SHANGHAI, Nov 4 (SMM) – Metals recycled from electric vehicle batteries (EV batteries) will reach 70% of the amount of metals required by such batteries in 2025, said Hong Xiaoshu, sales director, Shanghai Utop Chemical Technology.
"This is a significant increase from 8% in 2018, when EV batteries were first recycled in the market", Hong added, citing the anticipation of strong EV market growth.
In an exclusive interview with SMM, Hong believed that recycled metals such as nickel, cobalt, lithium and manganese from EV batteries will be a source of industrial metals of great potential, as the global auto market are switching to electrical substitutes. Currently, there are around 3.5 million new energy vehicles in China, with EVs taking the lion’s share, accounting for 1.5% of the Chinese auto market.
Utop Chemical, established in 2015, engages in the R&D, production and sales of solvent, lubricant and hi-tech industrial materials, which plays a part in metals recycling, as solvent extraction is an important step in the nonferrous metals recycling process.
SMM analyst Li Qin and Hong Xiaoshu, Sales Director, Shanghai Utop Chemical Technology