Dynamic lithium-ion battery recovery industry depth research report

　　Author ：Iflowpower – Portable Power Station Supplier

Current new energy vehicle power lithium battery mainstream is a lithium ion battery. Dynamic lithium battery life cycle includes processing, use, scrap, analysis, and reuse. In addition to the decrease in chemical activity after its scrap, the power lithium battery decreases, the battery is not changed, but its charge and discharge can not satisfy the power requirements of the vehicle, the physical chemical properties of the power lithium battery itself do not have nature Change, can be recycled and utilized in different ways, and the current dynamic lithium battery recycling includes cascade utilization and resource regeneration utilization.

According to the measurement, the power of the power lithium-ion battery has risen by 5.6GWH in 2018 to 47.3GWH in 2022, with an annual complex increase rate of more than 70%, and the corresponding recovery value increased from 580 million in 2018 to 7.

86 billion yuan in 2022. , Annual composite rate of increased over 90%. The industry driver is currently in my country, urgent to build a dynamic lithium-ion battery "processing-sales-use-re-use" closed-loop industrial chain, truly realizes the environmentally friendly pollution of lithium-electric energy.

With the continuous development of the new energy automotive industry, the annual new power lithium battery installed volume increased from 0.66GWH in 2012 to about 57GWH in 2018, the power lithium battery installed capacity exceeded 100GWH. The demand for the positive electrode material of the power lithium battery continues to rise, its core raw material is nickel, cobalt, and lithium prices continue to rise; at the same time, the massive power lithium battery will gradually decline from 2018, if the retirement is improper, the battery The ingredient will cause major pollution to the environment;.

Under the multi-driver of the above industry, environmental pressure and policy encouragement, the tightness and urgency of the recovery of lithium-ion batteries are increasingly prominent. In the future, the industry will usher in high-speed development in the past few years. The investment opportunity lithium-electric recycling industry is still in the early stages of development, although a batch of start earlier companies have emerged, the single size is not large, the industry is low, and the continued recycling system is still uncomfortable.

Outlook In the future, Jiuding investment believes that only the recycling system is perfect, the customer's quality, strong financial strength, environmentally friendly standards, and premium in the market, in order to quickly explode and compete in the market environment that is increasingly intensified, eventually growing into my country Leading company in lithium battery recycling. The market size measures of this paper use the caliber as the amount of dynamic lithium-ion battery, and the output and shipments of the power lithium-ion battery. In general, the power lithium ion battery production is greater than the amount of shipments.

1. Industry Target (1) Basic Concept Current New Energy Vehicle Power Lithium Battery Mainstream for Lithium ion Battery. Lithium-ion batteries can be divided into: lithium cobalt-free battery, lithium-manganese acid lithium-ion battery, lithium iron ion battery, three-dimensional ion battery (lithium nickel-cobalt-oxanate, lithium nickellate), etc.

The ternary material generally refers to the material of the chemical group to become LiniaXBcoCOCO2, where x is Mn (manganese) refers to NCM (lithium nickel-cobalt-nickellate), and X is Al (aluminum) refers to NCA (lithium nickellate acid). Models such as 532, 622 and 811 refer to the ratio of three numbers of A, B, C in NCM materials, such as 622 detailed representation Li0.6Mn0.

2CO0.2O2. Dynamic lithium battery life cycle includes processing, use, scrap, analysis, and reuse.

In addition to the decrease in chemical activity after its scrap, the power lithium battery decreases, the battery is not changed, but its charge and discharge can not satisfy the power requirements of the vehicle, the physical chemical properties of the power lithium battery itself do not have nature Change, can be recycled and utilized in different ways, and the current dynamic lithium battery recycling includes cascade utilization and resource regeneration utilization. (2) Industrial chain illustrates the upstream of the lithium-electric recovery industry as a process company and users of the born waste battery and its materials, including each battery material factory, battery factory, new energy vehicle operator and end user; the middle is a lithium battery recovery network, recycling and regeneration Use the company, ladder use the company; downstream is a lithium-ion battery material processing company and cascade battery users. The new battery is flowing into the car user's hand, and the car user will replace the new battery through after-sales service outlets and battery rental companies.

Transfer to the waste battery regeneration and utilization company or ladder use the company, the battery flowing to the ladder is ultimately returned to the recycling company after the ladder. Through the regeneration and use of the company to generate regeneration materials, continue to flow to the battery processing company to make new batteries, and flow to the vehicle company, form a "processing-sale-use-re-use" complete closed loop. 1) The ladder use is a way of recycling of the use of the power lithium ion battery life.

In general, when the power lithium-ion battery capacity of the new energy vehicle is attenuated to about 80%, the battery does not meet the power demand is eliminated, but the battery is still available for industries such as energy storage, which can be put into telecom iron tower base station, etc. Places, commercial residential storage and electric vehicle charging storage unit, etc. Compared to lithium iron phosphate, the life of the ternary lithium ion battery is short, and the safety risk is high, and it is not suitable for the tradder utilization of complex environments.

At present, the bottleneck of the restricting the development of the market is important including the recycling price of retired batteries and the high cost, and the performance consistency is difficult to guarantee. The technical barrier of the ladder is high, and the key technologies include discrete integration technology and remaining life prediction techniques. The key points of the remaining life prediction is that the full life cycle monitoring, that is, the establishment of a large data traceability system platform for system decomposition of the retired battery, Can you enter the ladder utilization market big data.

In view of the fact that the technology, cost, etc. 2) Resource recycling is to break, dismantle and smel, and achieve recycling of nickel, cobalt, manganese and lithium resources. Through resource recovery, nickel, cobalt, manganese can achieve more than 95%, and lithium elements can achieve reuse of more than 70% (individual vendors can achieve 90%), economic benefits are significant.

The output of nickel, cobalt, manganese and lithium salt can be used to process three-membered precursors and positive electrode materials, and is further used for the manufacture of lithium ion battery cells. (3) Industry Status 1) The current status of the dynamic lithium-ion battery Recycling industry prior to 2014, the lithium-ion battery is important for mobile phone, laptop, etc. Consumer electronics, due to its small size, structure and components simple, and the distribution is difficult, It is more recovered by traditional nickel hydrogen, nickel-cadmium battery recovery company.

After 2014, the production and sales volume of new energy vehicles has risen sharply, and the power lithium battery has become the highest amount of products in the lithium-ion battery in 2016. It is expected that the proportion will continue to maintain a trend of rapid improvement. The main body of the lithium-ion battery market will be the amount of lithium-ion battery in consumer electron will shrink to a lower ratio.

Due to the difference in technology route and the use scenario, the powerful life of the power lithium battery is 3-5 years. At present, it has just stepped into the stage of the large-scale retired scrap, so my country's powered lithium-ion battery recycling market has just started. The development of lithium-e-electric recycling market in China is still in the early days, immature, not standardized.

Traditional battery nickel-hydrogen recovery company and wet metal recycling company take the lead in layout, using the formed recycling network and many years of technical accumulation, seizing market hotspots, quickly cut into lithium-electric recycling categories. However, due to the limited amount of power of the current power lithium telegraph, the recycling system is still uncomfortable, etc. Important source to ensure recycling raw materials supply.

In addition, it is not negligible. There is a large number of recycling of small workshops. The process equipment is behind, there is no relevant qualifications, safety hazards and environmental issues are serious, and the recycling channels are connected.

This kind of small workshop often hits the banner of recycling, and is a business of "battery simple renewal, selling", through high-priced recycling, robbing the raw material, severely disturbing the normal order of the dynamic lithium battery market, squeezing the formal Third-party recycler's profitable space. At present, third-party recyculations and domestic power lithium battery packages have realized the huge market space of the lithium-electric recycling industry in the future. The preliminary statistics of high-workers lithium electricity, currently layout the dynamic lithium battery recycling company, more than 30, including Greenmei, Huayou Cobalt, Bangu Group, Zhangzhou Haopeng, Jinyuan New Material, Xien Technology, Fuyuan Environmental, Dry Thai Technology, Sand Group, China Aviation Lithium Electric, Beijing Saidmy, Cruise New Energy, Camel Shares, Xiong Shares, Taili, Dongpeng New Materials, Guanghua Technology, Zhongtianhong Lithium, Siflower Circulation, Yancheng Star Creative, Jiaa Energy and other companies.

Rough statistics, each offered the construction of lithium recovery yields far exceeded the expected amount of scrapped in recent years; insiders said the new or expansion of more than 60 projects in 2019. It can be seen that the lithium-electric recovery market is rapidly warming, but a blind blind layout is over, it will also explain the beginning of the industry from the side, and will be accompanied by industry norms, competition to eliminate, and the market will gradually go to mature. In addition, the power lithium battery manufacturer as a responsibility system of the policy-clear requirements, and the new energy vehicle vehicle factory as the business main body of the pen, in order to speed up the layout, or the collected professional third-party recycling business, perfect Industrial chain; or signing a strategic cooperation agreement to build a recycling network.

2) The resource recycling technology route is strongly demand for power lithium battery market, and the waste battery will be resource recycled. It can effectively relieve cobalt, lithium and other metal scarcity, and reduce the processing cost of power lithium battery. The resource recovery of waste dynamic lithium-ion batteries is important to assemble the price of metals in the positive electrode material.

The important process is: (1) thorough discharge; (2) disassembly, separating the positive electrode, negative electrode, electrolyte, and diaphragm Component; (3) the positive electrode material is leached, acid immersion, an inductance; (4) extraction. Lithium-ion battery recovery can be divided into three categories according to the extraction process: wet recovery, dry recycling and biological recovery. The wet process is more complicated, but it is the current mainstream recovery process for the value metal recovery rate, and can be used in the mainstream recovery process; the dry method is easy to cause secondary pollution and energy consumption, generally used as metal recycling Initial stage, with wet process is supported; the biological law has low cost, small pollution, reusable advantages, long-term view is the ideal direction of battery recovery, but is still in research and development, no commercial use case.

(4) In recent years, the national ministries and commissions have been in the policy level, from weak power, gradually standardize and improve waste lithium-ion batteries, have been accumulated in multiple lithium-ion battery recycling policies. Regulation. Through sorting, we found that the current policy gathering table is today: (1) Implementing the processed responsibility extension system.

The National Ministry of Industry and Information Technology and the Development and Reform Commission, the "Electric Automotive Power Battery Recycling Technology Policy" (2016), the General Office of the Processor Responsibility Extension System (2017), clearly pointed out to strengthen the car company in the General Office of the State Council In the main responsibility of the power lithium-ion battery processing, use, recovery, reuse, etc., and requires car companies to establish new energy vehicle products after-sales service commitment system (including battery recycling), implement new energy vehicle power lithium-ion battery traceability information management, Tracking recorded power lithium ion battery recycling. (2) Establish and improve the recycling system of power lithium battery, encourage the development of demonstration projects.

In the beginning of 2017, the Ministry of Industry and Information Technology, the Ministry of Commerce, and the Ministry of Science and Technology issued the "Command Opinions on Accelerating the Development of Recycling Resources". It is clearly proposed: 1 focusing on the development of new energy vehicles such as Beijing-Tianjin-Hebei, the Yangtze River Delta, the Pearl River Delta, Support for the establishment of a strong uniform, economical recycling mode, carry out demonstration use; 2 electric vehicles and power lithium battery processing companies should be responsible for establishing waste battery recycling networks, using after-sales service network to recycle used batteries, statistics and recycling information, Ensure that the waste battery specifies the recycling and safety disposal; 3 car companies should implement battery traceability information management, track record dynamic lithium battery recycling. (3) Strengthen industry supervision of employment companies.

In September 2018, the State Ministry of Industry and Information Technology announced the list of "New Energy Automobile Waste Battery Comprehensive Utilization Industry Standards" Company list (first batch), the powerful lithium battery recycling company should have relevant qualifications to make clear requirements. 2. Market Decomposition (1) Drive Factors 1) Environmental Significance Major Waste Lithium ion Battery Recycling has great environmental significance.

Once the waste lithium-ion battery material enters the environment, the metal ions such as nickel / cobalt / manganese in the positive electrode material, the strong base and heavy metal ions in the electrolyte, which may cause heavy metal contamination or organic contamination, and through the food chain Finally, enter people and animals, seriously affect environmental quality and human health. 2) The powerful lithium battery demand has been introduced in the new energy vehicle related policy, and the entire industrial chain has entered a high-speed development period. my country's planning goals have been proposed that in 2020, the sales of new energy vehicles reached 2 million, and more than 5 million vehicles were guaranteed.

In 2018, 12.7 million new energy vehicles were processed, 12.56 million sold, and more than 60% increased in 2017.

With the new energy car production, the production and sales volume is high, and the power lithium-ion battery industry has an explosive rise. At the same time, the advantage of the three-dimensional lithium ion battery compared to the lithium iron phosphate ion battery is that the energy density is high, which meets the strict requirements of the new energy battery subsidies, so the three-dimensional ion battery is rapidly in the scope of the dynamic lithium battery. Rising, the amount of three-yuan lithium-ion battery installed in 2018 accounts for about 78% of all installed volume, and lithium iron phosphate accounts for about 19%.

3) Effectively alleviate the raw material tension with the rapid development of new energy vehicles, the demand for three yuan lithium-ion battery continues to increase, the demand for raw materials such as nickel, cobalt, manganese, lithium is more urgent, leading to the price of related raw materials rose sharply, 2014 Since the year, the unit price of electrolytic cobalt and battery-grade carbonate is 2-3 times, nickel and manganese have risen sharply in a short time. Global nickel and manganese resources are rich, my country's nickel mine base reserves are about 2.9 million, ranking eighth; my country's manganese ore foundation reserves 40 million tons, ranking sixth in the world.

Overall, my country can realize the balance of supply and demand of nickel and manganese. The global cobalt resource reserves are about 7 million tons, and the geographical distribution is extremely imbalance. It is important to gather in the Congo (Gold), Australia, Cuba, Philippines, Canada, Russia and other countries, the sum of the reserves of the top three occupies 70% of the world.

my country's cobalt-based base reserves are about 80,000 tons, basically accompanied by accompanying ore, unhading, so my country's cobalt resources are severe shortage, and imports are as high as 90%. my country's lithium resource reserves is about 5.8 million tons, ranking third in the world, but the resource mining is difficult, important distribution in Sichuan, Qinghai and Tibet, the ecological environment is fragile and the transportation capacity is limited, and there is a large-scale exploitation in a short period of time.

The possibility is extremely low, and its own production cannot meet the surge in domestic power lithium battery demand. At present, there are 70% of my country's demand for lithiases. Through lithium-electric recovery, the viable metal in the positive electrode material of retired ternary batteries can be used again for the manufacture of the three-dimensional positive electrode material, partially satisfying the future requirements for the manufacturing of the dynamic lithium battery, reducing the relying on the import of foreign raw materials, helping the company control the raw materials The adverse effect on cost rising, effectively alleviates the problem of tight supply of cobalt and lithium supply in my country, with high strategic significance and economic benefits.

(2) Market size measures 1) Positive material material for dynamic lithium-ion battery resource market size dynamic lithium ion battery is important including lithium iron phosphate and three yuan lithium. According to the standard parameters of lithium iron phosphate and three-dimensional lithium, combined with the market unit price of the recent nickel-cobalt-manganese lithium, the recovery value of the power lithium ion battery per GWH is measured, and the following table is formed: according to the measurement, each GWH's lithium iron phosphate positive material theoretical recovery is about 100 million yuan, and the three-dimensional lithium positive material is different from detailed components, and the theoretical recovery value of NCM333 to NCM811 is between 330 million yuan to 190 million yuan (see table of specific data). According to the new energy car calendar year sales and battery capacity of different models, the power lithium-ion battery installed capacity is predicted: According to the above prediction, the power lithium-ion battery installed capacity increased from 47.

4GWH billion in 2018 to 166.6GWH, annual complex Rising rate exceeds 30%. Comprehensive various industrial information, we make the following basic assumptions: (1) According to the 13th Five-Year Plan, the new energy vehicle output needs to reach 2 million; (2) In view of the low energy density of lithium iron phosphate, it is expected that it is expected to be installed The amount decreases year by year, falling to 5GWH in 2020, and the remaining amount of the power lithium battery has a three-dimensional ion battery supplement; (3) 523 is the absolute main force of the three-yuan lithium-ion battery in a short time, the first-line battery manufacturer begins to mass production 622 and 811, expect 622 to transition products, 333 after 2018 completely disappear; (4) In different use environments, the life of the power lithium-ion battery is generally in 3-5 years, this measurement life is 4 years; (5) power Lithium-ion batteries have been discharged from 80% of N-4 years in N-4.

20%. Based on the above premise, the market size of the power-lithium-ion battery resource is predicted: according to the above measurement, the power lithium-ion battery theory scrap volume increased from 5.6GWH in 2018 to 47.

3GWH in 2022, the annual complex increase rate exceeded 70%, the corresponding recovery value increased from 580 million yuan in 2018 to 7.86 billion yuan in 2022, with an annual complex increase rate of more than 90%. 2) 3C digital battery resource market size digital battery is important to get in smartphones, tablets, laptops, cameras, and electric tools, etc.

Therefore, it is calculated that the shipments of such digital products, and the uniform battery content is measured for the use of digital batteries. According to the public information, the current digital battery is important to use a lithium-catalytic ion battery, so that the molecular formula, specific capacity, and actual ability density of lithium cobaltate is measured, and the recovery of 3C digital batteries is measured. Through this measurement, the resource recovery scale of digital batteries can rise from 2.

83 billion in 2018 to 3.66 billion yuan in 2022, with an annual complex increase rate of about 7%. 3.

Important Participants (1) Power Lithium Battery Manufacturer is actively laying under policies and markets, and dynamic lithium battery manufacturers take the subject of the projector responsibility system, and they are involved in the recycling of dynamic lithium-ion batteries, their recycling models and important participation. As follows: (2) Third-party recycler professional expansion requires the company to build a recycling network and logistics channel with professional third-party battery recycling company, and collect the use of waste dynamic lithium-ion batteries to solve. Its recycling model and important participants are as follows: 4.

Industry development trend and potential company characteristics synthesis information The degree continues to increase, the proportion of the three-dimensional lithium ion battery is constantly increasing, and the cost pressure has a significant economic benefit and resource regeneration significance to the conventional economy, and the recycling value continues to increase; On the one hand, the processed responsibility system requires power lithium battery manufacturers to establish an efficient and environmentally friendly recycling system, so that lithium battery is necessary and mandatory. With the first batch of dynamic lithium-ion batteries retired, the annual retiring of lithium-ion batteries will be rapidly rising in the past five years, whether it is a dynamic lithium-ion battery manufacturer or third-party recycling or even other environmental companies will usher in major development. opportunity.

In the future of the lithium-electric recovery industry, all participants who wish to enter the lithium-eM recycling industry will face the following industry barriers: comprehensive factors, we judge, the future market can quickly explode and compete in the growing market Lithium-electric recycling companies that stand out in the environment should have the following features: 1) Recycling network is perfect. Regarding any resource recycling company, the recovery of raw materials is always the top priority, but it is only guaranteed that there is enough quantity and reasonable purchase costs to ensure the profitability of resource recycling companies. At this stage, professional third-party recyculations is weak in power lithium battery recycling channels, and a large number of raw materials come from battery manufacturers' corner waste and individual recyculations, the bargaining ability is weak, and in the future, the recycling system will lead to the first actual competitive advantage.

The company, the growth potential is huge. 2) Good customers. Due to the basic determination of the upstream power lithium-ion battery manufacturer, the power lithium-ion battery manufacturer is both the raw material suppliers of lithium-ion battery recycling companies and the downstream customers, only to form a good cooperative relationship with major powered lithium-ion battery manufacturers, resource products Meet the high performance requirements of the battery manufacturers to ensure the benign development of lithium-ion battery recovery companies.

3) Strong financial strength. At present, the resource recycling industry is generally adopted by cash transactions in the acquisition of raw materials. The company faces large cash pressure, and full cash is the premise of ensuring the stability of the company's raw materials.

4) Environmental protection. Under the growing context of environmentally friendly policies, the lithium-ec-recovery industry of the main environmentally friendly green, and the environmental protection standard is more fundamental. However, it should be noted that resource recovery generally solves the waste resources with a certain value.

my country has some non-excitement companies based on the benefits. It adopts illegal way to solve the waste resources, but the environment has caused a more harm, and the policy will not be palliative. 5) layout in advance.

Although the waste battery has not been officially incorporated in a dangerous scriptures, the industry has always discussed this, because the lithium-ion battery contains a variety of heavy metal ions, it is expected to be incorporated in the future.