London-based Recycling Energy Storage (CES) said on Thursday that considering global electric vehicle consumption, it is estimated that by 2020, China alone will generate about 500,000 tons of lithium battery waste. 1.2 million tons.
CES sees a profitable business in battery recycling. According to the consulting firm, based on current metal prices, recycled materials and reused battery pools can generate a market worth more than $ 6 billion.
Experts believe that the content of lithium and cobalt in recycled materials will be equivalent to half and a quarter of the currently mined commodities.
By 2030, batteries with a capacity of close to 1,000 GWh will be able to be used continuously, adding a lot of capacity to the backup power supply, fixed energy storage system and electric vehicle charging market.
Battery researchers say the Western world lacks a clear path to large-scale economic recycling. As a result, manufacturers have traditionally focused on reducing costs, extending battery life and charging time, rather than trying to improve battery recyclability. Because researchers have made less progress in this area, only relatively few lithium-ion batteries are eventually recycled. CES estimates that by 2030, up to 125,000 tons of lithium carbonate equivalent (LCE), 35,000 tons of cobalt, and 86,000 tons of nickel can be recovered from waste batteries. In addition, depending on efficiency and output, 400,000 to 1 million tons of production waste may be added.
CES estimates that 75% of light, heavy, and multi-purpose vehicle batteries will be remanufactured for their original applications or for other fixed energy storage systems.