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Lithium-Ion Battery Recycling Market to Cross $38.21 Billion by 2030

08-11-2021 03:25 PM CET | Energy & Environment

Press release from: Allied Market Research

Lithium-Ion Battery Recycling Market

Lithium-Ion Battery Recycling Market

Lithium-ion batteries are rechargeable in nature, with high energy density. These batteries are majorly used in portable electronic devices, electric vehicles, and other industrial energy storage purposes. After the end of battery life cycle most lithium-ion batteries are disposed in landfills. It is important to recycle them to further reduce environmental pollution caused by these hazardous batteries. However, battery recycling is previously considered as a legislative activity; however, it is nowadays a more profitable way to recover metals through recycling of various batteries including lead acid, lithium-ion, and nickel metal hydride.

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The global lithium-ion battery market is anticipated to witness rapid growth, owing to increase in use of various automobiles such as electric & hybrid vehicles, which, in turn, is anticipated to fuel growth of the lithium-ion battery recycling market in upcoming years. Currently, there are established patented recycling methods that are available in the market. Therefore, battery recycling is done by patented methods of individual manufacturers or other organizations.

On the basis of source, the electronics segment held the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to rise in dependence on highly efficient power sources in smartphones, laptops, digital cameras, and other electronics devices.

On the basis of recycling process, the hydrometallurgical process segment held the largest share, in terms of revenue, and is expected to grow at a CAGR of 39.7%. This is attributed to advantages associated with hydrometallurgical recycling process such as treatment of low-grade materials, easy control of waste, low energy consumption, and lithium & aluminum recyclability compared to other battery recycling processes.

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On the basis of enduse, the non-automotive fired segment held the largest share, in terms of revenue, and is expected to grow at a CAGR of 39.7%. This is attributed to rise in demand for second life application of lithium-ion batteries in consumer electronics devices such as laptops, digital cameras, and smartphones that do not require longer battery life compared to electric vehicles and industrial applications.

The global lithium-ion battery recycling market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include Ganfeng Lithium Co., Ltd., American Battery Technology Company, Accurec Recycling GmbH, Akkuser Oy, Duesenfeld GmbH, Li-Cycle Corp., Fortum Corporation, Retriev Technologies, Inc., Lithion Recycling, Inc., and Umicore.

COVID-19 impact on the market

The global lithium-ion battery recycling market has witnessed steady growthin 2020, owing to the outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries and countries,thereby decreasing manpower across the globe,which, in turn, decreased consumer spending andthus, decreased demand for electronics, automotive, and other products. However, owing to lockdown imposed across the globe, there isa supply-demand gap, which resulted in halt in supply for equipment or batteries used in recycling processes. In Europe, economies, such as Germany, France, Spain, and Italy, are following stringent measures, such as maintaining social distance and limiting movements to prevent spread of coronavirus. Moreover, such safety measures have been witnessed across the globe, which further impacted the global lithium-ion battery recycling market growth.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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