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Demand for cobalt is set to more than double by 2030 to 388,000 tonnes as the electric vehicle (EV) sector shifts into overdrive, says a new Benchmark Mineral Intelligence report. The outlook entails compound yearly cobalt demand growth of 10% over the weak 2022 figures, according to the Benchmark agency’s May 10 report commissioned by the Istanbul, Turkey-based Cobalt Institute.
“The industry is optimistic the cobalt market will continue to grow in the coming years, driven by the success of cobalt’s use in superalloys and hard metals, and particularly in EVs,” the Cobalt Institute’s interim director general, Caroline Braibant, said in an email to The Northern Miner.
She says cobalt-containing batteries are essential for EV batteries’ safety, performance and stability – a factor that will continue to define consumer preferences in Europe and North America.
According to the May 10 report, the EV sector is forecast to contribute 89% of demand growth by the end of the decade, up from 40% in 2022, followed by energy storage at 3% and super alloys at 2%.
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