Cobalt and cobalt articles market in Finland

Earlier Report Observations

From 2018 to 2020, Finland maintained its position as the world's second-largest producer of refined cobalt intermediates, with production volumes showing resilience despite the global COVID-19 pandemic. Output reached 6 550 t in 2020, supporting a market size of 6 909 t that year. This stability was underpinned by established state-owned and private companies within the country's cobalt metallurgy sector, which continued operations without major disruptions.

Market volumes experienced fluctuations after 2020, declining to 5 997 t in 2021 before recovering to 6 567 t in 2022. This period coincided with shifts in global cobalt demand for battery and superalloy applications, alongside increasing regulatory emphasis on recycling and environmental sustainability within the industry. European Union initiatives, such as the SCRREEN2 project, supported innovation in cobalt recycling, influencing Finnish market practices and the growing share of secondary supply.

By 2024, the market volume expanded to 6 656 t, partly driven by a significant rise in imports to 1 665 t. Domestic production gradually softened to 4 993 t in 2024, yet demand was supported by the increased use of cobalt in metallurgical applications, particularly for superalloys in the aerospace sector. The focus on sustainable sourcing continued, with recycling accounting for a larger portion of total cobalt supply, reflecting broader industry trends.

Production cobalt and cobalt articles in Finland

In value, 2017-2020, M $ US

In 2020, Finland's output of cobalt and cobalt articles was valued at 217.0 million US dollars, showing only a marginal fluctuation compared to the previous year. Over the period from 2017 to 2020, production decreased by 39.8%, with a compound annual growth rate of 15.6%.

Annual dynamics of production in Finland in value, 2017-2020, M $ US

In kind, 2017-2020, t

In 2020, Finland produced 6 550 tonnes of cobalt and cobalt articles, remaining broadly stable compared to 2019. From 2017 to 2020, production decreased by 6.4%, with a compound annual growth rate of 2.2%.

Annual dynamics of production in Finland in kind, 2017-2020, t

Exports cobalt and cobalt articles from Finland

Exports in kind, t

The data reveals irregular changes, indicating a volatile market environment. Exports reached their lowest point in 2017 and peaked in 2019, with a 25-fold difference between these years. In 2020, cobalt and cobalt articles shipments from Finland abroad amounted to 47.0 tonnes, which is 60.7% less than in 2019. The maximum value was recorded in 2019 at 119.6 tonnes, while the largest increase occurred in 2018, with a growth of 1 866.1%.

Annual dynamics of product's exports from Finland in kind, 2017-2020, t

From 2017 to 2020, Sweden and the United Kingdom formed a dominant pair of markets for exports in kind, jointly accounting for 97.3% of total flows, with other countries representing the residual share.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Finland in kind, 2017-2020

Exports in value, K $ US

There were noticeable fluctuations in market performance during the period. Exports hit their lowest point in 2017 and reached their maximum in 2019, with an amplitude of 6.1 times. In 2020, Finland's volume of cobalt and cobalt articles exports amounted to 1 654 thousand US dollars, marking a contraction of 54.9% compared to the previous year. The maximum value was recorded in 2019 at 3 671 thousand US dollars, while the largest increase occurred in 2018, with a growth of 497.9%.

Annual dynamics of product's exports from Finland in value, 2017-2020, K $ US

Throughout 2017 to 2020, Sweden and the United Kingdom were the core markets for exports in value terms, jointly accounting for 87.5% of total flows, while other destinations had comparatively modest shares.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Finland in value, 2017-2020

Imports cobalt and cobalt articles to Finland

Imports in kind, t

The data reveals irregular changes, indicating a volatile market environment. Imports bottomed in 2017 and peaked in 2020, differing by a factor of 57. In 2020, cross-border shipments of cobalt and cobalt articles to Finland reached 405.6 tonnes, marking a sharp improvement of 608.8% year-over-year. The largest decline was recorded in 2019 at 82.4%, while the largest increase occurred in 2018, with a growth of 4 453.5%.

Annual dynamics of product's imports to Finland in kind, 2017-2020, t

Throughout 2017 to 2020, Malaysia played the leading role in imports in kind, with a share of 85.6% of total flows, while other markets together accounted for the rest.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Finland in kind, 2017-2020

Imports in value, K $ US

The market showed signs of volatility over the observed period. Imports varied from a low in 2019 to a high in 2018, differing by a factor of 3. In 2020, Finland's cobalt and cobalt articles import volume was recorded at 2 223 thousand US dollars, corresponding to an uptick of 60.6% compared to the previous year. The minimum value was recorded in 2019 at 1 384 thousand US dollars, while the maximum value was recorded in 2018 at 4 185 thousand US dollars. The largest decline occurred in 2019 at 66.9%, and the largest increase was in 2018, with a growth of 197.4%.

Annual dynamics of product's imports to Finland in value, 2017-2020, K $ US

In 2017 to 2020, Malaysia (47.9% of imports in value terms), Germany (26.3% of imports in value terms), and the United States (12.8% of imports in value terms) led the structure of imports in value terms, together representing 87.0% of total flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Finland in value, 2017-2020