“The Global Lithium-Ion Battery recycling market is expected to grow at a CAGR of 22% during the forecast period (2021-2028).”
Lithium-ion battery is a type of rechargeable battery which are in popular demand for portable electronics, electric vehicles and in aerospace applications, etc. Recycling can recover nearly 25-95 percent of the lithium-ion cell’s material, depending on the type of technology used for the separation. Hydrometallurgical process, pyro-metallurgy and other mechanical processes, are used to achieve recycling.
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The market is expected to be driven by increasing adoption and investment in the development of electric vehicles by various manufacturers around the world.
The global lithium-ion battery recycling market is being driven by increasing adoption and investment in the development of electric vehicles by various manufacturers around the world. Motivated by growing environmental concerns as well as oil’s limited supply, the automotive industry has continued to develop various alternative fuel vehicles. Battery electric vehicles (BEVs) are among the most common and widely used non-petroleum-based solutions. According to the International Energy Agency, sales of electric vehicles surpassed 2.1 million globally in 2019, surpassing the previous year’s record of 7.2 million electric vehicles. In 2019, electric cars accounted for 2.6 percent of global car sales and about 1 percent of global car stock, representing a 40 percent year-on-year increase. As a result, this growing demand for electric vehicles presents a significant waste-management challenge for recyclers at the end of their useful life. According to industry analysts, the world will produce 11 million metric tons of used Li-ion batteries per year by 2030. Electric vehicle batteries use a lot of plastics, rare minerals, and metals. Because raw materials such as cobalt or lithium are difficult to obtain, most businesses have implemented methods to recycle lithium-ion batteries, thereby increasing the market for Li-ion battery recycling during the forecast period. The limited availability of Lithium also calls for increased recycling of Lithium-Ion batteries.
By Battery Chemistry
Lithium-Manganese Oxide (LMO)
Lithium-Nickel Manganese Cobalt (NMC)
Lithium-Iron Phosphate (LFP)
Lithium-Titanate Oxide (LTO)
Lithium-Nickel Cobalt Aluminum Oxide (NCA)
The Middle East and Africa
The lithium-ion battery recycling market is highly fragmented and competitive, with a large number of local and international companies present. Umicore SA, Glencore PLC, GS Yuasa Corporation, Brunp Recycling, Storage Battery System, International Metals Reclamation Company, Retriev Technologies, Taisen Recycling, TES-Amm, and Duesen are some of the key players contributing to the market’s growth.
The major players are pursuing various growth strategies, such as product launches, acquisitions, and collaborations, which are contributing to the global growth of the Li-ion battery recycling market. In October 2018, for example, TES acquired Recuply SAS, a leading provider of battery recycling services in France and Europe. The acquisition is intended to hasten TES’s entry into the European region’s battery processing market.