Lithium-Ion Battery Recycling Market to Grow at a CAGR of 19.6% to Hit US$ 1,392.8 million by 2027 - Impact of COVID-19 Pandemic and Global Analysis by The Insight Partners

According to our latest market study on "Lithium-Ion Battery Recycling Market Forecast to 2027 - COVID-19 Impact and Global Analysis Byy 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 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.

Impact of COVID-19 Pandemic on Lithium-Ion Battery Recycling Market

Several countries worldwide have declared a state of emergency as COVID-19 continues to spread. Besides the urgent "cities closure" in European, American, and Asian countries, key manufacturing industries in India, Malaysia, Philippines, and other Southeast Asian nations have announced closures in succession, which is expected to bring challenges to the supply side of several industries such as automotive, marine, industrial, and electric and electronics, among others. The long-term impact of COVID-19 is still unknown. However, the shutdown of the critical material supply chain has affected the battery manufacturing industry. The declining price of oil has attracted several consumers to buy gasoline-powered automobiles. Also, fluctuating shifts, tariffs, economic and environmental policies, and prolonged trade conflicts among the US and China had disrupted raw material supply chains and shifted some manufacturing and recycling facilities to Europe and Japan. Yet, the electric energy storage demand stays high for personal electronics and cars, as well as renewable energy efforts rely on available battery banks in their primary aim to decarbonize the energy supply, distribute it, and make it cheaper. Thus, the COVID-19 pandemic is anticipated to have a short-term negative impact on the Lithium-Ion Battery Recycling market.

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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, 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.

Lithium-Ion Battery Recycling Market: Competitive Landscape
1. Ecobat Technologies
2. AMERICAN MANGANESE INC.
3. Fortum
4. GEM CO., LTD
5. INTERNATIONAL METALS RECLAMATION COMPANY, LLC
6. Li-Cycle Corp
7. Neometals Ltd
8. RETRIEV TECHNOLOGIES INC.
9. RECUPYL
10. TES (SINGAPORE) PTE LTD

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