Lithium-ion batteries are used in everything from our phones and other portable devices to electric cars. These batteries are also growing in popularity for military use and aerospace applications. The market for electronic vehicles (EVs) is rising faster than experts predicted.
With the rise of EVs also comes the increase in the number of batteries. This points to a big opportunity for the recycling of batteries. Circular Energy Storage (CES), a research company that focuses on lithium-ion-batteries and their life expectancy, believes the market could hit 6 billion dollars by 2030.
Hans Eric Melin, managing director at CES, commented: “While the industry tends to focus on the electric cars we expect more batteries from heavy use applications such as electric buses, trucks, forklifts, e-bikes, and scooters.”
With the increasing popularity of EVs, the need for recycling them and making use of the batteries will become ever more important. By 2030, researchers predict 1.2 million tons of lithium-ion batteries will have ended their life cycle. This could lead to the recovery of 125,000 tons of lithium, 35,000 tons of cobalt, and up to 86,000 tons of nickel. The CES consultancy predicts: “Together, processed volumes of waste lithium-ion batteries and scrap materials will make up a market worth more than $6 billion.”
Shifting Focus
Up to this point, recycling hasn’t been a big focus. In the western world, there has been a larger push for battery longevity. Linda L. Gaines of Argonne National Laboratory said: “There are many reasons why Li-ion battery recycling is not yet a universally well-established practice.” These include economic barriers, technical constraints, regulatory gaps, and logistic issues.
Gaines also pointed out that more recycling would mean less of a need to mine lithium, nickel, and cobalt. This would help to slow the depletion of raw materials.
Remanufactured and second-life batteries will potentially be an even larger market, stemming from the recycled products. 75% of batteries for use in light and heavyweight vehicles, as well as utility vehicles, are expected to be remanufactured or repurposed to be used in energy storage systems, according to CES projections.
China is the world’s largest producer and consumer of lithium-ion batteries. Given these facts, it makes them the front runner to grow and expand their battery recycling market. Even though companies in Europe and America may have good methods for recycling, it’s China that is more aggressive and willing to pay to get the batteries.
With the increasing awareness of sustainability and how we can better serve our futures. It’s important to look at ways to reduce the environmental impact of lithium mining, regardless of which country leads the way.
