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Lithium–Cobalt Oxide (LCO) to be Largest Category in Lithium-Ion Battery Recycling Market
The global lithium-ion (Li-ion) battery recycling market, which valued $165.3 million in 2019, is projected to witness a CAGR of 18.3% during the forecast period (2020–2030). The major factors leading to the growth of the market are the rapidly increasing popularity of electric vehicles (EVs) and limited availability of lithium metal.
Lithium-Ion Battery Recycling Market Segmentation Analysis
The lithium–cobalt oxide (LCO) category, under segmentation by battery type, is expected to continue generating the highest revenue in the lithium-ion battery recycling market till 2030. This is because such energy storage devices find wide usage in portable consumer electronics, including mobile phones, laptops, and tablets. In addition, LCO variants have a number of benefits, such as high energy density, high-voltage discharge, and long life, which make them popular in the electrical & electronicssector.
During the forecast period, the fastest growth in the lithium-ion battery recycling market would be witnessed by the automotive classification, based on end user, due to the rising integration of Li-ion batteries in EVs. Due to the concerns regarding greenhouse gas (GHG) emissions from vehicles running on diesel and gasoline, EVs are being strongly promoted, which is leading to the rising demand for Li-ion batteries. Moreover, with the limited availability of Li metal, automakers are rapidly utilizing recycled batteries to meet the growing demand for clean mobility.
Asia-Pacific (APAC) held the largest revenue share in the lithium-ion battery recycling market in 2019, on account of the strong presence of a number of battery recycling companies in the region, especially China. Further, the popularity of EVs is swiftly rising in China, Japan, and numerous Southeast Asian countries, including Vietnam, Indonesia, and the Philippines. This is creating an additional demand for recycled Li-ion batteries, as the reserves of lithium metal are limited.
Limited Lithium Availability is a Key Market Driver
One of the major factors behind the advance of the lithium-ion battery recycling market is the limited availability of the raw material. Apart from the limited reserves of Li, its mining also has a negative environmental impact, in the form of water pollution, owing to the leakage of the chemicals intothe water supply. Additionally, there is no alternative substance which can provide functional characteristics similar to lithium, which is why the recycling of batteries is becoming more prevalent. The process helps battery manufacturers have ample amounts of the raw materials for future use.
Electrical & Electronics Sector Presenting Market Growth Opportunities
Due to the wide usage of Li-based energy storage devices in mobile phones, tablets, and laptops, the expanding electrical & electronics sector is a key opportunity area for lithium-ion battery recycling market players. The demand for Li-ion batteries is increasing, with the growth of the electrical & electronics sector in the developing nations of APAC, including South Korea, China,Thailand, and India. Moreover, as the presently available reserves of the metal are insufficient for meeting the demand for batteries for consumer electronics, recycling is being widely practiced.
|Segments covered||Battery Type, End User|
|Regional overview||U.S., Canada, Germany, U.K., France, Italy, China, Japan, South Korea, Brazil, Saudi Arabia, Chile, South Africa|
|Companies covered||ACCUREC Recycling GmbH, American Manganese Inc., Li-Cycle Corp., Neometals Ltd., Batrec Industrie AG, RECUPYL S.A.S., Retriev Technologies, Umicore Group, Hunan Brunp Recycling Technology Co. Ltd., Ganfeng Lithium Co. Ltd.|
Partnerships are Characterizing the Competition in Market
In recent years, the competition in the lithium-ion battery recycling market has been characterized by a slew of partnerships, with the key companies coming together to meet the increasing demand for Li-ion batteries and gain a larger industry share.
For instance, in March 2020, a letter of intent was signed by BASF SE, Fortum Oyj,and Nornickel for the establishment of a Li-ion battery recycling cluster in Harjavalta, Finland. The aim behind the partnership is to cater to the rising demand for such energy storage devices from the automotive sector.
On similar lines, in October 2019, Neometals Ltd. and Germany-based SMS Group GmbH signed a memorandum of understanding (MoU) for the joint funding and development of the former company’s patented Li-ion battery recycling technology. Upon the successful trial of the new technology, the two organizations will invest equally in a new joint venture to commercialize the recycling technique.
The major players in the global lithium-ion battery recycling market are ACCUREC Recycling GmbH, American Manganese Inc., Li-Cycle Corp, Neometals Ltd., Batrec Industrie AG, RECUPYL S.A.S., Retriev Technologies, Umicore Group, Hunan Brunp Recycling Technology Co. Ltd., Ganfeng Lithium Co.Ltd., American Zinc Recycling (Inmetco), ANHUA TAISEN RECYCLING TECHNOLOGY CO. LTD., AkkuSer Oy, Chemetall GmbH, Dowa Eco-System Co. Ltd., Fortum Corporation, Foshan Nanhai Brunp Nickel & Cobalt Technology Co. Ltd., G&P Batteries, GEM Co. Ltd., Glencore plc, JX Nippon Mining & Metals Corp., Lithion Recycling, Lithium Australia NL, Quzhou Huayou Cobalt New Material Co. Ltd., Redux Recycling GmbH, REVATECH SA, San Lan Technologies Co. Ltd., Shenzhen Green Eco-Manufacturer Hi-Tech Co. Ltd., SNAM, Sony and Sumitomo Metals Corporation, Stiftung GRS Batterien, TES (Singapore) Pte Ltd., and TOXCO Inc.
Market Size Breakdown by Segment
The lithium-ion battery recycling market repot offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Battery Type
Based on End User