2024-06-18 15:55:00 ET
The global market share for electric car sales is expected to rise to 35 percent by 2030, up from less than 25 percent in previous forecasts, according to the International Energy Agency's 2023 Global EV Outlook Report .
However, the supply of electric battery materials can’t keep up with this exploding level of demand. Analysts say that EV production is pulling ahead of mine production for critical battery materials such as cobalt, manganese, lithium and nickel.
This is having a serious impact on prices. If the EV industry wants to overtake the internal combustion engine (ICE) sector, it will need to manage material prices by curbing supply imbalances. Advancement in battery recycling technology may be the answer.
For further details see:
Recycling Key to Closing Supply/Demand Gap for EV Battery Materials