World : The Growth of Lithium and Cobalt Demand From Electric Vehicles

The lithium ion battery market is expected to grow in value over the coming years, but it's the cobalt market that has been attracting a lot of attention. Cobalt is one of the main compounds implemented into rechargeable batteries, and it is a market that is facing a supply shortage. According to a report by Transparency Market Research, the growth of the global cobalt market can be attributed to the rising demand for lightweight electric cars, which are becoming more popular and reliable. A research by Markets and Markets projects that the lithium ion battery market is expected to be valued at USD 68.97 Billion by 2022, growing at a CAGR of 16.6% between 2016 and 2022. First Cobalt Corp. (OTC: FTSSF), Tesla Motors, Inc. (NASDAQ: TSLA), Albemarle Corporation (NYSE: ALB), Sociedad Química y Minera de Chile S.A. (NYSE: SQM), Ford Motor Company (NYSE: F).

According to a report by Reuters, Consultants CRU Group said that electric cars and plug-in hybrid vehicle sales could hit 4.4 million in 2021. Also projected to be more than six million by 2025, which is 1.1 million from last year. "Future demand for cobalt from the EV (electric vehicle) sector is looking tangible and is more positive than originally expected," as mentioned in the Reuters article of 14th February, 2017. "China has some aggressive plans in terms of electric vehicles. It will be a major driver behind cobalt consumption growth."

 

Source : http://www.prnewswire.com/news-releases/the-growth-of-lithium-and-cobalt-demand-from-electric-vehicles-626486921.html

SMART GRID Bulletin August 2017


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