{"id":24638,"date":"2022-08-18T10:51:27","date_gmt":"2022-08-18T09:51:27","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=24638"},"modified":"2022-08-18T10:51:27","modified_gmt":"2022-08-18T09:51:27","slug":"how-cobalt-is-powering-green-technologies","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/how-cobalt-is-powering-green-technologies\/24638\/","title":{"rendered":"How cobalt is powering the conversion to green technologies"},"content":{"rendered":"
Governments and organisations around the world invest in green technologies, aiming to become carbon neutral in the most efficient way. Electric mobility is part of the solution to tackling climate change and building a green economy. Cobalt is a raw material that is essential for modern, high-performing batteries, and therefore, uptake of electric vehicles (EVs).<\/p>\n
The demand for cobalt is expected to increase up to 403% in 2050.1<\/sup> In 2021, for the first time, EV batteries became the largest single use for cobalt (34%), followed by the demand for other battery uses like phones and laptops (31%), industrial metals (14%), and industrial chemicals (11%).2<\/sup><\/p>\n Cobalt-containing EV batteries are a technology of choice for many car manufacturers, largely due to their superior performance and recyclability. The majority of modern EVs use either lithium-nickel-manganese-cobalt-oxide (NMC), nickel-manganese-cobalt-aluminium (NMCA), or lithium nickel-cobalt-aluminium (NCA) batteries. In 2021, cobalt-containing batteries accounted for three-quarters of the global EV battery market.2<\/sup> The demand for EV batteries is expected to grow and EVs are expected to drive 70% of medium-term market growth.2<\/sup><\/p>\n Cobalt is also infinitely recyclable which makes it one of the critical materials for a circular future. Currently, around 8% of cobalt is anticipated to come from recycling.1<\/sup> As the EV battery market grows, and recycled cobalt will increasingly cover the existing demand, 67% of battery cobalt in the EU could come from recycled sources in 2050.1<\/sup> Therefore, new recycling capacities are needed to match the market. Recycling cobalt contributes to a smart and circular world, in which the environmental footprint of the production of goods is minimised.<\/p>\n Cobalt demand continues to grow. The Cobalt Institute\u2019s Cobalt Market Report found that in 2021, the cobalt market showed an unprecedented demand increase of 22%, and, looking ahead, the demand is forecast to approach 320 kt in the next five years from 175 kt in 2021.2<\/sup> The EV market will greatly influence the growth in the given years, and by 2026, EVs will account for half of the cobalt demand. This development, and the fact that in 2021 EV batteries became the largest single use for cobalt (34%),2<\/sup> highlights that more car manufacturers are investing in cobalt-containing EV batteries to be prepared for the green transition.<\/p>\n Cobalt is produced as a by-product from large-scale copper and nickel mines. Currently, cobalt is mainly sourced in the Democratic Republic of the Congo (DRC) where 74% of it is mined.2<\/sup> The DRC produced around 118 kt in 2021, and Australia is the next largest producer with 5.6 kt last year. Other important countries for cobalt sourcing are Cuba, Russia, the Philippines, and Canada, each producing around 3-5 kt in 2021. With rising supply expected from countries such as Indonesia, the US, New Caledonia, and Canada, the DRC will lose a small amount of global share in the coming years, albeit remaining at above 60%.2<\/sup><\/p>\nCobalt-containing battery chemistries accounted for 74% of the global EV battery market<\/h3>\n
EVs become the major driving force for cobalt demand growth in 2021<\/h3>\n