2023 Sees 67% Surge in Lithium Battery Recycling, Lithium Iron Phosphate Leads the Trend

SMM Analysis: Lithium Battery Recycling Market Surges in the Last Week of 2023

SMM, January 19th: According to SMM research, a total of 501,463 tons of waste lithium batteries (including battery cells, pole pieces, and black powder) were recycled domestically in 2023, an increase of 67% compared to 2022. Among the statistics of recycled batteries, 200,501 tons of waste ternary lithium batteries were recycled in 2023, along with 292,222 tons of waste lithium iron phosphate batteries and 8,740 tons of waste lithium cobalt batteries. Ternary waste accounted for 40%, lithium iron phosphate waste accounted for 58%, and lithium cobalt waste accounted for only 2% of the total. The proportion of lithium iron phosphate battery recycling in 2023 has significantly exceeded that of ternary batteries, consistent with the trend of changes in battery types. The waste from lithium iron phosphate battery factories is mostly utilized to create a closed loop supply of lithium carbonate through a processing model, leading to an increasingly scarce supply of ternary waste materials.