Lithium-Ion Battery Recycling Market is expected to grow at a CAGR of 19.6%

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.

The Lithium-Ion Battery Recycling market was valued at US$ 403.8 million in 2019 and it is anticipated to reach US$ 1,392.8 million by 2027; it is expected to grow at a CAGR of 19.6% during 2020-2027.

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Leading Lithium-Ion Battery Recycling market Players: 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

Lithium-ion batteries are found in large proportion. 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 to boasts largest lithium-ion battery at the Hornsdale site in South Australia. This project would contribute in improving the energy sector.

Lithium-Ion Battery Recycling Market Insights
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, 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 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 environment pollution, government and battery manufacturers are now more focused on considering the recycling of these batteries. This, in turn, is bolstering the growth of Lithium-Ion Battery Recycling market.

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The global Lithium-Ion Battery Recycling market has been segmented as follows:
Lithium-Ion Battery Recycling Market - by Technology
Lithium-Nickel Manganese Cobalt
Lithium-Iron Phosphate
Lithium-Manganese Oxide
Lithium-Titanate Oxide
Lithium-Nickel Cobalt Aluminum Oxide

Lithium-Ion Battery Recycling Market - by Application
Automotive
Mining
Consumer Electronics
Industrial
Power

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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