The growing demand for electric vehicles due to the increase in urbanization has led to an increase of lithium battery usage. The increasing usage has also led to potential initiatives being taken by the government for the effective disposal and recycling of the batteries. The Lithium-ion Battery Recycling Market has several key players driving the market dynamics. With an enhanced growth rate of 19.67% of CAGR in its forecast period, the market has a forecast period from 2021 to 2030.
The market is predicted to acquire a substantial global value in its forecast period. The market stood at a global rate of $4.6 billion at the beginning of its forecast period. By the end of 2030, the market is expected to stand at $22.8 billion. There have been increasing concerns about the environmental issues that are causing by the day. Operating conventional vehicles with fuels and diesel has been degrading the environment.
The usage of lithium-ion battery-embedded vehicles has not only reduced the effects on the environment but has also led to all sorts of cost management. This also comes with several advantages, like energy saving and cost control. Factors like such have contributed to enhancing the growth and development of the Lithium-ion Battery Recycling Market. The lithium-ion batteries are found to be way too low maintenance, and they do not require large cost for maintenance charges.
However, the outbreak of the global pandemic had a restraining effect on the growth and development of the Lithium-ion Battery Recycling Market. The manufacturing and the production of the raw materials were temporarily kept on halt due to the restrictions imposed by the government. The import and export of the raw material were hampered, leading to the manufacturers and the retailers suffering from losses. Apart from this, other factors like the hazardous chemical composition of the batteries shifted the consumers’ interest away from the market dynamics. The residual charge holds a large part of the battery composition, as a result of which the drivers are always at the risk of being injured due to unplanned and imbalanced discharge.
Despite the restraining and the driving factors, the market is predicted to have healthy growth in its forecast period.
The Lithium-ion Battery Recycling Market is majorly segmented into the end use and the battery chemistry division.
By end use, the market is fragmented into automotive and non-automotive industries. The market is again segmented into lithium iron phosphate, lithium manganese oxide and lithium titanate oxide, along with lithium nickel cobalt aluminum oxide based on its battery chemistry.
Regional Analysis
The market is broadly dominated by the parts of India, China and Japan in Asia-Pacific. Other parts of the geographical dominance of the Lithium-ion Battery Recycling Market include Africa, North America and Europe.
Recent Developments
The Lithium-ion Battery Recycling Market has several key players like DOWA ECO-SYSTEM Co., Ltd. (Japan) and Contemporary Amperex Technology Co. Ltd (CATL) (China) functioning in the market dynamics.
· In Jan 2020: Li-Cycle Corp. came into a legal agreement with Ultium Cells LLC and created a joint venture. This collaboration targeted recycling as much as 100% of the total lithium component from a vehicle.
· International Metals Reclamation Company (INMETCO)
· American Manganese Inc.
· Sitrasa
· Li-Cycle Corp.
· Neometals Ltd
· Recupyl Sas
· Tes-Amm Singapore Pte Ltd
· Fortum OYJ
· GEM Co. Ltd
· Tata Chemicals Limited
· Onto Technology LLC
· Lithion Recycling Inc.
· Ecobat Technologies Ltd.
· Battery Recycling Made Easy (BRME)
· Euro Dieuze Industrie (E.D.I.)
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