Profiles of major market players operating in the global lithium-ion battery recycling market, which include Glencore International AG (Switzerland), Umicore (Belgium), Retriev Technologies Inc. (US), American Zinc Recycling (US), Raw Materials Company Inc. (RMC) (Canada), American Manganese Inc. (Canada), Li-Cycle Corp. (Canada), SITRASA (Mexico), Neometals Ltd (Australia), TES (Singapore), Fortum (Finland), GEM Co., Ltd (China), Metal Conversion Technologies (MCT) (US), Duesenfeld GmbH (Germany), Contemporary Amperex Technology Co. Ltd (CATL) (China)
Pune, India, Dec. 08, 2021 (GLOBE NEWSWIRE) -- The global lithium-ion battery recycling market was estimated to value USD 4.5 billion in 2021 and is projected to grow at a CAGR of 20.10% during the forecast period, according to new report published by Quince Market Insights. The increasing investments in electric vehicles (EV) is escalating the development of lithium-ion battery recycling market. Lithium-ion battery recycling is known to be the lesser toxic battery and is easy to reuse and recycle.
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The increase in the usage of lithium-ion batteries in several consumer products, the danger of explosion and their disposal has become very difficult, and thus, it becomes essential to recycle the lithium-ion batteries. The recycling of lithium-ion batteries could be done by several technological methods comprising hydrometallurgical process, pyro-metallurgy method, and other mechanical methods.
The surging applications of lithium-ion batteries in the end-use industries comprising marine, power generation, automotive among others, and eradication of toxic effects of metals used in batteries are the foremost factors propelling the market growth.
The surging recycling rate related to a lead-acid batteries, increase in emphasis on the lithium-ion battery and restricted availability of the metal is projected to boost the market growth in the forecast period.
The usage of lithium-ion batteries is high on account of several chemical properties, surging acceptance of electric vehicles across the globe, and initiatives taken by the government for financial support to EV buyers and manufacturers in the market.
However, high price associated with the lithium-ion batteries is anticipated to hamper the lithium-ion battery recycling market development. Also, safety problems concerning the transportation and storage of batteries are predicted to challenge the lithium-ion batteries recycling during the forecast period.
Lithium-Ion Battery Recycling Market, By Battery Chemistry
Based on battery chemistry the market is segmented into lithium-iron phosphate (LFP), lithium-nickel manganese cobalt (LI-NMC), lithium-manganese oxide (LMO), lithium-nickel cobalt aluminum oxide (NCA), and lithium-titanate oxide (LTO).
The lithium manganese oxide (LMO) segment is the fastest growing segment. The factors attributed to the growth of market include growth of batteries such as lithium NMC and lithium LMO is backed by the bulk replacement of several consumer electronic and the availability of several electric vehicle batteries.
Lithium-Ion Battery Recycling Market, By Recycling Process
Based on recycling process, the market is segmented into hydrometallurgical process, pyrometallurgy process, and physical/mechanical process.
The pyrometallurgy process is the fastest growing segment. The factors attributed to the growth of market include economic extraction procedure, and the ability to treat an extensive range of battery chemistries.
Lithium-Ion Battery Recycling Market, By Battery Component
Based on battery component, the market for lithium-ion battery recycling market is segmented into active material, non-active material.
The active material is the fastest growing segment. The factors attributed to the growth of market include high demand from end use industry segment such as electric vehicle, power etc.
Lithium-Ion Battery Recycling Market, By Application
Based on application, the market for lithium-ion battery recycling market is segmented into automotive, power, industrial, and marine.
The electronic segment is the fastest growing segment. The growth is attributed to numerous factors such as disassembling of large devices, improved profitability in recycling, and long-lasting battery installation in the several products.
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Lithium-Ion Battery Recycling Market, By Region:
There are five regions in the lithium-ion battery recycling market. Asia Pacific is anticipated to be the fastest growing segment in the forecast period, on account of increasing demand from end use industries such as automotive. In addition, the availability and presence of global brands and their challenges faced on account of huge competition from domestic and local brands.
COVID-19 Impact on the Lithium-ion Battery Recycling Market
The pandemic resulted in a temporary ban on export and import activities and processing and manufacturing activities across several industries, which decreased demand for the market from non-automotive and automotive end users. This has resulted in a decline in the growth of the market. On the other hand, the market is anticipated to recover by first quarter of 2021 as vaccination for COVID-19 started across the globe, which is anticipated to boost the market economy.
Some of the Key Developments in the Lithium-ion Battery Recycling Market
July 2021 - Lohum Cleantech (India), a lithium-ion battery recycling and manufacturer solutions provider declared its strategic plans to develop its recycling and manufacturing capacities. The company aims to extend the LIB output from 300 MWh to 1 GWh along with a ten-fold surge in recycling capabilities from 1,000 tons per annum (TPA) to 10,000 TPA in next two years.
June 2021 - BASF (Germany) stated that they will initiate construction of a new battery recycling prototype plant at the company’s cathode active materials (CAM) site in Schwarzheide, Germany. This company mainly aims to utilize the progressive solution and extract manganese, cobalt, nickel, and lithium from lithium-ion batteries reaching the exhaustion time.
October 2019 - Neometals Ltd. (Australia), contracted a memorandum of considerate (MoU) with Germany’s SMS Group GmbH to together fund and assess the next stage of growth on its registered lithium-ion battery recycling technology. On achievement of the pilot battery recycling trial, the organizations are planning to form a 50:50 joint undertaking to commercialize the technology.
Some Major Findings of the Global Lithium-ion Battery Recycling Market Report Include:
An in-depth global lithium-ion battery recycling market analysis by the segments, along with an analysis of trend-based insights and factors
Profiles of major market players operating in the global lithium-ion battery recycling market, which include Glencore International AG (Switzerland), Umicore (Belgium), Retriev Technologies Inc. (US), American Zinc Recycling (US), Raw Materials Company Inc. (RMC) (Canada), American Manganese Inc. (Canada), Li-Cycle Corp. (Canada), SITRASA (Mexico), Neometals Ltd (Australia), TES (Singapore), Fortum (Finland), GEM Co., Ltd (China), Metal Conversion Technologies (MCT) (US), Duesenfeld GmbH (Germany), Contemporary Amperex Technology Co. Ltd (CATL) (China).
Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global lithium-ion battery market
Impact of COVID-19 on the global lithium-ion battery recycling market
Browse key industry insights from the report, “Lithium-ion Battery Recycling Market, by Battery Chemistry (Lithium-Nickel Manganese Cobalt (LI-NMC), Lithium-Iron Phosphate (LFP), Lithium-Manganese Oxide (LMO), Lithium-Titanate Oxide (LTO), Lithium-Nickel Cobalt Aluminum Oxide (NCA)), Recycling Process (Hydrometallurgical Process, Pyrometallurgy Process, Physical/Mechanical Process), Battery Component (Active Material, Non-Active Material), Application (Automotive, Power, Industrial, and Marine), Region (North America, Europe, Middle East, and Africa, Asia Pacific, and South America) - Industry Trends and Forecast To 2030” in depth analysis along with the table of contents (ToC).
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