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.
Lithium-ion battery recycling is the process of recovering valuable materials from used or end-of-life lithium-ion batteries in order to reuse them and minimize the environmental impact of battery disposal.
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Collection and Sorting:
- Collection: Used batteries are collected from various sources, including households, businesses, and recycling centers.
- Sorting: Batteries are sorted based on their type, size, chemistry, and condition. This helps determine the most suitable recycling methods for different battery types.
Lithium-ion batteries are commonly used in a wide range of applications, from consumer electronics to electric vehicles and renewable energy storage systems. Proper recycling helps reduce the demand for raw materials, conserves resources, and mitigates the potential hazards associated with improper disposal.
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.
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.
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%.
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.
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.
Discharge and Pre-Processing:
Discharge: Before processing, batteries are discharged to reduce the risk of electrical hazards during handling and recycling.
Pre-Processing: Batteries are dismantled to separate them into their constituent components, such as electrodes, electrolytes, and casings.
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Reuse and Manufacturing:
Material Refinement: Recovered materials undergo refining processes to ensure they meet the required specifications for reuse in battery manufacturing.
Manufacturing: The refined materials are used to produce new battery cells, reducing the need for virgin raw materials.
The global lithium-ion battery market is anticipated to witness rapid growth, owing to increase in use of various automobiles such as electric & hybrid vehicles, which, in turn, is anticipated to fuel growth of the lithium-ion battery recycling market in upcoming years.
There are established patented recycling methods that are available in the market. Therefore, battery recycling is done by patented methods of individual manufacturers or other organizations.
Lithium-ion batteries are rechargeable in nature, with high energy density. These batteries are majorly used in portable electronic devices, electric vehicles, and other industrial energy storage purposes.
After the end of battery life cycle most lithium-ion batteries are disposed in landfills. It is important to recycle them to further reduce environmental pollution caused by these hazardous batteries.
Battery recycling is previously considered as a legislative activity; however, it is nowadays a more profitable way to recover metals through recycling of various batteries including lead acid, lithium-ion, and nickel metal hydride.
Benefits of Lithium-Ion Battery Recycling:
- Resource Conservation: Recycling lithium-ion batteries conserves valuable metals like lithium, cobalt, nickel, and manganese, reducing the need for mining and extracting new raw materials.
- Energy Savings: Recycling requires less energy compared to producing new materials from scratch.
- Waste Reduction: Proper recycling prevents hazardous materials from entering landfills or the environment, reducing pollution and potential health risks.
- Economic Opportunities: The recycling industry generates jobs and creates economic value by extracting valuable materials from discarded batteries.
COVID-19 impact
The global lithium-ion battery recycling market has witnessed steady growth in 2020, owing to the outbreak of the COVID-19 pandemic.
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The outbreak has negatively impacted various industries and countries, thereby decreasing manpower across the globe, which, in turn, decreased consumer spending and thus, decreased demand for electronics, automotive, and other products.
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