Propulsion Québec unveiled a study on the immense potential of the lithium-ion battery sector in Quebec. This study, carried out by KPMG, provides an analysis of the global market for lithium‑ion batteries and end‑of‑life battery recycling, and offers recommendations for the development of these strategic sectors in Quebec.
Figures gathered by KPMG reveal the phenomenal speed at which the lithium‑ion battery industry is transforming worldwide, driven by the exponential growth of the electric vehicle market. This will in turn lead to an increase in demand for lithium‑ion batteries and the raw materials required to manufacture them, making it a very promising sector. Around the world, many states are trying to position themselves in this niche, notably in Asia and Europe. Despite multiple major investment announcements in support of this industry, KMPG believes there is still room for new players within the global supply chain, as the additions—recent or announced—of capacity will not be sufficient to meet the strong anticipated growth.
The study stresses that the window of opportunity to act is relatively short. It proposes four strategies to develop the battery sector and the still‑emerging end‑of‑life battery recycling sector, whose volume is also expected to grow significantly within less than 10 years. These strategies build on Quebec’s tremendous strengths, including its relative proximity to automakers, the presence of raw materials essential for battery manufacturing, access to a clean and abundant energy source, and a pool of innovative companies.
"Quebec faces an exceptional opportunity to showcase its mining, energy, scientific, technical and human resources. The development of the lithium‑ion battery sector is the logical extension of Quebec’s commitment to large‑scale electrification of our transportation. This positioning will benefit all Quebecers. It will serve as a real economic engine for our regions while also contributing to the fight against climate change" Sarah Houde, President and CEO, Propulsion Québec
Propulsion Québec wishes to thank the Société de développement de Shawinigan, Appel à RecyclerMD, RECYC‑QUÉBEC, la Société du Plan Nord, Hydro‑Québec’s Centre of Excellence in Transportation Electrification and Energy Storage, Nemaska Lithium, as well as several other public and private partners who made the completion of this study possible.
