Global 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)); By Technology (Hydrometallurgical Process, Pyrometallurgy Process, Physical/Mechanical Process); By End User (Automotive, Marine, Power, Industrial and Others) and Region - Global Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecasts to 2030
Lithium-ion battery is a rechargeable battery that is used in electric vehicles and portable electronics. Lithium-ion battery consists of three functional elements- positive electrodes, the negative electrode, and electrolyte. The negative electrode is made from carbon. The positive electrode is composed of metal oxide. The electrolyte is a lithium salt in the organic solvent. Lithium-ion battery differs based on performance, price, and chemistry. Battery recycling means to lessen the number of batteries being thrown as waste. Recycling enables the reduction of material going into landfills. Lithium-ion batteries include valuable metals such as cobalt and nickel and to avoid the shortage of these metals recycling process of lithium ions battery is needed. Recycling of lithium-ion batteries can be undertaken by several technological procedures such as the pyro-metallurgy process, hydrometallurgical process, and other mechanical processes. Automotive, power generation, marine, electricity is some of the industries using lithium-ion batteries.
Global Lithium-Ion Battery Recycling market to surpass USD 27.7 billion by 2030 from USD 1.72 billion in 2020 at a CAGR of 32.06 % throughout the forecast period, i.e., 2021-30. Global Lithium-Ion Battery Recycling market is expected to observe growth in the future owing to its diversified application in different industries such as the automotive and electricity industry. As they are highly efficient, durable, and low maintenance their demand for electric vehicles and portable devices is mounting which is expected to grow the lithium-ion battery recycling market.
In June 2019 Lithion Recycling took part in the 19th edition of the Advanced Automotive Battery Conference (AABC) at San Diego, California which was organized from 24 – 27 June 2019. with this, the company attempts to expand its lithium-ion battery recycling service in the market.
In September 2019, Umicore and LG Chem Ltd. signed a multi-year strategic supply agreement with LG Chem Ltd to supply 1,25,000 metric tons of nickel, manganese, and cobalt cathode materials for lithium-ion batteries
Global Lithium-Ion Battery Recycling market is segmented by battery chemistry into lithium-nickel manganese cobalt (Li-NMC), lithium-iron phosphate (LFP), lithium-manganese oxide (LMO), lithium-titanate oxide (LTO), lithium nickel cobalt aluminum oxide (NCA). Lithium-nickel Manganese Cobalt segment held the largest market share of XX.X% in the year 2020 and is expected to dominate the global market throughout the forecast period. Owing to the increasing demand for lithium nickel manganese cobalt batteries in electric powertrains, power tools-bikes are expected to drive the market. Additionally, Li-NMC is used for mobile electronics such as laptops, smartphones.
Global Lithium-Ion Battery Recycling market is segmented by end-user into automotive, marine, power, industrial, and others. The Automotive Industry segment held the largest market share in the year 2020 and is expected to maintain this trend throughout the forecast period. The demand for electric vehicles is rising and as a result of that the lithium-ion batteries recycling is mounting as the availability of lithium metal is limited. The recycled matter is used in the manufacturing of batteries.
One of the important factors driving the lithium-ion battery recycling market is the limited availability of raw materials such as nickel, cobalt, and aluminum. There are no other alternatives of lithium as efficient as them owing to which the recycling of lithium-ion batteries is becoming more common. Furthermore, the mining of lithium causes a harmful impact on the environment including water pollution on account of the leakage of chemicals into the water.
Lithium-ion batteries are widely used in mobile phones, laptops, tablets due to which the market for lithium-ion battery recycling is anticipated to boost. With the expansion of the electrical & electronics sector, the demand for lithium-ion batteries is increasing. besides meeting the increasing demand for batteries by consumers the available reserves of the metal are insufficient due to which the lithium-ion batteries market is projected to grow.
Higher costs involved in Lithium-ion batteries recycling are the major key factor restraining the growth of the global Lithium-ion batteries recycling market. A large investment is needed to set up the industry.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis.
Global Lithium-Ion Battery Recycling market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.
Global Lithium-Ion Battery Recycling market in Asia Pacific held the largest market share in the year 2019. Higher investment in the advancement of electric vehicles is projected to expand the market in this region. Moreover, environmental concerns and stringent regulations of government regarding it, the recycling of lithium-ion batteries is increasing.
Lithium-Ion Battery Recycling Market Segments:
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