall, imports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2017 when imports increased by 98% against the previous year. Global imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

China prevails in imports structure, resulting at X tons, which was approx. 80% of total imports in 2021. The following importers - the United States (X tons), Belgium (X tons), Japan (X tons) and Norway (X tons) - each recorded an 8.8% share of total imports.

Imports into China increased at an average annual rate of +16.1% from 2012 to 2021. At the same time, Belgium (+49.3%) and Norway (+16.3%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing importer imported in the world, with a CAGR of +49.3% from 2012-2021. By contrast, the United States (-1.4%) and Japan (-1.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China and Belgium increased by +26 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported cobalt worldwide, comprising 64% of global imports. The second position in the ranking was held by Japan ($X), with a 5.8% share of global imports. It was followed by the United States, with a 5.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China stood at +27.8%. The remaining importing countries recorded the following average annual rates of imports growth: Japan (+2.5% per year) and the United States (+2.0% per year).

Import Prices by Country

In 2021, the average cobalt import price amounted to $X per ton, rising by 59% against the previous year. Over the period under review, import price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +2.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cobalt import price increased by +59.2% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Japan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+10.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

China remains the largest cobalt consuming country worldwide, accounting for 63% of total volume. Moreover, cobalt consumption in China exceeded the figures recorded by the second-largest consumer, Democratic Republic of the Congo, fourfold.
Democratic Republic of the Congo constituted the country with the largest volume of cobalt production, accounting for 53% of total volume. Moreover, cobalt production in Democratic Republic of the Congo exceeded the figures recorded by the second-largest producer, Canada, more than tenfold. The third position in this ranking was held by Russia, with a 3.8% share.
In value terms, Canada, the United States and the Netherlands constituted the countries with the highest levels of exports in 2021, with a combined 37% share of global exports. These countries were followed by Norway, Belgium, Democratic Republic of the Congo, the UK, Japan, Australia, China, Turkey, Russia and Mozambique, which together accounted for a further 43%.
In value terms, China constitutes the largest market for imported cobalt worldwide, comprising 64% of global imports. The second position in the ranking was held by Japan, with a 5.8% share of global imports. It was followed by the United States, with a 5.4% share.
The average cobalt export price stood at $31,208 per ton in 2021, growing by 26% against the previous year.
In 2021, the average cobalt import price amounted to $18,877 per ton, surging by 59% against the previous year.

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:

    • USA
    • 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

    + 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:

    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. GLOBAL PRODUCTION

      The Latest Trends and Insights into The Industry

      1. PRODUCTION VOLUME AND VALUE
      2. PRODUCTION BY COUNTRY

    8. 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. 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. 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
      • 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

    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
    Free Data: Cobalt - World
    Table
    Cobalt - World - Table
    Dashboard
    Cobalt - World - Dashboard
    Report
    Cobalt - World - Report