NEW YORK, Oct. 28, 2021 /PRNewswire/ -- According to The Insight Partners study on "Lithium-Ion Battery Recycling Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Battery Chemistry, Application, and Geography," the market is projected to reach US$ 1,392.8 million by 2028 from US$ 423.6 million in 2021; it is expected to register a CAGR of 19.6% during 2021–2028.
Report Coverage |
Details |
Market Size Value in |
US$ 403.8 Million in 2019 |
Market Size Value by |
US$ 1,392.8 Million by 2028 |
Growth rate |
CAGR of 19.6% from 2020-2028 |
Forecast Period |
2020-2028 |
Base Year |
2019 |
No. of Pages |
143 |
No. Tables |
56 |
No. of Charts & Figures |
75 |
Historical data available |
Yes |
Segments covered |
Lithium-Ion Battery Recycling Market Forecast to 2027 - COVID-19 Impact and Global Analysis Byy Technology and Application |
Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
Country scope |
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Lithium-ion batteries are becoming crucial and are found in large proportion among industries including automotive, mining, and consumer electronics. Smartphones, cordless power tools, laptops, tablets, and grid-energy storage, and electric vehicles are the prominent applications where lithium-ion batteries are commonly used. Companies such as Tesla and Envirostream are taking necessary steps to promote lithium-ion battery markets. In November 2020, Lithium Australia's subsidiary—Envirostream—signed an agreement with SungEel HiTech, a South Korean firm, to supply metals to manufacture recyclable batteries. Envirostream provides energy metals, such as nickel, lithium, and cobalt, extracted from recycled lithium-ion batteries to SungEel HiTech. These minerals are used to deliver environmentally sustainable technology projects. Similarly, Tesla to boasts largest lithium-ion battery at the Hornsdale site in South Australia. This project will contribute to improving the energy sector.
Factors such as improper disposal of lithium-ion battery, recovery of valuable metals through disposal of lithium-ion batteries, and government initiatives for lithium-ion battery recycling are contributing toward the market growth. The increasing use of electric vehicles to lower carbon emission and comply with stringent government mandates is another aspect contributing toward the lithium-ion battery recycling market growth.
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. The long-term impact of COVID-19 is still unknown. However, the shutdown of the critical material supply chain has negatively impacted the battery manufacturing industry. The declining prices of oil have attracted several consumers to buy gasoline-powered automobiles. Also, fluctuating shifts, tariffs, economic and environmental policies, and prolonged trade conflicts between the US and China had disrupted raw material supply chains and shifted a few 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 more inexpensive. 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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Government Initiatives for Lithium-Ion Battery Recycling to Propel its Market Growth in Coming Years
Several governments across the world are taking initiatives to find innovative ways of lithium-ion battery recycling. In 2017, the UK government announced to spend ~US$ 315 million for supporting the development of new battery technologies over the next four years through Faraday Challenge for battery research. Under this, the University of Birmingham seeks innovative ways to recycle lithium-ion batteries. The US Department of Energy (DoE) has also taken initiatives to support the recycling of lithium-ion batteries. The DoE has announced the "Lithium-Ion Battery Recycling Prize," which emphasizes the identification of new ways to recycle lithium-ion batteries fused in various applications. Many other countries have already mandated legislation for the recycling of batteries. The regulation and bodies involved in the recycling of lithium-ion batteries include European Union Batteries Directive, GRS Batterien Foundation (Germany), The Japan Battery Recycling Centre (JBRC), and NEV battery recycling regulations (China). Such initiatives taken by governments across the world to reduce the impact of lithium-ion battery disposal on the environment are expected to boost the lithium-ion battery recycling market.
Lithium-Ion Battery Recycling market: Battery Chemistry
Based on battery chemistry, the lithium-ion battery recycling market is segmented into lithium nickel manganese cobalt, lithium-iron phosphate, lithium-manganese oxide, lithium titanate oxide, and lithium-nickel cobalt aluminum oxide. The lithium-nickel manganese cobalt segment held the largest market share in 2020. The lithium-nickel-manganese-cobalt-oxide battery has a cathode that comprises 20% manganese and cobalt, and 60% nickel. These batteries can have either high-specific power or high-specific energy but not both. Also, the enclosure of manganese in this battery gives low internal resistance; by combining properties of all elements, this becomes well suited for cordless power tools and electric vehicle powertrains. The lithium nickel manganese cobalt provides high-current discharging with better thermal stability and fast charging over the other cobalt oxide batteries, such as lithium-cobalt oxide. As this type of lithium-ion battery has lower capacity compared to cobalt oxide, it has long-life and high power, which makes them ideal for medical devices, e-bikes, electric vehicles, and power tools. Also, lithium nickel manganese cobalt has high cycling rate with high power and high capacity that results in making them suitable for new generation of electric vehicles. In context to players operating in the market, Melsen is a provider of lithium nickel manganese cobalt oxide batteries, which are widely utilized in new generation of electric vehicles.
Lithium-Ion Battery Recycling Market: Competitive Landscape and Key Developments
American Manganese Inc.; Ecobat Technologies Ltd.; Fortum, Gem Co., Ltd; International Metals Reclamation Company, LLC; Li-Cycle Corp.; Neometals Ltd; Retriev Technologies Inc.; Recupyl; and TES (Singapore) PTE Ltd. are among the key players in the global lithium-ion battery recycling market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In 2020, American Manganese Inc. announced that company's contract research lab, Kemetco Research, has deployed and prepared the recently received focused equipment for continued optimization on the company's lithium-ion battery recycling pilot plant project.
In 2020, American Zinc Recycling LLC restarted its production at its updated facility in Rutherford County, N.C. The facility, which is designed to produce Special High Grade (SHG) zinc using recycled steel mill dust, has officially restarted and is producing SHG grade zinc metal products. It is expected to produce 155,000 tons of SHG zinc annually.
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