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Lithium-ion Battery Recycling Market (Battery Type - Lithium Cobalt Oxide(LiCoO2) — LCO, Lithium Manganese Oxide (LiMn2O4)— LMO, Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) — NMC, Lithium Iron Phosphate(LiFePO4) — LFP, Lithium Nickel Cobalt Aluminum Oxide (LiNiCoAlO2) — NCA, and Lithium Titanate (Li2TiO3) — LTO; Recycling Process - Pyrometallurgy (smelting), Hydrometallurgy (leaching), and Direct Recycling (physical Processes); Industry - Power, Automotive, Marine, Electrical, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : June, 2021

  • Rep Id : AT00227

  • Category : Automotive, Aerospace & Defence

  • Status : Published

A recent report published by Infinium Global Research on lithium-ion battery recycling market provides in-depth analysis of segments and sub-segments in the global as well as regional lithium-ion battery recycling market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional lithium-ion battery recycling market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global lithium-ion battery recycling market. According to the report, the global Lithium-ion Battery Recycling Market was nearly worth USD 1.2 billion in 2020 and is expected to reach over USD 8 billion by 2026, growing with a CAGR of 37% over the forecast period of 2020-2026.

 

Market Insight

Lithium-ion Batteries are considered safe and have minimal hazardous effects on the environment. They are easily recyclable and reusable. Lithium-ion batteries have a complex structure and thus need to be recycled cautiously. The recycling of these batteries allows the recovery of metals and components that can be reused. While recycling also guarantees the safe disposable of spent Lithium-ion batteries.  There are many methods of recycling Lithium-ion batteries but three basic recycling process types are Pyrometallurgy (smelting), Hydrometallurgy (leaching), and Direct Recycling (physical processes). The components recovered after recycling can be used in the manufacturing of new batteries and thus lower the manufacturing cost of new batteries. This also reduces dependence on the mining of new raw materials thus benefiting both economically and environmentally.

 

The COVID-19 pandemic severely affected the lithium-ion battery recycling market. The restrictions made it impossible to transport the spent lithium-ion batteries to offshore facilities for recycling. Also, the recycling facilities were closed as restrictions were imposed. The recycling process wasn’t considered an essential service and therefore facilities were closed for some time. Due to the halting of recycling facilities the stock of spent lithium-ion batteries started piling up thus creating logistical and storage problems. The supply chains were also disrupted. Therefore the demand in the market declined temporarily. As the restrictions are being eased and lockdowns are lifted the recycling facilities have substantially started to increase their recycling capacity. The transportation and supply chains are also normalizing.

 

The demand has grown dramatically for Lithium-ion batteries from end-user industries such as automotive, electronics, electrical, and others. The advent of EV vehicles and power generation through solar cells has greatly catapulted the demand for lithium-ion batteries. Therefore the lithium-ion batteries near the end of their life cycle have also seen a rise. Therefore this factor is majorly driving the market. Lithium-ion batteries need to be decommissioned after 10-20 years. The rate of recycling of lithium-ion batteries is growing tremendously. The companies are expanding their capacity to recycle lithium-ion batteries as the volume of spent lithium-ion batteries is increasing. According to International Energy Agency, 11 million metric tons of lithium-ion batteries are expected to reach the end of their life cycle by 2030. Thus the volume of spent batteries is expected to rise tremendously. Stringent government regulations are another factor that is majorly driving the market. Safe disposable and recycling of lithium-ion batteries are being made mandatory by several governments through stringent laws and policies around the world. The factor that is restraining the market is the high cost associated with the recycling processes. These recycling facilities are only available in select locations and specialized equipment and people with skill sets are required for recycling. Thus their cost is very high. New technological advancements such as new cost-effective recycling processes are being introduced by various companies in the market. Thus, new opportunities are set to arise.

 

North America is expected to hold the largest share of the market. Asia-Pacific is expected to be the leading region in the market with its high growth rate. North America region is experiencing a boom in the manufacturing of EV vehicles. Also, the solar energy industry is rapidly growing in the region. Therefore over the period of time, the number of spent lithium-ion batteries is set to increase. Stringent government regulations and advanced recycling facilities are facilitating the growth of the market in the region. Asia-Pacific is also seeing a tremendous rise in the production of EV vehicles. The number of companies offering recycling services is also increasing in the region. 

 

Segment Covered

The report on global lithium-ion battery recycling market covers segments such as battery type, recycling process, and industry. On the basis of battery type, the sub-markets include lithium cobalt oxide (LiCoO2) — LCO, lithium manganese oxide (LiMn2O4) — LMO, lithium nickel manganese cobalt oxide (LiNiMnCoO2) — NMC, lithium iron phosphate (LiFePO4) — LFP, lithium nickel cobalt aluminum oxide (LiNiCoAlO2) — NCA, and lithium titanate (Li2TiO3) — LTO. On the basis of recycling process, the sub-markets include pyrometallurgy (smelting), hydrometallurgy (leaching), and direct recycling (physical processes). On the basis of industry, the sub-markets include power, automotive, marine, electrical, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Li-Cycle Corp., Umicore Group, American Manganese Inc., ACCUREC Recycling GmbH, Neometals Ltd, Ganfeng Lithium Co. Ltd., RECUPYL S.A.S., Retriev Technologies, GlencorePlc, and OnTo Technology, LLC.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of lithium-ion battery recycling market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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