The global demand for lithium-ion (Li-ion) batteries is projected to accelerate quickly in the next decade. From 700 GWh in 2022, a January 2023 report from McKinsey & Co estimates this will rise 571% to 4.7 TWh by 2030. However, data analysis conducted by the World Economic Forum in July 2022 concluded that steeply rising electric vehicle (EV) demand could soon outstrip both established lithium extraction capacity and reserves.
Barring the advancement of innovative new extraction techniques, the optimisation of old material could prove to be the most effective, sustainable, and financially sound way to preserve automotive electrification’s momentum. Subsequently, an emphasis on end-of-life (EoL) options for recycling and reuse could keep critical materials circulating and help avoid an impending supply deficit.
