Lithium-Ion Battery Recycling Market is expected to reach US$ 1,392.8 Mn by 2027, with a CAGR of 19.6% from 2020 to 2027

According to our latest market 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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Lithium-ion batteries are found in large proportions. They are becoming crucial in the automotive, mining, and consumer electronics industries. Smartphones, cordless power tools, laptops, tablets, grid-energy storage, and electric vehicles are the prominent applications where lithium-ion batteries are used at a tremendous 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, 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.

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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 significantly result 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 lithium-ion batteries are disposed of in 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 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.

Lithium-Ion Battery Recycling Market: Competitive Landscape and Key Developments

Ecobat Technologies
AMERICAN MANGANESE INC.
Fortum
GEM CO., LTD
INTERNATIONAL METALS RECLAMATION COMPANY, LLC
Li-Cycle Corp
Neometals Ltd
RETRIEV TECHNOLOGIES INC.
RECUPYL
TES (SINGAPORE) PTE LTD

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:

1. 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.

2. 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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