Cobalt A research by Markets and Markets estimates that the lithium-ion battery market is expected to be valued USD 68.97Billion by 2022, or growing at a CAGR of 16.6% between 2016 and 2022. The market for lithium nickel manganese cobalt battery type is expected to grow at the highest rate between 2016 and 2022. Reuters reported that by 2020, 75 percent of lithium-ion batteries will contain cobalt, whose properties allow electric cars to extend their range of charges. The growth of this market is highly impacted by the increase in demand for electric vehicles, strict government mandates on fuel economy, growing demand for smart devices, and other consumer electronics.