Published: September 2021 | Report Code: PE12004 | Available Format: PDF | Pages: 153
The global lithium-ion battery recycling market was valued at $161.4 million in 2020, and it is expected to grow at a CAGR of 19.9% during 2020–2030. The major factors driving the growth of the market are the limited availability of lithium, and rapidly increasing demand for electric vehicles.
The COVID-19 pandemic has a significant negative impact on the market for lithium-ion battery recycling, majorly attributable to the shutdown of recycling facilities, in compliance with government regulations, to contain the disease, particularly, in 2020. In addition, due to the pandemic, several industrial operations were suspended, which has mainly impacted automobile manufacturing owing to the smaller workforce. This in turn, have led to the huge reduction in the demand for lithium-ion battery recycling solutions.
The lithium–cobalt (LCO) battery category accounted for the largest value share in 2020 in the lithium-ion battery recycling market, based on battery type. The category is further projected to continue dominating the market during the forecast period. This can majorly be ascribed to the high energy density associated with LCO batteries, which makes them suitable for portable electronic devices, such as laptops, mobile phones, and tablets. In addition, recycled LCO batteries have a high discharge voltage, owing to which they are preferred for a wide range of applications.
The automotive category accounted for the largest market share, in terms of value, in 2020, and it is expected to demonstrate the fastest growth during the forecast period as well, on the basis of end user. This growth can majorly be attributed to the increasing adoption of electric vehicles across the globe. In addition, the limited reserves of lithium are encouraging the recycling of lithium-ion batteries for further use. With the rising demand for electric vehicles, the demand for recycled lithium-ion batteries is expected to witness an increase in the automotive sector.
APAC led the global lithium-ion battery recycling market in 2020, and it is expected to remain the largest market during the forecast period. This is credited to the rising adoption of electric vehicles; thus, in order to meet the demand for lithium-ion batteries in the automotive sector, automotive manufacturers are looking at procuring batteries with recycled materials. In addition, the rising awareness on the environmental benefits of electric vehicles in the developing countries of the region is expected to boost the demand for recycled lithium-ion batteries in the near future.
The increasing usage of lithium in industries has led to a rise in the concerns over its limited availability for future applications. The mining of lithium has a negative environmental impact, which includes water pollution due to chemical leakage. As a result, the recycling of lithium-ion batteries has gained traction in recent times. Moreover, recycling helps manufacturers ensure a sufficient quantity of lithium for further usage in battery and other applications. Thus, the limited availability of lithium is a major driver for the growth of the lithium-ion battery recycling market.
The market for lithium-ion battery recycling solutions has increased significantly, due to its increased demand in the automotive industry. This can be ascribed to the surging adoption of electric vehicles, especially in the developed nations, along with some developing nations, owing to the increasing environmental concerns. According to the International Energy Agency (IEA)’s Sustainable Development Scenario, the number of electric vehicles (excluding two- and three-wheelers) across the globe will increase to 245 million units by 2030, which, in turn, is expected to encourage the recycling of lithium-ion batteries to meet the future demand for these batteries in electric vehicles.
|Base Year (2020) Market Size||$161.4 Million|
|Market Size Forecast in 2030||$991.5 Million|
|Forecast Period CAGR||19.9%|
|Report Coverage||Market Trends, Drivers, Restraints and Opportunities; Revenue Estimation and Forecast; Segmentation Analysis; Country Breakdown; Impact of COVID-19; Companies’ Strategic Developments; Company Profiling|
|Market Size by Segments||By Battery Type; By End User; By Region|
|Market Size of Geographies||U.S; Canada; Germany; France; U.K.; Italy; Spain; Japan; China; India; Brazil; Mexico; Argentina; Saudi Arabia; 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.|
|Secondary Sources and References (Partial List)||Association of Battery Recyclers; Battery Association of Japan; Energy Storage Association; European Automobile Manufacturers’ Association; Portable Rechargeable Battery Association; U.S. Department of Energy; World Economic Forum|
The lithium-ion battery recycling market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.
Based on Battery Type
Based on End User
The market for recycled lithium-ion battery materials valued $161.4 million in 2020.
LCO variants are recycled the most widely in the lithium-ion battery recycling industry.
APAC dominates the market for recycled lithium-ion battery materials because it is the largest user of EVs and consumer electronics.
The limited availability of lithium is one of the key growth drivers for the lithium-ion battery recycling industry.
The market for recycled lithium-ion battery materials is fragmented.
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