Cobalt and cobalt articles market in Germany

Earlier Report Observations

The German market for cobalt mattes and articles grew from 2 076 t in 2018 to 2 281 t in 2020, reflecting a period of steady expansion. The COVID-19 pandemic reduced cobalt demand from the commercial aerospace sector during this time, though the overall market volume continued to increase.

Market volume then contracted to 1 964 t in 2021 and further to 1 772 t in 2022, indicating a reversal of the previous growth trend.

The downturn intensified significantly by 2024, with the market collapsing to 852 t. This sharp decline was primarily driven by the accelerated adoption of lithium-iron-phosphate (LFP) batteries, which require less cobalt, and by a structural oversupply in the global cobalt market that weighed on prices and trade.

Production cobalt and cobalt articles in Germany

In value, 2017-2020, K $ US

Germany's production of cobalt and cobalt articles declined for the second consecutive year. In 2020, output was valued at 65 799 thousand US dollars, marking a significant year-over-year drop of 16.9%. Over the period from 2017 to 2020, production decreased by 13.2%, with a compound annual growth rate of -4.6%. The highest value was recorded in 2018 at 90 326 thousand US dollars, which also saw the largest increase of 19.1%.

Annual dynamics of production in Germany in value, 2017-2020, K $ US

In kind, 2017-2020, t

Germany's production of cobalt and cobalt articles increased for the second consecutive year. In 2020, 948.0 tonnes were produced, representing a 7.0% uptick from 2019. Between 2017 and 2020, production grew by 14.9%, equating to an annualized rate of 4.7%. The lowest volume was recorded in 2018 at 783.0 tonnes, which experienced the largest decline of 5.1%. In contrast, 2019 saw the largest increase of 13.2%.

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

Exports cobalt and cobalt articles from Germany

Exports in kind, t

Germany's exports of cobalt and cobalt articles declined for the second consecutive year. In 2020, exports totaled 1 766 tonnes, reflecting a sharp year-over-year contraction of 31.7%. Over the period from 2017 to 2020, exports decreased by 24.5%, with a compound annual growth rate of -8.9%. The peak volume was recorded in 2018 at 2 592 tonnes, which also saw the largest increase of 10.8%.

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

From 2017 to 2020, the main buyers of cobalt and cobalt articles from Germany were Canada, accounting for 25.2% of exports in kind, the United Kingdom with 24.5%, and France at 6.8%. Together, these three countries comprised 56.6% of Germany's total exports in kind during this period.

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

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

Exports in value, M $ US

Germany's export value of cobalt and cobalt articles declined for the second consecutive year. In 2020, exports reached 129.1 million US dollars, down by 18.1% compared to the previous year. Between 2017 and 2020, exports decreased by 10.1%, equating to an annualized rate of -3.5%. The highest value was recorded in 2018 at 169.3 million US dollars, which also experienced the largest increase of 17.8%.

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

From 2017 to 2020, the United Kingdom, Italy, and France played notable but not dominant roles as buyers of cobalt and cobalt articles from Germany in value terms. The United Kingdom accounted for 14.7% of exports, Italy for 8.9%, and France for 7.9%. Their combined share reached only 31.6% of Germany's total export value during this period.

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

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

Imports cobalt and cobalt articles to Germany

Imports in kind, t

Germany's imports of cobalt and cobalt articles declined for the third consecutive year. In 2020, imports reached 3 100 tonnes, down by 19.0% compared to the previous year. Over the period from 2017 to 2020, imports decreased by 30%, with a compound annual growth rate of -11.2%.

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

From 2017 to 2020, cobalt and cobalt articles were supplied to Germany from a broad set of markets. The United Kingdom accounted for 14.5% of imports in kind, the United States for 14.4%, and Belgium for 14.2%. Together, these three countries comprised only 43.1% of total imports in kind, while many smaller destinations made up the remaining 56.9%.

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

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

Imports in value, M $ US

Germany's import value of cobalt and cobalt articles declined for the second consecutive year. In 2020, imports amounted to 136.6 million US dollars, marking an abrupt contraction of 25.9% compared to the previous year. Between 2017 and 2020, imports decreased by 38.1%, equating to an annualized rate of -14.8%. The peak value was recorded in 2018 at 304.1 million US dollars, which saw the largest increase of 37.8%. In 2019, imports experienced the largest decline of 39.4%.

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

During the period from 2017 to 2020, imports in value terms of cobalt and cobalt articles to Germany were distributed across a large number of markets. The United States accounted for 15.1% of imports, Belgium for 15.1%, and the United Kingdom for 14.6%. Together, these three countries jointly accounted for only 44.8% of total import flows.

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

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