According to a research published by Transparency Market Research, the global lithium-ion battery market is expected to reach USD $77.42 billion by 2024, at a compound annual growth rate of 11.6 percent from 2016 to 2024. Increasing use of consumer electronic devices and growing adoption of sustainable clean energy in the automotive sector is expected to drive the market in the coming years. By application, consumer electronics segment is expected to hold the biggest market share during the forecast year. However, it is the growing popularity of Hybrid vehicles and electric vehicles (EVs), which is expected to increase demand for lithium-ion batteries at the fastest rate. Cobalt is a crucial component of the lithium-ion battery market. In recent reports CNBC discussed Apple’s possible ventures to procure cobalt from mining companies, as it has highlighted a growing concern about the valuable metal’s impending supply shortage.
Simon Moores, managing director of Benchmark Minerals, explained according to CNBC, “Apple is a buyer of batteries, not a buyer of battery components, and it’s a number of steps away from the raw materials side. So this is significant — the reason they’re doing it is supply chain visibility… They need to ensure that their cobalt isn’t sourced from illegal mining operations, especially those using child labor… It might be a supply concern, but really Apple’s biggest concern over the last five years has been where are our components coming from and are they mined and produced responsibly?”
