“Lithium-ion Battery Recycling Market is projected to grow from USD 4.6 billion in 2021 to USD 22.8 billion by 2030, at a CAGR of 19.6% during the forecast period 2021-2030. The rising demand for electric vehicles to control the increasing pollution levels has spurred the consumption of lithium-ion batteries. Since these have lower self-discharge rates than other rechargeable cells such as Ni-Cad and NiMH, they offer high energy and power density and are thus used in various applications, from cellular phones, and industrial equipment, to electric-drive vehicles.
This report also provides a comprehensive analysis of the companies listed below:
Umicore (Belgium), Glencore International AG (Switzerland), Retriev Technologies Inc. (US), Raw Materials Company Inc. (RMC) (Canada), American Zinc Recycling (US), American Manganese Inc. (Canada), SITRASA (Mexico), Li-Cycle Corp. (Canada), Neometals Ltd (Australia), Metal Conversion Technologies (MCT) (US), TES (Singapore), Fortum (Finland), GEM Co., Ltd (China), Contemporary Amperex Technology Co. Ltd (CATL) (China), Duesenfeld GmbH (Germany), and Accurec-Recycling GmbH (Germany)
Impact of Covid-19 on Lithium-ion Battery Recycling Market
Due to the outbreak of COVID-19, most of the markets are declining and non-essential production units are facing temporary shutdowns in phased manners. The lithium-ion battery recycling market has also been negatively impacted due to COVID-19 as the manufacture and consumption of lithium-ion batteries have reduced to a higher extent than expected in the short-term due to multiple lockdowns imposed by various countries in response to the second and third waves of the pandemic. Electric vehicle being one of the major end-use industries of lithium-ion batteries has faced the adverse impact of COVID-19 which is projected to slightly affect the lithium-ion battery recycling market. Major electric vehicle battery manufacturers such as LG Chem and Panasonic which have battery manufacturing plants in China were significantly affected during the first half of 2020. All these factors are projected to impact the lithium-ion battery recycling market during the forecast period across the globe.
Umicore is a global material technology and recycling group. In December 2019, Umicore and Audi AG (Germany) collaborated in a closed-loop sustainable battery recycling pilot project. The recovered cobalt and nickel produced are employed in the production of new battery cells. The collaboration is expected to lead to the retrieval of precious resources and reduction of CO2 emissions. This development is leading to the retrieval of precious resources and reduction of CO2 emissions.
Another important player in the lithium-ion battery recycling market is Raw Materials Company Inc. (RMC). In November 2019, Raw Materials Company Inc. (RMC) entered a partnership with Call2Recycle, Inc. (US) to enhance the collection and recycling of used consumer batteries across Ontario (Canada). Under this partnership, the two parties offer residents, businesses, and municipalities of Ontario increased access to battery collection and recycling. This partnership aided both companies in establishing an efficient producer responsibility program to enhance consumer drop-off locations for spent batteries. The partnership also results in the augmentation of collection and recycling consumer batteries across Ontario.
Lithium-titanate oxide (LTO) battery chemistry is projected to grow at the highest CAGR during the forecast period
Based on chemistry, the lithium-titanate oxide (LTO) battery chemistry is projected to grow at the highest CAGR between 2021 and 2030. Lithium-titanate is an off-white powdered compound containing lithium and titanium. The high growth of lithium-titanate oxide (LTO) battery chemistry segment is due to its advantageous features such as stability, power density, long life cycle, and high performance.
The automotive segment is expected to dominate the end-use lithium-ion battery recycling market during the forecast period
Based on end-use, the automotive segment is expected to dominate the lithium-ion battery recycling market during 2021 to 2030. The average lifetime of LIBs used in the automotive end-use is approximately 7-8 years which can result in over 11 million tons of spent lithium-ion batteries being discarded by 2030 (Kochhar). This has led to the rising need for sound lithium-ion battery recycling for the recovery of precious metals from these spent batteries such as cobalt, nickel, and others.
The industrial segment is projected to be the largest in the non-automotive lithium-ion battery recycling market
Based on end-use, industrial is projected to be the largest segment in the non-automotive lithium-ion battery recycling market from 2021 to 2030. Europe is projected to be one of the largest markets, in terms of value, by 2030, for the industrial segment in the non-automotive end-use. Lithium-ion batteries are emerging as a viable alternative to valve-regulated lead-acid batteries (VRLA) in data centers. Various lithium-ion batteries used in data centers have been used and vetted in electric and hybrid automobiles.
Asia Pacific region is projected to grow at the highest CAGR in the lithium-ion battery recycling market during the forecast period
The lithium-ion battery recycling market in the Asia Pacific region is projected to grow at the highest CAGR from 2021 to 2030. Asia Pacific region comprises of key countries such as Japan, China, India, and South Korea. The rising demand for vehicles and environmental regulations are leading to the growth of the Asia Pacific market. The increasing pollution levels in emerging economies such as China and India are among the factors expected to drive the Asia Pacific market during the forecast period.