Press release
Global Lithium-Ion Battery Recycling Market Predicted to Witness Rapid Growth till 2030
One of the biggest factors propelling the need for the recycling of lithium-ion (Li-ion) batteries is the limited availability of lithium across the world. Due to the large-scale leakage of chemicals into the water supply, the wide-scale mining of lithium has caused extreme levels of water pollution in several regions. Moreover, there has been a huge increase in environmental degradation over the last few years, due to the mining of lithium, and this has caused the governments of numerous countries to reduce the mining of this material.Get a sample copy of the market analysis: https://www.psmarketresearch.com/market-analysis/lithium-ion-battery-recycling-market/report-sample
The other major factor fuelling the surge in the recycling of Li-ion batteries is the fact that there are no substances which can provide similar functional characteristics to the metal. Driven by these factors, the global lithium-ion battery recycling market attained a valuation of $165.3 million in 2019. The market is expected to register a CAGR of 18.3% during the forecast period (2020-2030). Such energy storage devices are replacing the conventional sealed lead-acid (SLA) variants in automobiles, whereas they are also finding increasing adoption in the power sector.
The various types of recycled Li-ion batteries used throughout the world are lithium-cobalt oxide (LCO), lithium-nickel-manganese-cobalt oxide (NMC), lithium-nickel-cobalt-aluminum oxide (NCA), lithium-ion-manganese oxide (LMO), and lithium-iron phosphate (LFP). Amongst these, the recycled LCO batters are expected to observe the highest rate of adoption in the coming years. This is mainly ascribed to the fact that these batteries are extensively used in portable consumer electronics, such as laptops, tablets, and smartphones, owing to their various benefits, including high-voltage discharge, longer life span, and high energy density.
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Asia-Pacific (APAC) is predicted to observe the highest usage of recycled Li-ion batteries and salvaged materials in the years to come. This is primarily credited to the ballooning demand for EVs in Vietnam, China, Indonesia, and the Philippines. In addition to this, this region is home to many major battery recycling companies which is boosting the availability of various salvaged materials, such as manganese, cobalt, and nickel here. The other major factor propelling the growth of the lithium-ion battery recycling market in APAC is the rising usage of such batteries in the electrical and electronics industry in the region.
The major players in the global lithium-ion battery recycling market are ACCUREC Recycling GmbH, American Manganese Inc., Li-Cycle Corp, Neometals Ltd., Batrec Industrie AG, RECUPYL S.A.S., Retriev Technologies, Umicore Group, Hunan Brunp Recycling Technology Co. Ltd., Ganfeng Lithium Co.Ltd., American Zinc Recycling (Inmetco), ANHUA TAISEN RECYCLING TECHNOLOGY CO. LTD., AkkuSer Oy, Chemetall GmbH, Dowa Eco-System Co. Ltd., Fortum Corporation, Foshan Nanhai Brunp Nickel & Cobalt Technology Co. Ltd., G&P Batteries, GEM Co. Ltd., Glencore plc, JX Nippon Mining & Metals Corp., Lithion Recycling, Lithium Australia NL, Quzhou Huayou Cobalt New Material Co. Ltd., Redux Recycling GmbH, REVATECH SA, San Lan Technologies Co. Ltd., Shenzhen Green Eco-Manufacturer Hi-Tech Co. Ltd., SNAM, Sony and Sumitomo Metals Corporation, Stiftung GRS Batterien, TES (Singapore) Pte Ltd., and TOXCO Inc.
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