ECOWAS - Cobalt - Market Analysis, Forecast, Size, Trends and Insights
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Cobalt Market Size in ECOWAS
The ECOWAS cobalt market shrank rapidly to $X in 2021, falling by -53.1% against the previous year. In general, consumption showed a perceptible downturn. As a result, consumption attained the peak level of $X, and then dropped rapidly in the following year.
Cobalt Production in ECOWAS
In value terms, cobalt production dropped dramatically to $X in 2021 estimated in export price. In general, production showed a abrupt setback. The most prominent rate of growth was recorded in 2020 with an increase of 7,074%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.
Cobalt Exports
Exports in ECOWAS
Cobalt exports skyrocketed to X kg in 2020, picking up by 106% against the previous year. Overall, exports posted a significant expansion. The pace of growth was the most pronounced in 2018 when exports increased by 1,591%. Over the period under review, the exports reached the peak figure in 2020 and are expected to retain growth in the immediate term.
In value terms, cobalt exports soared to $X in 2020. In general, exports showed a significant expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 2,740% against the previous year. Over the period under review, the exports hit record highs in 2020 and are likely to see gradual growth in years to come.
Exports by Country
The shipments of the one major exporters of cobalt, namely Nigeria, represented more than two-thirds of total export.
Nigeria was also the fastest-growing in terms of the cobalt exports, with a CAGR of +39.2% from 2013 to 2020. While the share of Nigeria (+99 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, Nigeria ($X) also remains the largest cobalt supplier in ECOWAS.
In Nigeria, cobalt exports increased at an average annual rate of +14.9% over the period from 2013-2020.
Export Prices by Country
In 2020, the export price in ECOWAS amounted to $X per ton, reducing by -40% against the previous year. Overall, the export price recorded a deep reduction. The most prominent rate of growth was recorded in 2018 an increase of 68% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2020, the export prices failed to regain momentum.
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 ECOWAS
After two years of decline, purchases abroad of cobalt increased by 257% to X tons in 2021. Overall, imports saw a perceptible increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.
In value terms, cobalt imports skyrocketed to $X in 2021. Over the period under review, imports saw a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 161%. The level of import peaked in 2021 and is likely to see gradual growth in the near future.
Imports by Country
Nigeria represented the largest importer of cobalt in ECOWAS, with the volume of imports accounting for X tons, which was approx. 62% of total imports in 2021. It was distantly followed by Ghana (X tons) and Cote d'Ivoire (X tons), together constituting a 32% share of total imports. Togo (X kg) followed a long way behind the leaders.
Nigeria was also the fastest-growing in terms of the cobalt imports, with a CAGR of +37.8% from 2012 to 2021. At the same time, Togo (+21.1%) displayed positive paces of growth. By contrast, Ghana (-3.3%) and Cote d'Ivoire (-13.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Nigeria and Togo increased by +62 and +3 percentage points, respectively.
In value terms, Nigeria ($X) constitutes the largest market for imported cobalt in ECOWAS, 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.
In Nigeria, cobalt imports expanded at an average annual rate of +27.8% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+14.2% per year) and Cote d'Ivoire (-16.2% per year).
Import Prices by Country
The import price in ECOWAS stood at $X per ton in 2021, waning by -31.3% against the previous year. Over the period under review, the import price, however, posted a significant expansion. The pace of growth was the most pronounced in 2020 when the import price increased by 406% against the previous year. As a result, import price reached the peak level of $X per ton, and then shrank dramatically in the following year.
There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Nigeria ($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.
Source: IndexBox Platform
This report provides an in-depth analysis of the cobalt market in ECOWAS. 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
- Niger
- Nigeria
- Senegal
- Sierra Leone
- Togo
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Production in ECOWAS, split by region and country
- Trade (exports and imports) in ECOWAS
- 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:
- 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.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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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- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
8. IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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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- Benin
- Burkina Faso
- Cabo Verde
- Gambia
- Ghana
- Guinea
- Guinea-Bissau
- Liberia
- Mali
- Niger
- Nigeria
- Senegal
- Sierra Leone
- Togo
- Cote d'Ivoire
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LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption, By Country, 2018–2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Destination, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Origin, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Consumption, By Country, 2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Production, By Country, 2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, 2012–2023
