What are Main Factors Expected to Fuel Expansion of Lithium-Ion (Li-ion) Battery Recycling Market?

 Due to the scarcity of lithium and the rapidly rising adoption of electric vehicles (EVs) across the world, the global lithium-ion (Li-ion) battery recycling market attained a valuation of $165.3 million in 2019. The market is further predicted to register a CAGR of 18.3% between 2020 and 2030.

Different types of lithium-ion batteries are lithium-ion manganese oxide (LMO), lithium cobalt oxide (LCO), lithium nickel manganese cobalt oxide (NMC), lithium nickel cobalt aluminum oxide (NCA), and lithium iron phosphate (LFP). Out of these, the demand for LCO batteries is expected to be the highest for recycling in the coming years, which is due to the fact that such energy storage devices find extensive utilization in portable consumer electronic devices, such as tablets, mobile phones, and laptops. Other than that, these batteries have high voltage density, high energy density, and long life, thereby making them popular in the electrical & electronics sector.


In terms of end user, the lithium-ion battery recycling market is categorized into power, automotive, and electrical and electronics divisions. Out of these, the automotive category is predicted to exhibit the highest CAGR in the lithium-ion battery recycling market in the forthcoming years. This is credited to the increasing incorporation of lithium-ion batteries in electric vehicles. Furthermore, due to the shortage of lithium and the growing usage of electric vehicles across the world, many automakers will start integrating recycled lithium-ion batteries in electric vehicles in the future years.
 
In the coming years, the Asia-Pacific (APAC) lithium-ion battery recycling market will exhibit the highest growth in the world, according to the estimates of the market research firm, P&S Intelligence, primarily because of the mushrooming utilization of electric vehicles in Vietnam, Indonesia, China, and the Philippines and the presence of numerous battery recycling firms in the region. Furthermore, the rapid advancement of the electrical and electronics sector in several APAC countries, on account of continued support from both private and public companies, is causing huge growth in the demand for li-ion battery recycling methods in the region.

Some other key companies operating in the Li-ion battery recycling market are American Manganese Inc., Neometals Ltd., ACCUREC Recycling GmbH, Li-Cycle Corp, Batrec Industrie AG, RECUPYL S.A.S., ANHUA TAISEN RECYCLING TECHNOLOGY CO. LTD., Chemetall GmbH, American Zinc Recycling (Inmetco), AkkuSer Oy, Dowa Eco-System Co. Ltd., Fortum Corporation, G&P Batteries, Glencore plc,  Foshan Nanhai Brunp Nickel & Cobalt Technology Co. Ltd., GEM Co. Ltd., JX Nippon Mining & Metals Corp., and Lithion Recycling.
 
Thus, with the growing usage of lithium-ion batteries in the automotive and electrical and electronics industries and the reducing availability of lithium all over the globe, the recycling of lithium-ion batteries will increase considerably across the world over the next few years.