Lithium-Ion Battery Recycling Market to Advance at a CAGR of 18.3% during 2020–2030

Growth factors like finite resources of lithium and rising preference for electric vehicles (EVs) are projected to propel the lithium-ion battery recycling market growth, with a CAGR of 18.3%, during the forecast period (2020–2030). In addition to the limited amount of lithium, along with mining leads to water pollution due to leakage of chemicals in water sources, recycling of battery is becoming prevalent as there is no alternative substance that has functional characteristics like lithium.

As for the segmentation of the lithium-ion battery recycling market, the categories under battery type segment include lithium– nickel–manganese–cobalt oxide (NMC), lithium–nickel–cobalt–aluminum oxide (NCA), lithium-ion–manganese oxide (LMO), lithium–iron phosphate (LFP), and lithium–cobalt oxide (LCO). Out of these, the LCO category is expected to display the largest share in the market during the forecast period, owing to the widening application of LCO batteries in portable consumer electronics like tablets, mobile phones, and laptops. These batteries offer benefits such as long life, high-energy density, and high-voltage discharge.

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Globally, the Asia-Pacific (APAC) lithium-ion battery recycling market will account for the largest share in coming years, due to the surging popularity of EVs in Indonesia, China, the Philippines, and Vietnam. Further, the presence of some of the major players in the region will add to the revenue share of the regional market. Their presence leads to the easy availability of salvaged materials like lithium, cobalt, nickel, and manganese.

Additionally, the expanding electrical and electronics sector in APAC will propel the growth of the market during the forecast period.
To gain a competitive edge, players operating in the lithium-ion battery recycling market are taking strategic measures, such as mergers and acquisitions, to assimilate technical expertise and broaden their portfolios. Keeping up with the market trend, in January 2020, Fortum Oyj acquired CrisolteQ, a Finland-based firm engaged in salvaging of precious materials and recycling of lithium-ion batteries. Through this acquisition, Fortum Oyj aspires to strengthen its place in the European market.

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Similarly, in March 2020, BASF SE, Nornickel, and Fortum Oyj came together to establish a lithium-ion battery recycling cluster in Harjavalta, Finland, to adhere to the increasing demand for energy storage devices from the automobile industry. Some of the other players in the industry include TOXCO Inc., G&P Batteries, JX Nippon Mining & Metals Corp., Ganfeng Lithium Co. Ltd., TES (Singapore) Pte Ltd., Shenzhen Green Eco-Manufacturer Hi-Tech Co. Ltd., Glencore plc., and Foshan Nanhai Brunp Nickel & Cobalt Technology Co. Ltd.

Thus, the scarcity of resources of lithium will lead to an increase in recycling of the metal that will further drive the market growth in future.

Contact:
Prajneesh Kumar
P&S Intelligence
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