Cobalt Market Growth Drivers: Factors Fueling Expansion and Technological Advances
The Cobalt Market integral to various high-tech applications, saw a demand of 137.26 kilo tons in 2023 and is projected to grow at a CAGR of 9%, reaching 250.92 kilo tons by 2030. This surge is driven primarily by the booming electric vehicle (EV) sector, which increasingly relies on cobalt for lithium-ion batteries.
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