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SOURCE Persistence Market Research Pvt. Ltd.
NEW YORK, March 21, 2018 /PRNewswire/ --
Burgeoning Demand for Electric Vehicle Batteries to Push Demand for Cobalt Sulfate Globally
Persistence Market Research (PMR) has published a new research report on the cobalt sulfate market titled "Cobalt Sulfate Market: Global Industry Analysis 2012-2016 and Forecast 2017-2025." The report states that the growing shift from the cobalt-rich NMC111 to the NMC811 cathode configuration is moderately driven by the higher energy density of the 811 and another core concern is the limited cobalt supply.
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According to the USGS, around 123 KT of cobalt was mined in 2016 and it was projected that there will be insufficient supply to meet the required demands in 2017. Currently, over one-fourth of the cobalt use is in several chemical applications, including material used for EV batteries. Its use is expected to grow rapidly, with demand likely outstripping supply.
Henceforth, this is expected to result in a rapid increase in price. Supply constraints are likely to persist in the coming years as approximately 60% of cobalt production comes from the Democratic Republic of Congo, which presents both operational as well as reputational risk for mining companies. Furthermore, it is mostly produced as a by-product of copper and nickel.