Cadmium Market

The global cadmium market is expected to experience growth in both consumption and production from 2022 to 2030. Consumption fell in 2022 but is projected to increase over the forecast period, with China, India, and Canada leading in consumption volumes. Production increased in 2022 after a two-year decline, with China, South Korea, and Canada as the major producers. Imports and exports saw fluctuations, with India being a key importer and South Korea a major exporter. Price trends varied amongst countries, with Hong Kong SAR and South Korea having the highest export prices in 2022.

Market Forecast

Driven by rising demand for cadmium worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +3.0% for the period from 2022 to 2030, which is projected to bring the market volume to 39K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.4% for the period from 2022 to 2030, which is projected to bring the market value to $131M (in nominal prices) by the end of 2030.

Consumption

World Consumption of Cadmium

Global cadmium consumption fell to 30K tons in 2022, shrinking by -7.2% on the previous year's figure. In general, consumption continues to indicate a relatively flat trend pattern. Global consumption peaked at 34K tons in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

The global cadmium market value contracted to $93M in 2022, which is down by -14% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a perceptible setback. As a result, consumption attained the peak level of $126M. From 2016 to 2022, the growth of the global market remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (10K tons), India (7.2K tons) and Canada (2.4K tons), together accounting for 64% of global consumption. Russia, Sweden, Mexico, the Netherlands, France, South Korea, Germany and the United States lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Russia (with a CAGR of +46.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($44M) led the market, alone. The second position in the ranking was held by India ($18M). It was followed by Canada.

In China, the cadmium market declined by an average annual rate of -7.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+24.1% per year) and Canada (+13.5% per year).

The countries with the highest levels of cadmium per capita consumption in 2022 were Sweden (102 kg per 1000 persons), Canada (63 kg per 1000 persons) and the Netherlands (51 kg per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +46.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Cadmium

In 2022, production of cadmium increased by 6.7% to 33K tons for the first time since 2019, thus ending a two-year declining trend. The total output volume increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2015 when the production volume increased by 16% against the previous year. As a result, production attained the peak volume of 34K tons. From 2016 to 2022, global production growth failed to regain momentum.

In value terms, cadmium production shrank to $73M in 2022 estimated in export price. Over the period under review, production, however, showed a mild setback. The pace of growth was the most pronounced in 2015 with an increase of 101% against the previous year. As a result, production attained the peak level of $146M. From 2016 to 2022, global production growth failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (10K tons), South Korea (5.4K tons) and Canada (2.4K tons), together accounting for 54% of global production. Kazakhstan, Japan, Russia, Sweden, Mexico, the Netherlands, France, Germany, the United Arab Emirates and Peru lagged somewhat behind, together comprising a further 33%.

From 2012 to 2022, the biggest increases were recorded for Sweden (with a CAGR of +106,415,500.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Cadmium

In 2022, overseas purchases of cadmium decreased by -54.6% to 7.8K tons, falling for the second consecutive year after two years of growth. In general, imports saw a deep setback. The most prominent rate of growth was recorded in 2020 with an increase of 16%. As a result, imports reached the peak of 20K tons. From 2021 to 2022, the growth of global imports remained at a lower figure.

In value terms, cadmium imports reduced markedly to $19M in 2022. Overall, imports showed a abrupt shrinkage. The pace of growth was the most pronounced in 2018 with an increase of 47% against the previous year. Over the period under review, global imports reached the maximum at $46M in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports By Country

India prevails in imports structure, recording 7.1K tons, which was near 91% of total imports in 2022. It was distantly followed by Hong Kong SAR (626 tons), making up an 8% share of total imports.

India was also the fastest-growing in terms of the cadmium imports, with a CAGR of +32.1% from 2012 to 2022. At the same time, Hong Kong SAR (+9.4%) displayed positive paces of growth. From 2012 to 2022, the share of India and Hong Kong SAR increased by +89 and +6.7 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($17M) constitutes the largest market for imported cadmium worldwide, comprising 87% of global imports. The second position in the ranking was held by Hong Kong SAR ($2.2M), with an 11% share of global imports.

In India, cadmium imports expanded at an average annual rate of +31.8% over the period from 2012-2022.

Import Prices By Country

The average cadmium import price stood at $2,438 per ton in 2022, increasing by 6.4% against the previous year. Overall, import price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cadmium import price increased by +13.3% against 2020 indices. The most prominent rate of growth was recorded in 2018 an increase of 62% against the previous year. As a result, import price attained the peak level of $2,720 per ton. From 2019 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Hong Kong SAR ($3,463 per ton), while India stood at $2,326 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (-0.3%).

Exports

World Exports of Cadmium

For the third year in a row, the global market recorded decline in shipments abroad of cadmium, which decreased by -31.8% to 11K tons in 2022. In general, exports showed a perceptible contraction. The pace of growth was the most pronounced in 2015 when exports increased by 28% against the previous year. As a result, the exports reached the peak of 18K tons. From 2016 to 2022, the growth of the global exports remained at a somewhat lower figure.

In value terms, cadmium exports dropped markedly to $24M in 2022. Over the period under review, exports showed a perceptible decrease. The pace of growth appeared the most rapid in 2018 when exports increased by 48% against the previous year. The global exports peaked at $45M in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

South Korea was the major exporting country with an export of around 4.6K tons, which resulted at 43% of total exports. Kazakhstan (1.9K tons) ranks second in terms of the total exports with a 17% share, followed by Japan (16%), the United Arab Emirates (6.1%), Hong Kong SAR (5.9%) and Uzbekistan (4.6%). Norway (389 tons) held a relatively small share of total exports.

Exports from South Korea decreased at an average annual rate of -1.1% from 2012 to 2022. At the same time, the United Arab Emirates (+54.8%), Hong Kong SAR (+11.2%), Kazakhstan (+6.4%), Norway (+5.8%) and Japan (+4.2%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in the world, with a CAGR of +54.8% from 2012-2022. By contrast, Uzbekistan (-2.3%) illustrated a downward trend over the same period. South Korea (+13 p.p.), Kazakhstan (+12 p.p.), Japan (+9.3 p.p.), the United Arab Emirates (+6 p.p.), Hong Kong SAR (+4.6 p.p.) and Norway (+2.4 p.p.) significantly strengthened its position in terms of the global exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($10M) remains the largest cadmium supplier worldwide, comprising 41% of global exports. The second position in the ranking was taken by Kazakhstan ($3.9M), with a 16% share of global exports. It was followed by Japan, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value in South Korea was relatively modest. In the other countries, the average annual rates were as follows: Kazakhstan (+8.7% per year) and Japan (+4.4% per year).

Export Prices By Country

The average cadmium export price stood at $2,281 per ton in 2022, shrinking by -2.8% against the previous year. In general, export price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cadmium export price decreased by +0.9% against 2020 indices. The growth pace was the most rapid in 2018 when the average export price increased by 68%. As a result, the export price reached the peak level of $2,787 per ton. From 2019 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($3,414 per ton), while Norway ($2,055 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (+5.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform