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The globally forecasted $300 billion market for lithium-ion batteries by 2030 won’t run on Energizer batteries alone. Largely driven by the transportation market, the demand for lithium-ion batteries continues to increase. This growth means more battery materials and raw material processing is needed, and Canada intends to get a foot in the door of this competitive arena.
Projected global lithium-ion development – all markets
gigawatt hours
Courtesy of the Battery Metals Association of Canada
Background: The World Economic Forum highlighted three key challenges currently facing battery value chains:
- Current battery production emits significant emissions.
- Raw materials used in batteries already have social and environmental impacts, including metals extraction from countries with poor labor practices.
- The viability of battery-enabled applications is still uncertain.
A ramp-up in battery use without changing the industry would magnify its existing challenges.
Recent development: The Battery Metals Association of Canada (BMAC), a Canadian trade organization, is working to realize its vision of a thriving battery metals value chain, from mines to mobility to recycling. BMAC recently released a 24-page report discussing how Canada can build this chain, and the technology it will take to get there.
The path forward: A teamwork approach to supporting the transportation market here involves collaboration across the battery supply chain, not to mention the energy storage potential the industry has for renewables.
- The barriers (to name a few) include competing nations across the globe who are moving quickly to refrom, lack of policy and regulation, upfront capital and logistics, recycling, and the industry’s carbon footprint.
Zoom out: Despite the clear camaraderie across the companies in this value chain, there are a few major challenges in this space. The BMAC report highlights that countries who move quickly in addressing these issues may leave others behind and become industry leaders.
+Additional Reading: Maximizing Canada’s Battery Metals Sector
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