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Recently, Guojin Securities issued the "Research Report on the Power Lithium Battery Recycling Industry," highlighting that with the ongoing rise in the number of new energy vehicles, the demand for large-scale power lithium batteries will bring significant opportunities for the recycling and secondary utilization of lithium batteries. According to the report, the growing demand for lithium batteries accompanying the widespread adoption of electric vehicles presents both environmental and economic advantages. Recycling these batteries is not only essential to prevent pollution and resource wastage but also offers substantial financial returns.
The demand for power lithium batteries and the volume of retired batteries continue to expand. Data shows that in 2015, China's total lithium battery production was 47.13 GWh, with power batteries contributing 16.9 GWh, accounting for 36.07%. Meanwhile, lithium battery consumption reached 23.69 GWh, representing 50.26%, while storage batteries produced 1.73 GWh, making up 3.67%.
The report predicts that by 2020, the demand for power lithium batteries will surge to 125 GWh, with the discarded amount reaching 32.2 GWh, or approximately 500,000 tons. By 2023, the discarded amount is expected to reach 101 GWh, equivalent to 1.16 million tons.
"Lithium battery recycling and downstream applications will create considerable economic benefits and investment prospects," the report notes. "The cathode, anode, separator, electrolyte, and other materials in lithium-ion batteries contain valuable metals such as cobalt, lithium, and nickel." For instance, the average content of lithium in a ternary battery is 1.9%, nickel 12.1%, and cobalt 2.3%. Additionally, copper and aluminum components account for 13.3% and 12.7%, respectively. If recycled efficiently, these materials could significantly contribute to revenue generation and cost reduction.
Currently, the supply-demand imbalance of battery metal materials is becoming apparent. As the downstream demand for new energy vehicles becomes clearer, domestic power battery manufacturers expanded their production capacities between 2016 and 2017, particularly in triple batteries, further driving the need for cobalt. Thus, it is increasingly cost-effective to recycle cobalt from used batteries. The report forecasts that the market size generated from recovering cobalt, nickel, manganese, lithium, and other metals like iron and aluminum from used power lithium batteries will experience rapid growth starting in 2018, reaching 5.2 billion yuan by 2020 and surpassing 30 billion yuan by 2023.
For businesses, recycling power batteries presents vast commercial opportunities. It helps battery manufacturers cut raw material expenses. Moreover, recycling aligns with the government's efforts to foster a low-carbon economy and an eco-friendly society.
The report also noted that although China's power battery recycling technologies are relatively advanced, the management remains lagging, hindering the industry's progress. Issues include an incomplete recovery network dominated by small and medium-sized recyclers, which makes efficient collection challenging. Furthermore, many recycling firms are too small to ensure optimal resource recovery. Illegal operations without proper licenses pose security and environmental risks.
Despite these challenges, China has implemented an extended producer responsibility system. As policies improve, the industry is becoming more regulated. "As the sales and production of new energy vehicles keep rising, the issue of recycling power batteries for electric vehicles will grow increasingly important. Both national and local governments have introduced policies to expedite the creation of a healthy industrial ecosystem," the report stated.
In conclusion, the power lithium battery recycling sector holds immense potential, driven by environmental and economic incentives. With proper policy support and technological advancements, the industry is poised for significant growth, contributing to sustainable development and economic benefits.