Lithium-Ion Battery Recycling Market Research Report: By Battery Type (Lithium Cobalt Oxide, Lithium Iron Phosphate, Lithium-Ion Manganese Oxide, Lithium Nickel Cobalt Aluminum Oxide, Lithium Nickel Manganese Cobalt Oxide), End User (Automotive, Power, Electrical & Electronics)
NEW YORK, May 06, 2020 (GLOBE NEWSWIRE) -- In Germany, the U.S., Norway, Sweden, China, and the Netherlands, along with some developing Southeast Asian countries, electric vehicles (EVs) are gaining widespread popularity. This has been a result of the air pollution caused due to the combustion of gasoline and diesel in conventional automobiles. The International Energy Agency (IEA) says that between 2017 and 2030, the number of EVs in operation will increase from 3 million to 125 million.
This is a major factor that would propel the global lithium-ion battery recycling market, which generated $165.3 million in 2019, at an 18.3% CAGR between 2020 and 2030 (forecast period). Li metal is not abundant on earth, and its mining also carries environmental risks, which is why end users are shifting to the utilization of the materials salvaged after the recycling of the batteries.
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Automotive to be Largest End User in Lithium-Ion Battery Recycling Market
Till 2030, the automotive classification will generate the maximum revenue in the lithium-ion battery recycling market, as these energy storage devices act as the power plant for EVs. Due to the surging concerns regarding air pollution and its negative impact on human health, the adoption of EVs is being encouraged around the world. However, reserves of Li metal are limited, which is resulting in the increasing usage of recycled batteries and recovered materials.
The lithium–cobalt oxide (LCO) division held the largest share, in terms of value, in the lithium-ion battery recycling market, in 2019. This was a result of the high integration rate of these variants in an array of consumer electronic devices, including laptops, mobile phones, and tablets. This is because LCO batteries run for long hours and offer a high discharge voltage and energy density.
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Asia-Pacific (APAC) dominated the lithium-ion battery recycling market during the historical period (2014–2019), and it will additionally witness the highest CAGR, of 18.6%, during the forecast period. This is due to the growth of the automotive sector, on account of the mushrooming uptake of EVs. Additionally, the electrical & electronics industry is also growing in APAC, particularly in India, South Korea, Japan, and China, which is further driving the demand for recycled Li-ion batteries, owing to the limited availability of lithium on earth.
Market Players Leveraging Opportunities Offered by Partnerships
Numerous companies operating in the lithium-ion battery recycling market are engaging in partnerships, as these measures offer them the opportunity to:
- Cater to the demand for lithium and other battery materials, for EV manufacturing
- Patent and commercialize advanced recycling technologies
- Help in eco-friendly disposal of used batteries
- Build a roadmap for sourcing the valuable materials used in Li-ion batteries
- Increase their recycling capacity
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The most prominent players in the global lithium-ion battery recycling market include ACCUREC Recycling GmbH, Neometals Ltd., American Manganese Inc., RECUPYL S.A.S., Batrec Industrie AG, Li-Cycle Corp, Retriev Technologies, Ganfeng Lithium Co. Ltd., Umicore Group,ANHUA TAISEN RECYCLING TECHNOLOGY CO. LTD., American Zinc Recycling (Inmetco), Hunan Brunp Recycling Technology Co. Ltd., AkkuSer Oy, Fortum Corporation, Chemetall GmbH,G&P Batteries, Foshan Nanhai Brunp Nickel & Cobalt Technology Co. Ltd., Dowa Eco-System Co. Ltd.,GEM Co. Ltd., Lithion Recycling, Glencore plc, Quzhou Huayou Cobalt New Material Co. Ltd., Lithium Australia NL, JX Nippon Mining & Metals Corp.,Redux Recycling GmbH, Shenzhen Green Eco-Manufacturer Hi-Tech Co. Ltd., REVATECH SA, Stiftung GRS Batterien, SNAM, San Lan Technologies Co. Ltd.,TOXCO Inc., TES (Singapore) Pte Ltd., and Sony and Sumitomo Metals Corporation.
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