According to a new report published by Allied Market Research titled, “lithium-ion battery recycling market by battery chemistry, source, recycling process and end-use: global opportunity analysis and industry forecast, 2021–2030,” the lithium-ion battery recycling market size was valued at $1.33billion in 2020, and is projected to reach $38.21billion by 2030, growing at a CAGR of 36.0% from 2021 to 2030.
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Lithium-ion batteries are known for their rechargeable nature and impressive energy density. They find extensive applications in portable electronic gadgets, electric vehicles, and various industrial energy storage systems. Unfortunately, many of these batteries end up in landfills at the conclusion of their life cycle, contributing to environmental pollution. To combat this issue, recycling has become a profitable endeavor, not just a regulatory obligation. It allows for the recovery of valuable metals from a range of batteries, including lead acid, lithium-ion, and nickel metal hydride.
The global lithium-ion battery market is poised for substantial growth, driven by the increasing adoption of electric and hybrid vehicles. This surge in electric vehicle use, in turn, is expected to boost the lithium-ion battery recycling market in the coming years. Currently, there are established patented methods for recycling these batteries, which are utilized by individual manufacturers and organizations alike.
Regarding battery chemistry, lithium-manganese oxide batteries held the largest market share in lithium-ion battery recycling, accounting for approximately 32.2% in 2020. This dominance is projected to continue in the forecast period. The demand for lithium-manganese oxide batteries is rising across various applications, including electricity and utility meters, fire and smoke alarms, security devices, and energy storage solutions. These batteries offer significant advantages such as long-term reliability, extended lifespan, and robust high-temperature performance, which further propel market growth.
In terms of sources, the electronics sector led the way in revenue generation and is expected to maintain its dominance in the foreseeable future. This growth is fueled by the growing reliance on highly efficient power sources in smartphones, laptops, digital cameras, and other electronic devices.
On the basis of recycling process, the hydrometallurgical process segment held the largest share, in terms of revenue, and is expected to grow at a CAGR of 39.7%. This is attributed to advantages associated with hydrometallurgical recycling process such as treatment of low-grade materials, easy control of waste, low energy consumption, and lithium & aluminum recyclability compared to other battery recycling processes.
On the basis of enduse, the non-automotive fired segment held the largest share, in terms of revenue, and is expected to grow at a CAGR of 39.7%. This is attributed to rise in demand for second life application of lithium-ion batteries in consumer electronics devices such as laptops, digital cameras, and smartphones that do not require longer battery life compared to electric vehicles and industrial applications.
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The market is analyzed across four major regions, namely, North America, Europe, Asia-Pacific, and LAMEA. Europe garnered dominant market share in 2020, and is anticipated to maintain this trend during the forecast period. This is attributed to numerous factors such as presence of huge consumer base and the existence of key players in the region. Moreover, regulations toward environmental pollution and rapid growth of electric vehicle industry in the region are anticipated to contribute toward growth of the lithium-ion battery recycling market in Europe.
The global lithium-ion battery recycling market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include Ganfeng Lithium Co., Ltd., American Battery Technology Company, Accurec Recycling GmbH, Akkuser Oy, Duesenfeld GmbH, Li-Cycle Corp., Fortum Corporation, Retriev Technologies, Inc., Lithion Recycling, Inc., and Umicore.
Other players operating in the value chain of the global lithium-ion battery recycling market are Neometals Ltd., Primobius, Green Li-ion Pvt., Ltd., SungEel MCC Americas, Redux GmbH, and others.
COVID-19 impact on the market
The global lithium-ion battery recycling market has witnessed steady growthin 2020, owing to the outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries and countries,thereby decreasing manpower across the globe,which, in turn, decreased consumer spending andthus, decreased demand for electronics, automotive, and other products. However, owing to lockdown imposed across the globe, there isa supply-demand gap, which resulted in halt in supply for equipment or batteries used in recycling processes. In Europe, economies, such as Germany, France, Spain, and Italy, are following stringent measures, such as maintaining social distance and limiting movements to prevent spread of coronavirus. Moreover, such safety measures have been witnessed across the globe, which further impacted the global lithium-ion battery recycling market growth.
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Key Findings Of The Study
- In 2020, the lithium-manganese oxide segment accounted for majority of share of the global lithium-ion battery recycling market, and is expected to maintain its lead during the forecast period.
- In 2020, the electronics segment accounted for about 67.5%, and is expected to maintain its dominance till the end of the forecast period.
- The hydrometallurgical process segment accounted for 64.8% in 2020, and is anticipated to grow at a rate of 39.7% in terms of revenue, increasing its share in the global lithium-ion battery recycling market.
- Electric vehicle is the fastest-growing source segment in the lithium-ion battery recycling market, and is expected to grow at a CAGR of 46.1%.
- Asia-Pacific is expected to grow at the fastest rate, registering a CAGR of 40.8% during the lithium-ion battery recycling forecast period.
- In 2020, Europe dominated the global lithium-ion battery recycling market with more than 35.7% of the market share, in terms of revenue.
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