Press release
Lithium-Ion Battery Recycling Market Size, Growth Forecast 2027.
The global Lithium-Ion Battery Recycling market was valued at US$ 403.8 million in 2019 and 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. The COVID-19 outbreak hindered the growth of the global market in 2020, and thus, there is a decline in the y-o-y growth. However, the growth is expected to normalize from 2021 onward and the market is projected to grow at a steady pace.Get sample Form: - https://www.theinsightpartners.com/sample/TIPRE00009267/?utm_source=OpenPR&utm_medium=10653
Presently, many large pyro metallurgy facilities are engaged in the recycling of lithium-ion batteries. These facilities usually operate at ~1,500 °C to recover various metals-such as cobalt, nickel, lithium, aluminum, and copper-or any other organic compounds. These facilities are usually capital intensive owing to the requirement for treating the emission of toxic fluorine compounds, which are released while smelting. However, hydrometallurgy-processing techniques, commercially practiced in China, offer a less energy-consuming alternative at lower costs. Moreover, several researchers are studying various cost-effective methods, and some companies are conducting these recycling tests at a pilot-plant scale. Thus, in the near future, cost-effective methods of recycling lithium-ion batteries would come into action.
The overall Lithium-Ion Battery Recycling market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the rugged phones market with respect to all the segments. It also provides the overview and forecast for the global rugged phones market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the global rugged phones market.
American Manganese Inc.; Eco bat Technologies Ltd.; Fortum; Gem Co., Ltd; International Metals Reclamation Company, LLC; Li-Cycle Corp.; Neo metals Ltd; Retrieve Technologies Inc.; Recopy; and TES (Singapore) PTE Ltd. are among the key players that were profiled during this market study. In addition to these players, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global Lithium-Ion Battery Recycling market and its ecosystem.
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APAC Accounted for Highest Market Share in 2019
APAC has become a global manufacturing hub due to the presence of diverse manufacturing sectors. Amid the development of China into a high-skilled manufacturing hub, other developing economies-such as South Korea, India, Taiwan, and Vietnam-are attracting various businesses that are in the search to relocate their low to medium-skilled manufacturing facilities to bordering countries with lower labor costs. Further, initiatives, such as "Made in China 2025" and "Make in India", drive the manufacturing industry in these countries. Thus, strong manufacturing industry and government initiatives are boosting the economy of APAC. Growing popularity of electric vehicles (EVs) is stimulating the growth of the spent lithium-ion batteries powered in cars. As per the International Council on Clean Transportation, in 2017, electric car sales reached ~500,000 in China, accounting for 50% of the worldwide sales and over twice the sales in the US. Additionally, as per industry experts, in 2020, China produced ~500,000 metric tons of used lithium-ion batteries, and the global number would hit 2 million metric tons per year by 2030.
Several companies in India have already started looking at the lucrative opportunity for lithium-ion recycled batteries and established plans to set up recycling operations. For instance, MG Motor and South Korea-based Hyundai have introduced their electric cars-ZS EV and Kona Electric-in India. MG collaborated with Umicore, a lithium-ion battery-recycling provider, for life cycle management of the EVs' batteries. In August 2019, Tata Chemicals, an Indian brand, introduced its lithium-ion battery recycling operations in Mumbai. The operations, released at the pilot-scale, can recycle the spent batteries effectively. In addition, Mahindra Electric is also planning to recycle the EV batteries by following a similar procedure as the recycling of cell phone batteries, with its supply partner.
In December 2020, MG Motor India Pvt. Ltd partnered with TES-AMM, a recycling service provider, to recycle the lithium-ion batteries fitted in its EVs. The automotive company introduced the ZS electric sports utility vehicle as its second product in India. The collaboration would ensure the sustainable and safe recycling of EV batteries. Thus, the above-mentioned developments associated with lithium-ion battery recycling would push the market's growth in the near future in APAC.
Impact of COVID-19 Pandemic on Lithium-Ion Battery Recycling Market
Automotive production in APAC is impacted by countries, including Japan and South Korea, implementing an interim shutdown of production of major manufacturing plants such as Toyota and Hyundai. Moreover, India's lockdown due to coronavirus has forced South Korean steelmaker Posco to cease two coil service centers in Pune and Delphi, just one week after it ceased its coil service centers in Thailand and Malaysia.
Countries in the region are precisely taking dramatic measures to reduce the impact of coronavirus; thus, it is anticipated that manufacturing would resume early as compared to western countries.
Key Findings of Study:
With the growth of the EV industry, the adoption of lithium-ion batteries is growing exponentially. It is estimated that ~500,000 metric tons of used lithium-ion batteries would be generated by 2020 in China alone. The number is further expected to increase to 2 million worldwide by 2030. Rising use of lithium-ion batteries in EVs creates an opportunity for its recycling. A large number of these batteries contains significant valuable metals as well as other materials, which can be processed and reused. However, in the current scenario, a very insignificant amount of these batteries is recycled. For instance, as per the Commonwealth Scientific and Industrial Research Organization in Australia, ~2-3% of these batteries are sent for recycling. Also, the recycling rates in the US and the European Union are below 5%.
Previously, the majority of the effort to enhance lithium-ion battery recycling was carried out by a limited number of academic groups, usually functioning independently. However, the scenario has started to change with a number of research institutions, governments, and EV manufacturers focusing on the recycling of these batteries. Several start-ups are now commercializing innovative battery recycling technologies. Also, several EV battery manufacturers and recycling companies have started collaborating to handle the forthcoming issue.
For instance, in September 2020, Solvay and Veolia partnered to deliver innovative solutions, which offer improved resource efficacy for critical metals used in lithium-ion batteries in EVs. In November 2020, EMR Metals Recycling launched a project named RECOVAS for commercializing lithium-ion battery reuse in the UK. Under the project, EMR partnered with three automakers, including BMW, Jaguar Land Rover, Bentley Motors, as well as several UK bodies, including the Health and Safety Executive, the University of Warwick, Autocrat Solutions Group, the UK Battery Industrialization Centre, and Connected Energy. In December 2020, MG Motor partnered with TES-AMM to safeguard the eco-friendly and secure recycling of MG ZS' lithium-ion batteries. Growing focus of EV manufacturers on lithium-ion battery recycling would further result in increased partnerships among EV manufacturers and recycling companies, thereby offering lucrative opportunities to the players operating in the lithium-ion battery recycling market.
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Contact Person : Karan Joshi
Phone : +1-646-491-9876
E-mail : karan.joshi@theinsightpartners.com
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, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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