One of the major factors contributing toward the rising trend of recycling of lithium-ion batteries is the limited availability of lithium on the planet. In addition to this, the environmental damage caused because of lithium mining is further boosting the adoption of recycling methods for lithium-ion batteries. Furthermore, the large-scale water pollution caused due to the leakage of the chemical from industries into the water bodies and the lack of alternative substances that can provide the same functional characteristics as lithium are boosting the growth of the lithium-ion battery recycling market.
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The increasing adoption of electric vehicles (EVs), on account of the rising pollution levels and global warming, is an important factor contributing toward the surging requirement of lithium across the world. This is mainly because of the widespread usage of the lithium-ion batteries in electric vehicles all over the world. Due to these factors, the global lithium-ion (Li-ion) battery recycling market attained a valuation of $165.3 million in 2019 and is expected to progress at a CAGR of 18.3% during the forecast period (2020—2030).
The largest end-users of lithium-ion batteries are electrical and electronics, power, and automotive industries. Amongst these, the automotive industry is expected to register the fastest growth in the lithium-ion battery recycling market during the forecast period, owing to the increasing incorporation of lithium-ion batteries in electric vehicles throughout the world. Moreover, many electric vehicle manufacturing companies are increasingly adopting recycled batteries in the EVs, because of the limited availability of lithium, thereby propelling the growth of the automotive industry in the lithium-ion battery recycling market.
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There are multiple types of lithium-ion batteries used across the world— lithium-cobalt oxide (LCO), lithium-iron-phosphate (LFP), lithium-ion-manganese oxide (LMO), lithium-nickel-cobalt-aluminium oxide (NCA), and lithium-nickel-manganese-cobalt oxide (NMC). Out of these, the LCO batteries are predicted to record the highest growth in the lithium-ion battery recycling market, in terms of value, during the forecast period, on account of their large-scale utilization in the electronics sector and in various portable consumer electronics devices such as laptops, tablets, and mobile phones.
Across the globe, the lithium-ion battery recycling market is expected to record the highest and fastest growth in the Asia-Pacific (APAC) region during the forecast period, primarily because of the ballooning popularity of electric vehicles in the Philippines, Indonesia, China, and Vietnam. In addition to this, the presence of many lithium-ion battery recycling companies in the region and a flourishing electrical and electronics sector in various APAC nations are expected to boost the progress of the lithium-ion battery recycling market in the region in the coming years.
Hence, it is clear that the recycling of lithium-ion batteries will surge across the world in the forthcoming years, primarily because of the declining availability of lithium and the increasing requirement of lithium-ion batteries in various industries.
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