The need for larger rechargeable batteries and more energy storage for 5G technology is expected to significantly boost demand for cobalt over coming years and potentially pit the sector against electric vehicle makers, reported Reuters.
“5G will be a major source of cobalt demand in the years ahead,” said George Heppel, analyst CRU, which expects cobalt demand for portable devices to rise to 73,000 tonnes by 2025 from 45,000 tonnes this year.
Analysts expect a balanced cobalt market this year and deficits from 2022 as sales of electric vehicles and 5G phones accelerate.
A recent report from Grand View Research said the global lithium-ion battery market size was valued at $32.9 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 13 percent from 2020 to 2027. The report said, “The gr