NEW YORK, Sept. 23, 2021 /PRNewswire/ -- The value of the
global lithium-ion battery recycling market is set to rise from
$161.4 million in 2020 to
$991.5 million by 2030, growing at a
CAGR of 19.9%.
The COVID-19 pandemic has hurt the growth prospects of the
lithium-ion battery recycling market due to the lockdowns
implemented around the world. These measures led to the closure of
not only battery recycling stations but also the industries that
require the metal, including automotive and consumer electronics.
This led to curtailed battery recycling activities and a lower
demand for the various salvaged materials.
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In the coming years, the lithium–cobalt oxide (LCO) category is
expected to generate the highest revenue for the lithium-ion
battery recycling market, on the basis of battery type. LCO
batteries have a long operational duration, high performance, high
discharge voltage, and high energy density, which leads to their
high-volume usage. Essentially, their high adoption in consumer
electronics results in a large number of them reaching the end of
their life and being recycled.
The automotive category will witness the highest CAGR in the
lithium-ion battery recycling market in the years to come, based on
end user. With the burgeoning EV sales, the demand for lithium-ion
batteries is growing. But, as lithium reserves are limited and
their mining has a detrimental environmental impact, automakers are
opting for recycled battery materials, rather than batteries with
freshly mined lithium and other metals.
The major factors behind the growth of such activities are:
- Booming EV Sector: Due to the rising levels of greenhouse gases
(GHGs) in the atmosphere, governments around the world are
promoting electric vehicles (EVs). Further, the adoption of
lithium-ion batteries in such automobiles is growing on account of
the former's dropping costs, higher energy density, longer life,
lower weight, environment-friendliness in disposal, and extended
driving range.
- Limited Lithium Availability: The limited availability of
lithium is the biggest driver for the lithium-ion battery recycling
market due to the rising demand for this metal in EV and consumer
electronics batteries. Moreover, the mining of lithium is harmful
to the environment as it requires a lot of water and the metal
often leeches into waterbodies, thus contaminating them. Hence, to
meet the increasing requirement for this metal without putting a
strain on the environment, a rising number of lithium-ion batteries
are being recycled.
Browse detailed report on Li-Ion Battery Recycling Market
Analysis and Growth Forecast to 2030
Asia-Pacific (APAC) held the
largest share in the lithium-ion battery recycling market in the
past, and it will keep doing so in the near future. Being the
largest consumer electronics and EV manufacturer, the demand for
lithium and other associated battery materials is the highest here.
Government initiatives are propelling EV sales, while the rising
disposable income is driving the adoption of consumer electronics.
Thus, the escalating demand for battery materials is resulting in
the increasing recycling and salvaging activities.
The most-prominent companies in the global lithium-ion battery
recycling market are ACCUREC-Recycling GmbH, Li-Cycle Corp.,
American Manganese Inc., Neometals Ltd., RECUPYL S.A.S., Batrec
Industrie AG, Retriev Technologies, Hunan Brunp Recycling
Technology Co. Ltd., Umicore Group, and Ganfeng Lithium Co.
Ltd.
Browse More Related Reports
Li-Ion Battery Market - Geographically,
North America and the Asia-Pacific region will dominate the
lithium-ion battery market in the coming years. This is credited to
the existence of several established market players and the growing
use of lithium-ion batteries in various portable electronic
devices, uninterrupted power supply (UPS) systems, and electric
vehicles in the region.
Automotive Lithium-Ion Battery Market -
Geographically, the automotive Li-ion battery market is being
dominated by the Asia-Pacific
region in the past, owing to the increasing sales and production of
electric vehicles in China. The
country accounted for about 80% share of the regional market in
2018.
Anode Material for Automotive Lithium-Ion Battery
Market - Globally, the Asia-Pacific (APAC) region adopted the highest
quantity of anode material for automotive Li-ion batteries in 2019,
and it is expected to be the largest consumer in the coming years
too. This can be owed to the widescale adoption of EVs in
China, on account of the favorable
government policies, infrastructural support, such as for charging
station installation, subsidies and incentives, and investments in
the EV industry.
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