Published: April 2020 | Report Code: PE12004 | Available Format: PDF | Pages: 156
The lithium-ion (Li-ion) battery recycling market value was $165.3 million in 2019, and the market is predicted to progress at a CAGR of 18.3% between 2020 and 2030. The surging deployment of electric vehicles (EVs) and declining availability of lithium metal are the major factors driving the expansion of the market.
The lithium–cobalt oxide (LCO) category is predicted to contribute the highest revenue to the market for lithium-ion battery recycling in the coming years, under the battery type segment. This is credited to the large-scale usage of these energy storage devices in portable consumer electronic devices, such as laptops, tablets, and mobile phones. LCO batteries are extensively used in the electrical & electronics sector on account of their high-voltage discharge, long life, and high energy density.
In the forthcoming years, the automotive category is predicted to demonstrate the fastest growth in the market, under segmentation by end user. Because of the surging concerns being raised over the emission of greenhouse gases (GHG) from automobiles running on gasoline and diesel, the deployment of EVs is rising rapidly.
This is, in turn, pushing up the requirement for Li-ion batteries, thereby propelling the advance of the lithium-ion battery recycling market. Furthermore, due to the limited availability of lithium metal, automobile manufacturers are increasingly focusing on using recycled batteries for catering to the soaring clean mobility requirements.
Asia-Pacific (APAC) was the largest market for Li-ion battery recycling in 2019, primarily because of the existence of several battery recycling organizations in the region, particularly in China. Furthermore, the popularity of EVs is quite high in Japan, China, and various Southeast Asian countries, such as Indonesia, the Philippines, and Vietnam. Apart from these factors, the limited availability of lithium metal is propelling the requirement for recycled Li-ion batteries in the region.
The limited availability of lithium is a major factor driving the expansion of the market. Moreover, the mining of the metal negatively impacts the environment and causes water pollution on account of the leakage of toxic chemicals into waterbodies. As there are currently no available alternative substances to lithium that have similar functional characteristics, the demand for the recycling of Li-ion batteries is growing rapidly across the world.
This is subsequently fueling the growth of the Li-ion battery recycling market. Recycling also helps battery manufacturing companies reduce the consumption of the metal, which, in turn, ensures that lithium reserves don’t get exhausted prematurely.
Due to the extensive utilization of lithium-based energy storage devices in tablets, laptops, and mobile phones, the booming electrical & electronics sector is a huge opportunity area for the players operating in the lithium-ion battery recycling industry. Thus, with the expansion of the electrical & electronics sector in the emerging economies of APAC, such as China, India, Thailand, and South Korea, the requirement for Li-ion batteries is rising sharply. In addition, the inability of the available lithium reserves to cater to the huge battery requirements of this industry is making battery recycling important.
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 by Segments||Battery Type, End User|
|Market Size of Geographies||U.S., Canada, Germany, U.K., France, Italy, China, Japan, South Korea, Brazil, Saudi Arabia, Chile, South Africa|
|Market Players||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.|
The lithium-ion battery recycling market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Battery Type
Based on End User
Get a bespoke market intelligence solution
Our dedication to providing the most-accurate market information has earned us verification by Dun & Bradstreet (D&B). We strive for quality checking of the highest level to enable data-driven decision making for you
Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights
With 24/7 research support, we ensure that the wheels of your business never stop turning. Don’t let time stand in your way. Get all your queries answered with a simple phone call or email, as and when required
We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws