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Electric vehicles driving cobalt demand up

August 8, 2017

Demand for cobalt and lithium is continuing to rise, thanks to an ever-expanding electric vehicle market. Cobalt is a key component in lithium-ion batteries, which are widely used in electric and hybrid vehicles.

The world’s lithium-ion battery market is expected to reach $77.42 billion by 2024, according to a report published by Transparency Market Research. The need for smartphones and wearables will also boost the cobalt market.

A Reuters report, highlighting research from CRU Group, predicts that sales of electric vehicles may reach over six million by 2025, a leap from 1.1 million in 2016. Edward Spencer, Senior Consultant of CRU, said:

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