SHANGHAI, Mar 21 (SMM) – The global demand for cobalt is expected to surge to over 200,000 mt per year by 2025, according to Eurasian Resources Group (ERG), a leading producer for battery-use cobalt that is headquartered in Luxembourg. ERG believes that cobalt is currently the commodity with the greatest potential.
Most of the growth will come from lithium-ion batteries which will account for half of the global consumption of cobalt by 2020, according to ERG's senior analyst Michael Insulan. Other traditional sources of demand are growing at annual rates of 4-7%, he added.
As technology advances and manufacturers try to reduce the amount of cobalt used in batteries, cobalt consumption in each battery is likely to fall by 20-30%, SMM learned.
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