In 2016 electric vehicles accounted for 6.5% of cobalt usage This will grow and grow and maybe exceed 50% of usage before 2030 ? See note below
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Global total demand for cobalt last year was around 100,000 tonnes, of which around half was used in batteries to power electric cars, as well as mobile phones, laptops, digital cameras and cordless drills.
"In terms of overall demand, EVs (electric vehicles) only consumed around 6.5 percent of refined cobalt in 2016. This will increase to 16.9 percent in 2021 helping lift demand to nearly 130,000 tonnes," CRU senior consultant Edward Spencer said.
"We expect a deficit in the region of 900 tonnes this year. However, a far larger deficit could open quickly if mine and refinery capacity growth fails to keep pace."
Analysts at Macquarie Research expect deficits of 885 tonnes next year, 3,205 in 2019 and 5,340 in 2020.