Cobalt and Lithium Markets Projected to Grow Due to the Demand of Batteries

The mining industry is very diverse and in recent years, technological advancements have raised demand for certain minerals like Lithium, which is now widely used in researchable batteries. Lithium-ion batteries are an efficient source of energy for rechargeable storage devices, capable of expanding battery durability, and are leading to an increasing power source for consumer electronics including hybrid and electric vehicles.

According to a research by Techsci Research, the global lithium-ion battery market is projected to grow at a CAGR of over 17% during 2016 – 2021. In terms of energy demand, it is expected to increase from 12928.4 Million Ton Oil Equivalent (MTOE) in 2014 to 17,000 MTOE by 2020.

Lithium cobalt oxide (LCO) battery type are expected to constitute a large share of the overall lithium ion battery market. A report by Markets and Markets indicates that the energy density of any LCO battery is very high, and the cost of manufacturing these batteries is fairly reasonable, owing to the use of graphite carbon and cobalt.

The market for lithium nickel manganese cobalt battery type is expected to grow at the highest rate between 2016 and 2022. As for the overall lithium ion battery market, the research projects that the market will be valued at USD 68.97 Billion, by 2022, growing at a CAGR of 16.6% between 2016 and 2022.

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