Electric vehicle waste battery business is expected to reach about 100 billion yuan in 10 years
With the recent surge in the price of metal, the raw material for electric vehicle batteries, scrap batteries that can extract the metal have attracted much attention. Waste batteries with poor performance have the advantage that they can be used in other fields.
Since the battery replacement cycle of electric vehicles, which have surged recently, is five to 10 years, the used battery market is expected to reach a value of 20 trillion won (about 107 billion yuan) by around 2030.
According to industry reports, market research firm SNEResearch predicts that the used battery market for electric vehicles, which was 1.65 trillion won (about 8.8 billion yuan) in 2019, will rise to 20.2 trillion won (about 108 billion yuan) in 2030. It is expected to reach 600 trillion won (3.22 trillion yuan) by 2050.
In order to seize this new market, not only battery manufacturers, but also automobile and energy companies have joined, and the competition has intensified.
LG Chem and battery subsidiary LG Energy Solutions recently invested a total of 60 billion won (322 million yuan) in "Li-Cycle", the largest battery recycling company in North America.
Ry-Cycle has expertise in extracting key raw materials for batteries by recycling them. LG EnergySolution has decided to extract nickel from Ry-Cycle's spent batteries over a 10-year period, starting in 2030.
SKInnovation recently established the "BMR Promotion Division" to launch "BMR (Battery Metal Recovery)", a waste battery recycling business that is being developed as a next-generation ascent engine.
Separately, SKInnovation has developed its own technology to recover lithium hydroxide from the cathode material of spent batteries and is about to commercialize it. (Proofreading / Seven Seven)
