Pune, India, December 08, 2021 (GLOBE NEWSWIRE) – The global lithium-ion battery recycling market was estimated at USD 4.5 billion in 2021 and is expected to grow at a CAGR of 20.10% over the period of forecast, according to new report released by Quince market overview. Growing investments in electric vehicles (EVs) are accelerating the development of the lithium-ion battery recycling market. Recycling lithium-ion batteries is known to be the least toxic battery and is easy to reuse and recycle.
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With the increase in the use of lithium-ion batteries in many consumer products, the danger of explosion and their disposal has become very difficult, and thus, it becomes essential to recycle lithium-ion batteries. The recycling of lithium-ion batteries could be done by several technological methods including the hydrometallurgical process, the pyrometallurgical method and other mechanical methods.
The growing applications of lithium-ion batteries in end-use industries including marine, power generation, automotive, among others, and eradication of the toxic effects of metals used in batteries are the major propelling factors market growth.
Growing recycling rate related to lead-acid batteries, emphasis on lithium-ion battery and limited availability of the metal are expected to drive the market growth during the forecast period.
Lithium-ion battery usage is high due to several chemical properties, the growing acceptance of electric vehicles around the world, and government initiatives to financially support electric vehicle buyers and manufacturers in the market. .
However, the high price associated with lithium-ion batteries is expected to hamper the development of lithium-ion battery recycling market. In addition, safety concerns regarding the transportation and storage of batteries are expected to challenge the recycling of lithium-ion batteries during the forecast period.
Lithium-ion battery recycling market, by battery chemistry
On the basis of Battery Chemistry, the market is segmented into Lithium Iron Phosphate (LFP), Lithium Nickel Manganese Cobalt (LI-NMC), Lithium Manganese Oxide (LMO), Lithium Nickel Cobalt -aluminum oxide (NCA) and lithium-titanate oxide (LTO).
The lithium manganese oxides (LMO) segment is the fastest growing segment. Factors attributed to the market growth include the growth of batteries such as NMC lithium and LMO lithium, supported by the mass replacement of several consumer electronics devices and the availability of several electric vehicle batteries.
Lithium-Ion Battery Recycling Market, By Recycling Process
On the basis of recycling process, the market is segmented into hydrometallurgical process, pyrometallurgical process, and physical / mechanical process.
The pyrometallurgical process is the fastest growing segment. Factors attributed to the growth of the market include the economical extraction procedure and the ability to process a wide range of battery chemicals.
Lithium Ion Battery Recycling Market, By Battery Component
On the basis of battery components, the lithium ion battery recycling market is segmented into active material and non-active material.
The active ingredient is the fastest growing segment. Factors attributed to the market growth include high demand from end-use industry segment such as electric vehicles, power, etc.
Lithium-Ion Battery Recycling Market, By Application
Based on the applications, the lithium-ion battery recycling market is segmented into automotive, power, industrial and marine.
The electronics segment is the fastest growing segment. The growth is attributed to many factors such as dismantling of large devices, improving the profitability of recycling and installing long life batteries in the various products.
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Lithium Ion Battery Recycling Market, By Region:
There are five regions in the lithium ion battery recycling market. Asia-Pacific is expected to be the fastest growing segment during the forecast period, owing to increasing demand from end-use industries such as automotive. In addition, the availability and presence of global brands and their challenges face strong competition from national and local brands.
Impact of COVID-19 on the lithium-ion battery recycling market
The pandemic resulted in a temporary ban on export and import activities and processing and manufacturing activities in several industries, which reduced market demand from non-automotive and automotive end-users. This resulted in a decrease in the growth of the market. On the other hand, the market is expected to recover by the first quarter of 2021 as COVID-19 vaccination has started across the world, which is expected to boost the market economy.
Some of the key developments in the lithium-ion battery recycling market
- July 2021 – Lohum Cleantech (India), a lithium-ion battery recycling and manufacturing solutions provider, declared its strategic plans to expand its recycling and manufacturing capabilities. The company aims to expand LIB production from 300 MWh to 1 GWh as well as to tenfold recycling capacities from 1,000 tonnes per year (TPA) to 10,000 TPA over the next two years.
- June 2021 – BASF (Germany) announced that it will begin construction of a new prototype battery recycling plant at the company’s cathodic active materials (CAM) site in Schwarzheide, Germany. This company mainly aims to use the progressive solution and extract manganese, cobalt, nickel and lithium from lithium-ion batteries reaching the exhaustion time.
- October 2019 – Neometals Ltd. (Australia) signed a memorandum of understanding with German SMS Group GmbH to jointly finance and assess the next stage of growth of its registered lithium-ion battery recycling technology. Once the battery recycling pilot test is complete, the organizations plan to form a 50/50 joint venture to commercialize the technology.
Some of the key findings of the Global Lithium Ion Battery Recycling Market report include:
- A global in-depth analysis of the lithium-ion battery recycling market by segments, along with an insights and factors analysis based on the trends
- Profiles of the major market players operating in the global lithium-ion battery recycling market including Glencore International AG (Switzerland), Umicore (Belgium), Retriev Technologies Inc. (US), American Zinc Recycling (US) , Raw Materials Company Inc. (RMC) (Canada), American Manganese Inc. (Canada), Li-Cycle Corp. (Canada), SITRASA (Mexico), Neometals Ltd (Australia), TES (Singapore), Fortum (Finland), GEM Co., Ltd (China), Metal Conversion Technologies (MCT) (United States), Duesenfeld GmbH (Germany ), Contemporary Amperex Technology Co. Ltd (CATL) (China).
- Analysis of key impact factors across regions which includes analysis, along with drivers, restraints, opportunities, and challenges prevailing in the global lithium-ion battery market
- Impact of COVID-19 on the global lithium-ion battery recycling market
Browse key industry information from the report, “Lithium-Ion Battery Recycling Market, by Battery Chemistry (Lithium-Nickel Manganese Cobalt (LI-NMC), Lithium-Iron Phosphate (LFP), Lithium-Manganese Oxide (LMO), Lithium-Titanate Oxide (LTO), Lithium-Nickel Cobalt Aluminum Oxide (NCA) ), Recycling process (hydrometallurgical process, pyrometallurgical process, physical / mechanical process), battery component (active material, non-active material), application (automotive, energy, industrial and marine), region (North America, Europe, Middle East, and Africa, Asia-Pacific and South America) – Industry trends and forecasts to 2030“ an in-depth analysis with the table of contents (ToC).
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