Lithium-ion Battery recycling Market: Overview
Lithium-ion batteries are recycled to prevent future shortage and enable the sustainable life cycle of lithium, nickel and cobalt. Recycling can be done in different ways to collect raw products. All electronic recycling companies having different set of recycling processes for electronic goods. The basic chain rule to follow the process of any Lithium-ion batteries recycling is deactivation, disassembling, mechanical process (including crushing, sieving and sorting) and electrolyte recovery.
Recycling can recover the materials from 25% -100% approximately. Many recycling industries have been following and building industrial collaboration and co-operation for the flow of sustainable recycling. Recycling technologies are being developed to produce high-grade chemical compounds from various industrial waste and side-streams. CO2 emission is 90% less as compared to the traditional way of producing compounds.
Based on Industry requirements, presently, Lithium polymer is ruling the battery industry due to its compact size and capacity. Lithium-ion battery recycling industries having the best future for the coming years because of the new technological inventions with best market strategies.
The lithium battery market has not remained unaffected during the pandemic. While many important medical devices, including the ventilators which were crucial in this pandemic, use lithium batteries, the biggest area of growth in electric vehicles (EVs). Moreover, requirement of recycling these lithium-ion batteries is ever increasing as lithium-ion batteries are used everywhere and end up as e-waste which is getting piled up.
To combat this issue US has taken various initiatives to come up with solutions related to recycling Lithium-ion batteries and has launched ReCell Centre, which performed LIBRA analysis which in short helps them to identify the macro-economic viability of Lithium-ion battery recycling and its inclusion in global supply chain.
COVID-19 Impact on Lithium-ion Battery recycling Market
The consequences of the global coronavirus pandemic has changed many lives in nearly all countries and has negatively impacted the health and transport industry in specific. In adition to flipping many lives, it has made many countries register negative GDP growth and made many developing countries enter technical recession. The demand shock experienced by many energy materials and renewables, including battery-powered cars, grid storage and personal electronic devices, is no exception.
COVID-19 pandemic has forced countries to impose lockdowns and strict social distancing measures across the globe, flattening the global economic curve. This has disrupted almost every market and Lithium-ion Battery recycling market has also been greatly affected. As factories worldwide shut down, the road traffic stopped and the market for electric cars plummeted. Quarantine and residence orders barred workers from going to battery and car manufacturing plants, shuttered mines and refineries, and ultimately froze shipments of many manufactured goods.
Furthermore, China being the largest manufacturer of Lithium-ion batteries almost doubled its production time owing to the lockdown measures in place by the government, which caused overall delay in supply chain of Lithium-ion batteries. Moreover, Electric vehicles which is the largest shareholder in terms of application experienced sales decline throughout the year, thereby limiting the growth of Lithium-ion battery and its recycling market.
Because of economic instability and mass layoffs, usage has been decreased and demand for high-end mobile devices and tablets have fallen. These factors jeopardize the vitality and long-term development of energy storage materials and renewables. Considering the aforementioned factors, market is set to resuscitate completely by Q3 of FY2021.
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Segmentation Analysis of Lithium-ion Battery recycling Market
The global Lithium-ion batteries recycling market is bifurcated into three major segments: Recycling type, Battery type and region.
Based on Recycling type, Lithium-ion battery recycling market is segmented as follows:
Based on Battery chemistry, Lithium-ion battery recycling market is segmented as follows:
- Lithium Manganese Oxide – LMO
- Lithium Cobalt Oxide - LCO
- Lithium Nickel Manganese Cobalt Oxide -NMC
- Lithium Iron Phosphate - LFP
- Lithium Nickel Cobalt Aluminum Oxide - NCA
On the basis of region, Lithium-ion battery recycling market has been segmented as follows:
- North America
- Latin America
- East Asia
- South Asia and Oceania
- Middle East & Africa
Lithium-ion Battery Recycling Market: Regional Outlook
Commenting on the regional perspective under Lithium-ion batteries recycling, European countries stand first place due to strong growth in the automobile market and they are finding the best way to recycle the batteries with innovative and eco-friendly techniques. European nations are jointly developing the new process for Lithium-ion batteries recycling.
The United States in February 2019, in order to solve the issue of recycling lithium-ion batteries in the United States, Department of Energy launched the ReCell Center, the advanced R&D battery recycling center. ReCell is an association formed by Argonne's National Laboratory, Oak Ridge National Laboratory, California University of San Diego, Michigan University of Technology, and Worcester Polytechnic Institute.
Since its launch, ReCell's scientists have made key findings in direct cathode recycling, recovery of other materials, recycling design, modeling and analysis. Similar initiatives by numerous governments towards recycling the lithium-ion battery, along with increased adoption of electric vehicles around the world is expected to boost the market of Lithium-ion battery recycling market.
Many firms are developing their revenues in retaining of physical and chemical properties after recycling of Lithium-ion batteries. Recycling is always a closed-loop process in contrast to more conventional processes. According to Fact.MR, the Europe and North America market will sustain dominance throughout the forecast period.
The presence of limited lithium resource, damaged Lithium-ion batteries are being recycled to produce alternatives like Lithium polymer batteries from their raw materials. Battery recycling industry is globally expanding and exporting sustainable products to the needful markets. Owing to these factors, Lithium-ion battery recycling market is expected to rise at an increasing CAGR over the coming forecast period.
If we take the Lithium reserves into consideration, Chile accounts for almost 55% of the world’s Lithium reserves, followed by Australia which holds almost 18% of the world’s lithium reserves. Not only does Australia and Chile have the largest lithium reserves but also produce about 70% of the world’s total produce and are expected to remain the top producers of Lithium in the coming years.
However, China dominates the world’s Lithium-ion battery production. On one hand, various technological innovation are occurring leading to increased usage of Lithium-ion batteries but the Lithium reserves are available in limited capacity and is estimated to last around 200 years more and thereby with the advent of electric vehicles, companies are looking to recycle whatever lithium they could obtain and this in turn provides impetus to the development of Lithium-ion battery recycling market.
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Lithium-ion Battery recycling Market: Key Players
Being a moderately consolidated market, players have dominant presence across regions through streamlined distribution networks. Lithium-ion battery recycling is predominantly increasing through rapid collaborations in some markets. Market players are adopting various strategies to gain a competitive edge. Many of them are dependent on damaged products and waste material logistics to recycle.
The global lithium-ion battery recycling firms acts as one of the driving members for the solid waste collector industries. For instance, Fortum, the battery recycling firm coming with the radical strategy with the collaborations of other regional firms to improve the cutting edge technologies in recycling.
Some of the global players in this market report is given below are Accurec Recycling, Eramet, Exide Technologies, Aqua Metals Inc., Recupyl, Recylex SA, Battery Recycling Made Easy, Battery Solutions LLC, Call2Recycle Inc, Fortum, Eco-Bat Technologies Ltd, and others.
The research report presents a comprehensive assessment of the Lithium-ion battery recycling market and contains historical data, thoughtful insights, and facts and statistically supported and industry validated market data. The report provides analysis and information, according to market segments such as geographies, material type, and end-use.
The Lithium-ion Battery recycling Report Covers Exhaustive Analysis On:
- Lithium-ion Battery recycling Market Segments
- Lithium-ion Battery recycling Market Dynamics
- Lithium-ion Battery recycling Market Size & Demand
- Current Trends/Issues/Challenges
- Lithium-ion Battery recycling Competition & Companies involved
- Lithium-ion Battery recycling Value Chain
An Adaptive Approach to Modern-day Research Needs
The Lithium-ion Battery recycling Regional Analysis Includes:
- Europe (UK, Germany, Spain, France, BENELUX, Italy, Rest of Europe)
- North America (U.S., Canada)
- East Asia (China, Japan, South Korea)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- South Asia & Oceania (India, ASEAN, Australia and New Zealand, Rest of South Asia & Oceania)
- The Middle East and Africa (GCC Countries, South Africa, Northern Africa, Turkey, Rest of MEA)
The Lithium-ion Battery recycling market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The Lithium-ion Battery recycling report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The Lithium-ion Battery recycling market report also maps the qualitative impact of various market factors on market segments and geographies.
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The Lithium-ion Battery recycling Report Highlights:
- A detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
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