Lithium-Ion Battery Recycling Market to hit US$ 1,392.8 million, globally, by 2027 at 19.6% CAGR: The Insight Partners

Lithium-ion batteries are found in large proportions. They are becoming crucial among industries, including automotive, mining, and consumer electronics. Smartphones, cordless power tools, laptops, tablets, grid-energy storage, and electric vehicles are the prominent applications where lithium-ion batteries are used at a massive rate. Companies, such as Tesla and Envirostream, are taking necessary steps to promote lithium-ion batteries. For instance, in November 2020, Lithium Australia's subsidiary - Envirostream, has signed an agreement to supply SungEel HiTech, a South Korean firm, with metals to manufacture recycled batteries. Envirostream would provide energy metals-such as nickel, lithium, and cobalt-extracted from recycled lithium-ion batteries out of Australia to SungEel HiTech, who would later use these minerals to deliver environmentally sustainable technology projects. Similarly, Tesla boasts the largest lithium-ion battery at the Hornsdale site in South Australia. This project would contribute to improving the energy sector.

The Insight Partners published the latest research study on "Lithium-Ion Battery Recycling Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Technology (Lithium-Nickel Manganese Cobalt, Lithium-Iron Phosphate, Lithium-Manganese Oxide, Lithium-Titanate Oxide, and Lithium-Nickel Cobalt Aluminum Oxide) and Application (Automotive, Mining, Consumer Electronics, Industrial, and Power)," the market was valued at US$ 403.8 million in 2019 and it is projected to reach US$ 1,392.8 million by 2027; it is expected to grow at a CAGR of 19.6% from 2020 to 2027.

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The lithium-ion battery recycling market is broadly segmented into five major regions-North America, Europe, APAC, MEA, and SAM. Asia Pacific region held the largest share of the global lithium-ion battery recycling market. The region comprises several developing economies, such as China, India, and other southeast countries as well as developed economies, such as Japan. The government bodies in the region are taking initiatives to promote the use of electric vehicles with an aim to lower the harmful impact of gases, such as carbon dioxide, on the environment. China, Japan, and South Korea are among Asian countries using electric vehicles at a high rate. With the growing procurement of electric vehicles in Asian economies, the scope of lithium-ion batteries would proliferate, thereby influencing the scope of the lithium-ion battery recycling market as well.

North America is flourished with the footprints of lithium-ion battery recycling providers, which cater to a wide range of industries, from automotive to mining to consumer electronics to marine. The US is known for making continuous technological developments. Hence, it is adopting advanced technologies at an impressive rate. The scope of next-gen electric vehicles is booming in the US, which is anticipated to contribute toward the adoption of lithium-ion batteries.

Europe is another crucial market for the growth of the lithium-ion battery recycling market over the forecast period. As the region houses major automotive manufacturers, the scope of developing electric vehicles is high in the region. Germany, France, and the UK are prominent countries having the presence of key automotive manufacturers. This aspect is anticipated to contribute toward the production cycle of electric vehicles, thereby boosting the use of lithium-ion batteries.

The MEA and SAM are other regions where the energy and mining sector is growing at an exponential rate. This, in turn, is expected to boost market growth.

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Improper Disposal of Lithium-Ion Battery

The use of rechargeable lithium-ion batteries has become dominant in several applications, including consumer electronic products, electric vehicles, military, and industrial applications owing to advantages related to energy density and product durability. However, the high rate of consumer product disposal, small battery size, and absence of uniform disposal regulatory policy are significantly resulting in environmental pollution due to potentially toxic materials in these batteries. As per the Environmental Protection Agency, over three billion batteries are thrown each year in the US alone. Most of the lithium-ion batteries are disposed of as landfills. Lithium is not a heavy toxic metal; thus, the pressure on the disposal of these batteries is not too intense. However, in some instances, copper, cobalt, and nickel occur in substantial quantities. Also, in case of disposal of these batteries in large quantities in a limited area, many trace elements can possibly reach toxic levels. Unprofessional disposal of lithium-ion batteries can result in affecting the environment. With the rising concerns for environmental pollution, government and battery manufacturers are now more focused on considering the recycling of these batteries. This, in turn, is bolstering the growth of the Lithium-Ion Battery Recycling market.

The Global Lithium-Ion Battery Recycling Market Has Been Segmented As Follows:

Lithium-Ion Battery Recycling Market - by Battery Chemistry

Lithium-Nickel Manganese Cobalt
Lithium-Iron Phosphate
Lithium-Manganese Oxide
Lithium-Titanate Oxide
Lithium-Nickel Cobalt Aluminum Oxide

Lithium-Ion Battery Recycling Market - by Industry

Automotive
Mining
Consumer Electronics
Industrial
Power

The List of Companies - Lithium-Ion Battery Recycling Market

American Manganese Inc., Ecobat Technologies Ltd., Fortum, Gem Co., Ltd, International Metals Reclamation Company, LLC, Li-Cycle Corp., Neometals Ltd, Retriev Technologies Inc., Recupyl and TES (Singapore) PTE Ltd. The key companies adopt strategies such as research and developments, and mergers and acquisitions to expand their customer base and gain significant share in the global semiconductor IP market, which also allows them to maintain their brand name globally.

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The players operating in the Lithium-Ion Battery Recycling market focus on strategies, such as mergers, acquisitions, product development, and market initiatives, to maintain their positions in the market. A few developments by key players are listed below:

In 2020, American Manganese Inc. announced that the company's contract research lab, Kemetco Research, has deployed and prepared the recently received focused equipment for continued optimization on the company's Lithium-Ion Battery Recycling pilot plant project.

In 2020, Fortum introduced a new patented technology to recover lithium from rechargeable batteries. Fortum, chemical giant BASF and mining group nickel established a battery-recycling network to serve the electric vehicle market.

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