5/18/2023 0 Comments Add battery dial facer creatorIn response to supply pressure, there is expected to be a considerable increase in the amount of recycled cobalt sourced for batteries in the foreseeable future, according to a June outlook from Australia's Department of Industry, Science, Energy and Resources. "In these major EV markets, the regulatory framework and national standards in terms of secondary use and recycling are still being drawn up," Yu said.ĮV batteries manufactured over the next decade will likely have a minimal amount of recycled battery content, but that could change by the end of 2030, with recycled cobalt, nickel and lithium making up 10% to 20% of global demand, according to Ajay Kochhar, CEO and co-founder of the five-year-old Canadian battery recycling company Li-Cycle Corp. However, the regulatory framework is not well-established. and China, are not major producers of mined nickel, lithium and cobalt, so an established recycling system could lower the dependence on imports with the production of domestic secondary supply, according to Alice Yu, a senior metals analyst at Market Intelligence. The world's largest EV consumers, including Europe, the U.S. The projected surge in used battery volumes presents an opportunity for the recycling industry to integrate into the battery supply chain, experts said. Demand for the critical minerals used in batteries for EVs and grid storage will grow by at least 30 times by 2040, the International Energy Agency estimated in a May report. Some key components of EV batteries, such as lithium and cobalt, are expected to be in short supply after 2024, while nickel, another major EV battery component, will remain in a sustained market surplus to 2025, according to S&P Global Market Intelligence data.Īs EV penetration rates increase through 2040 amid global efforts to transition to a low-carbon future, demand for battery materials is expected to soar. Battery recycling efforts have picked up in major electric vehicle markets, but analysts said the industry still lacks well-established collecting systems and regulatory frameworks to provide sufficient secondary supply for manufacturers as potential shortages in key metals loom.
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