With the rising concerns about air pollution, the demand for electric vehicles (EVs) is increasing. Additionally, the reserves of lithium (Li) metal are limited, and its mining is laden with environmental hazards. Owing to both these factors, the global lithium-ion battery recycling market is expected to experience an 18.3% CAGR during 2020–2030 (forecast period); in 2019, $165.3 million revenue was generated in the industry.
Lithium-Ion Battery Recycling Market Segmentation
During the forecast period, the lithium–iron phosphate (LFP) classification is projected to grow with the highest CAGR in the lithium-ion battery recycling market, as a result of such energy storage devices’ advantages including lower weight, better charging efficiency, and higher discharge rate, which are making them popular among the end users. Moreover, these Li-ion batteries operate with a lower resistance, which is why they recharge quickly. With the rising awareness about all such advantages of LFP variants, their usage is predicted to surge in the coming years.
The automotive division dominated the lithium-ion battery recycling market during the historical period (2014–2019). This is ascribed to the burgeoning demand for EVs, on account of the growing concerns regarding air pollution. A critical component in these automobiles is the Li-ion battery; with the availability of lithium metal being limited, automakers are integrating recycled batteries and salvaged raw materials in EV production.
Till 2030, Asia-Pacific (APAC) would hold the largest share in the lithium-ion battery recycling market, which is primarily credited to the mushrooming demand for EVs in China, Vietnam, the Philippines, and Indonesia. Additionally, several major recyclers of these batteries exist in the region, which leads to the easy availability of salvaged materials, such as nickel, manganese, and cobalt, other than lithium itself. Further, the electrical & electronics sector is also growing in regional countries, with continued support from the government and private companies. For instance, TCL Corporation, a China-based electronics firm, expressed interest to invest $312.40 million (INR 2,200 crore) in an electronics manufacturing plant in Tirupati, Andhra Pradesh, in 2018.
Market Players Engaging in Mergers and Acquisitions for Maximum Profit
Key players in the lithium-ion battery recycling market are merging with or acquiring other companies to gather technical expertise and expand their portfolio.
For instance, in January 2020, Fortum Oyj acquired CrisolteQ Oy, which is a Finland-based company engaged in the recycling of Li-ion batteries and salvaging of precious materials. Fortum’s primary aim behind this acquisition was to position itself more strongly in the European precious material recycling niche.
In the same vein, also in January 2020, Enva, which provides waste management, recycling, and specialist resource recovery solutions in Ireland and the U.K., acquired SAR Recycling Ltd., a provider of recycled Li-ion and lead–acid batteries in the U.K.
Browse report overview with detailed TOC on "Lithium-Ion Battery Recycling Market Research Report: By Battery Type (Lithium Cobalt Oxide, Lithium Iron Phosphate, Lithium-Ion Manganese Oxide, Lithium Nickel Cobalt Aluminum Oxide, Lithium Nickel Manganese Cobalt Oxide), End User (Automotive, Power, Electrical & Electronics) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/lithium-ion-battery-recycling-market
American Manganese Inc., ACCUREC Recycling GmbH, Neometals Ltd., Li-Cycle Corp, RECUPYL S.A.S., Batrec Industrie AG, Umicore Group, Retriev Technologies, Ganfeng Lithium Co. Ltd., Hunan Brunp Recycling Technology Co. Ltd., ANHUA TAISEN RECYCLING TECHNOLOGY CO. LTD., American Zinc Recycling (Inmetco), Chemetall GmbH, AkkuSer Oy, Fortum Corporation, Dowa Eco-System Co. Ltd., G&P Batteries, Foshan Nanhai Brunp Nickel & Cobalt Technology Co. Ltd., Glencore plc, GEM Co. Ltd., Lithion Recycling, JX Nippon Mining & Metals Corp., Quzhou Huayou Cobalt New Material Co. Ltd., Lithium Australia NL, REVATECH SA, Redux Recycling GmbH, Shenzhen Green Eco-Manufacturer Hi-Tech Co. Ltd., San Lan Technologies Co. Ltd., Stiftung GRS Batterien, SNAM, Sony and Sumitomo Metals Corporation, TOXCO Inc., and TES (Singapore) Pte Ltd. are the key global lithium-ion battery recycling market players.