At the 2018 China New Energy Power Battery and Energy Storage Industry Conference press event, several industry experts shared their insights with China Securities Journal, predicting that the market for recycling spent power batteries would experience significant growth in 2018. They highlighted the increasing demand driven by the rapid expansion of electric vehicles (EVs) and the need for sustainable battery management.
Industry forecasts suggested that the recycling market for used power batteries could reach 5 billion yuan in 2018. By 2020 to 2023, this market is expected to grow substantially, reaching between 13.6 billion and 31.1 billion yuan. This growth reflects not only the volume of batteries reaching the end of their lifecycle but also the rising awareness of environmental responsibility and resource efficiency.
Experts explained that when an EV's power battery loses about 20% of its capacity, it is typically retired from use in vehicles. However, through a process known as "cascade utilization," these batteries can still be repurposed for secondary applications such as energy storage systems in residential areas, charging stations, telecom base stations, and even grid-scale energy storage facilities. This approach maximizes the value of each battery and reduces waste.
Xiao Chengwei, an expert involved in the national "863" Plan for energy conservation and new energy vehicles, noted that while lithium iron phosphate batteries contain lower amounts of valuable metals, ternary material batteries have higher concentrations of precious metals like cobalt and nickel, making them more valuable for recycling. As a result, the recycling of ternary batteries has already developed into a mature and profitable business model.
Several major companies, including GEM, Camel, BYD, CATL, Huayou Cobalt, Guoxuan Hi-Tech, and AVIC Lithium, are actively investing in and expanding their power battery recycling initiatives. These efforts are part of a broader strategy to build a circular economy in the EV industry.
In summary, the power battery recycling market is set to see substantial growth in the coming years, driven by both technological advancements and regulatory support. If you're interested in staying updated on this fast-evolving sector, make sure to follow eeworld for more in-depth and up-to-date coverage on automotive electronics and energy storage solutions.
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