The growing demand for electric vehicles across the world due to the environmental concern such as global warming, carbon emission, etc. along with the use of lithium-ion in other electronics such as laptops, phones, and watches with other propels the demand for the lithium-ion battery which in turn increase the demand for the li-ion battery recycling. With the increasing use of li-ion batteries in different applications such as automotive, electronics, and industrial with other staggering demand for li-ion batteries across the globe, it is anticipated that the global lithium-ion battery recycling market will expand steadily owing to increasing demand. The government incentives and support for the battery recycling plant will propel the market in the coming time. In an effort to reduce harmful environmental effects, efficient waste management and the recovery of precious minerals and metals from batteries are both vital.
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The Li-ion
Battery Recycling Market is expected to grow at a steady rate of around 20% during
the forecast period (2022-2028) owing to the rising demand for UPS systems
in commercial infrastructure and the rising popularity of electric vehicles
coupled with the growing adoption of li-ion batteries for the second-life
purpose attributed to the greater energy storage capacity. Also, the growing demand for electronic devices
around the world is expected to support market growth. For instance, in 2020,
there are approximately 78 percent of the population of the world uses
smartphones, and as per a Forbes report there are approximately 300-310 million
new laptops were sold in the year 2019.
According to UnivDatos Market Insights (UMI)’ research report “Global
Li-ion
Battery Recycling Market”, the market is expected to witness robust
growth during the forecast period (2022-2028). This is
mainly due to the growing adoption of used batteries for the second life purpose.
Based on battery
chemistry, the market is
segmented into lithium-nickel-cobalt-aluminum oxide,
lithium-nickel-manganese-cobalt, lithium-titanate oxide, lithium-manganese
oxide, and lithium-iron-phosphate. The lithium-nickel-manganese-cobalt segment
is expected to show higher market growth in the forecasted period owing to
higher energy retention time compared to the other segment. The LNMC batteries
have a longer life span than the other four types. In lithium-nickel-manganese-cobalt batteries,
nickel hydroxide is used as the active material for the cathode which is mainly
used for the hybrid electric vehicle. In these batteries the cathode
combination ratio of the nickel is 60%, for manganese, it is 20% and for
cobalt, it is 20% respectively which significantly lowers the overall cost of
the batteries.
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Based on the end users,
the market is categorized into the
automotive and non-automotive segments. The automotive sector has shown
significant growth over the last few years and would remain the same during the
forecast period owing to the increasing demand for the EV across the globe and
government incentives for electric vehicles. Moreover, the rising awareness of
the individual toward cleaner fuel and cost-effectiveness of the EV propels the
demand for the EV and in turn which increase the demand for lithium-ion
batteries. For instance, according to the IEA, the demand for the li-ion
battery has doubled and reached approximately 340 GWh for the year 2021
compared to 160 GWh for 2020, globally.
North America to witness extensive growth
For a better understanding of the market
adoption of the li-ion battery recycling industry, the market is analyzed based
on its worldwide presence in the countries such as North America (U.S., Canada,
Rest of North America), Europe (Germany, U.K., France, Rest of Europe),
Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North
America is anticipated to grow at a substantial CAGR during the forecast
period. This is mainly due to the increasing demand for electric vehicles
coupled with the increasing demand for li-ion batteries in the second life
application and government support and regulation in the region. Additionally,
it is anticipated that the presence of important recyclers such as
Call2Recycle, Aqua Metals, Enersys, and Battery Solutions, Inc. will fuel
demand during the forecast period along with the rising demand for UPS systems
in commercial infrastructure and the rising popularity of electric vehicles.
Due to an increase in foreign investment, Central and South America is
predicted to experience significant market expansion. For instance, the
Cochrane Coal-fired Power Plant in Chile had a sizable lithium-ion battery
storage system installed by GS Yuasa Corporation in 2017. During the projected
period, large-scale passenger and commercial vehicle production in Latin
America is anticipated to fuel lithium battery demand. The U.S has registered
significant growth in the demand for electric vehicles in the year 2021 which
in turn increases the overall market size for li-ion battery recycling in the
near future.
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According to UnivDatos Market Insights (UMI)’,
the key players with a considerable market share in the li-ion battery recycling
market are Ganfeng
Lithium Co. Ltd., American Battery Technology Company, Accurec Recycling GmbH,
Akkuser Oy, Duesenfeld GmbH, Fortum Corporation, Retriev Technologies Inc.,
Li-Cycle Corp., Neometals Ltd, and Umicore.
“Global
Li-ion
Battery Recycling Market” provides comprehensive qualitative and quantitative insights on
the industry potential, key factors impacting sales and purchase decisions,
hotspots, and opportunities available for the market players. Moreover, the
report also encompasses the key strategic imperatives for success for
competitors along with strategic factorial indexing measuring competitors’
capabilities on different parameters. This will help companies in the
formulation of go-to-market strategies and identifying the blue ocean for its
offerings.
Market Segmentation:
1. By
Battery Chemistry (Lithium-Nickel-Cobalt-Aluminum Oxide,
Lithium-Nickel-Manganese-Cobalt, Lithium-Titanate Oxide, Lithium-Manganese Oxide,
and Lithium-Iron-Phosphate)
2. By
Recycling Process (Pyrometallurgy Process, Hydrometallurgical
Process, and Physical/Mechanical Process)
3. By
Segment (Automotive and Non-Automotive)
4. By
Region (North America, Europe, Asia-Pacific, Rest of
the World)
5. By
Company (Ganfeng Lithium Co. Ltd., American Battery
Technology Company, Accurec Recycling GmbH, Akkuser Oy, Duesenfeld GmbH, Fortum
Corporation, Retriev Technologies Inc., Li-Cycle Corp., Neometals Ltd, and
Umicore)
Key
questions answered in the study:
1.
What are the current and future trends
of the global li-ion battery recycling industry?
2.
How the industry has been evolving in
terms of battery chemistry, recycling process, and end-users?
3.
How the competition has been shaping
across the countries followed by their comparative factorial indexing?
4.
What are the key growth drivers and
challenges for the global li-ion battery recycling industry?
5.
What is the customer orientation,
purchase behavior, and expectations from the global li-ion battery recycling suppliers
across various region and countries?
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