According to a new report published by CRU Group, cobalt demand is expected to exceed 100kt in 2017 and total demand of cobalt materials are estimated to increase at a CAGR of 11.6 percent over the next ten years.
The cobalt market is growing rapidly due to a shift in cobalt demand from metallic products to chemical products. The report indicated that the increasing use in the manufacturing of Li-ion batteries continues to drive the demand of chemical cobalt. Cobalt is one of the key components of Li-ion batteries, which are now widely used in Electric vehicles and electronic devices.
According to a report by Reuters, Consultants CRU Group said that electric cars and plug-in hybrid vehicle sales could reach 4.4 million in 2021 and over 6 million by 2025. Edward Lauer, the Head of Portfolio Optimization at Eurasian Resources Group stated, “Long-term strong battery demand is very real.
Even if demand from commercial and residential battery storage doesn’t materialize to the same extent, consumer electronics and electric vehicle industries will only continue to grow.”
