Reliable Data You Can Trust
Reliable Data You Can Trust
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.
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.
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.
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.
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.
Please Choose One of them.