Lithium Ion Battery Demand Will 6X by 2032

Demand for lithium-ion batteries is set to grow six-fold by 2032, according to Benchmark. Accordingly, the world needs more than 300 new mines to be built by 2035 if raw material supply is to keep up with this demand, according to a new analysis by Benchmark. However, recycling could help reduce the number of mines…
Lithium Ion Battery Demand Will 6X by 2032


Demand for lithium-ion batteries is set to grow six-fold by 2032, according to Benchmark. Accordingly, the world needs more than 300 new mines to be built by 2035 if raw material supply is to keep up with this demand, according to a new analysis by Benchmark.

However, recycling could help reduce the number of mines needed. Without recycling, for example, we will need 62 cobalt mining projects by 2035, according to Benchmark; with recycling, this falls to 38.

Scrap from gigafactories will be the primary source of recyclable battery material for the next decade, according to Benchmark’s Recycling Report. End-of-life batteries are not expected to become a major source of material until the 2030s as electric vehicles sold now won’t be scrapped for another ten years or so, according to Benchmark.

Benchmark forecasts this scrap will account for 78% of the pool of recyclable materials in 2025. This year Benchmark expects more than 30 GWh of process scrap to be available for recycling, growing ten-fold across the next decade.

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