What is the global market for lithium-ion batteries?

The global market for Lithium-ion batteries is expanding rapidly. We take a closer look at new value chain solutions that can help meet the growing demand.

How big will lithium-ion batteries be in 2022?

But a 2022 analysis by the McKinsey Battery Insights team projects that the entire lithium-ion (Li-ion) battery chain, from mining through recycling, could grow by over 30 percent annually from 2022 to 2030, when it would reach a value of more than $400 billion and a market size of 4.7 TWh. 1

Will lithium-ion batteries spawn a giant recycling system?

The accelerating electrification has sparked an explosion in lithium-ion batteries (LIBs) consumption. As the lifespan declines, the substantial LIBs will flow into the recycling market and promise to spawn a giant recycling system.

Do battery demand forecasts underestimate the market size?

Just as analysts tend to underestimate the amount of energy generated from renewable sources, battery demand forecasts typically underestimate the market size and are regularly corrected upwards.

What are the challenges faced by battery manufacturers?

Although battery growth will confer multiple environmental and social benefits, many challenges lie ahead. To avoid shortages, battery manufacturers must secure a steady supply of both raw material and equipment. They must also channel their investment to the right areas and execute large-scale industrialization efficiently.

What are the hazard situations of a lithium battery?

The battery experiences physical hazards such as the rupture of the battery cells. Chemical hazard situation arises due to leakage of corrosive and toxic materials of the battery. Due to the reactive and combustible nature of lithium and the leakage of harmful compounds from the battery, an environmental hazard situation arises . 2.2.