Lithium Ion (Li-Ion) Battery Recycling Market is projected to grow at a CAGR of 24.11%
Knowledge Sourcing Intelligence announces the publication of a new report on “Lithium Ion (Li-Ion) Battery Recycling Market – Forecasts from 2020 to 2025” to their offering.
Rapid accumulation of spent Li-Ion batteries (LIBs), exigencies of environmental protection, prevention of human rights abuse, need for minimizing manufacturing cost, among others, are expected to lead to healthy market growth.
As per the report, the global market pertaining to Lithium Ion (Li-Ion) Battery Recycling Market is expected to reach US$1,370.949 million in 2025, from US$375.200 million in 2019
While earlier publications have elucidated the genesis, the importance of LIB recycling, its challenges, and a few instances of initiatives aimed at the achiever of the possible solutions to the challenges, the projected surge in demand for electric vehicles (EVs) and its effects, other conditions and market developments that are poised to fuel global LIB recycling market growth are being touched upon, among others. According to International Energy Agency, as communicated by UNCTAD (United Nations Conference on Trade and Development), the sales of EVs is forecasted to be in the order of 23 million passenger vehicles by 2030 with stock exceeding 130 million vehicles (excluding 2/3 wheelers) growing by 65% from the previous count of 2018 that exceeded 5.1 million vehicles. Such forecasts are expected to impact raw materials and value-added intermediate products’ suppliers who are integral to the EV value chain. The average annual global cobalt consumption according to a recent UNCTAD reported indicates that it will reach about 220000 tons in 2025 and increase to 390000 tons in 2030 if no viable substitution mechanisms integrating the adoption of alternative battery chemistries that requires less cobalt doesn’t take place. With the importance of oil as a source of energy forecasted to diminish the demand for raw materials used to manufacture rechargeable batteries is estimated to rapidly grow. Further, the global market for cathode for LIB which is the most widely used rechargeable car battery, and is anticipated to reach $58.8 billion by 2024 for the market value at $7 billion that was estimated for 2018. In view of above, it is relevant to note that cobalt chemicals in combination with other metals like manganese and nickel aids in the production of cathode elements of LIBs. Thus, to avoid possible bottlenecks in the LIB supply chain and facilitate the anticipated integration of EVs into global transportation systems, the global LIB recycling market has an inseparable contribution. Nevertheless, the aspects associated with EVs are a thing of the future, presently consumer electronics are currently the largest LIB application. A few recent developments related to the LIB recycling market are being provided below to reassert the upward trajectory of the global LIB recycling market.
December 2020 – Operation Expansion
Li-Cycle Corp. which is North America’s largest and solution provider for global end-of-life LIB issues through its innovative recycling technology had announced the operationalization of its Spoke 2 facility at Eastman Business Park (EBP) in Rochester, New York. The facility which has the capacity of processing up to 5,000 tons of spent LIBs per year would be producing “black mass” – an intermediate mixed battery material product from all kinds of spent LIBs.
December 2020 – LIB Recycling Plant Construction Plans
Ganfeng Lithium Co., Ltd. (SHE: 002460) which is one of the world’s largest producers and a supplier to Tesla (NASDAQ: TSLA) announced its plans to construct a LIB recycling plant in Mexico where Ganfeng is a partner with Bacanora Lithium (LON: BCN)in Mexico's first lithium mine in the northern state of Sonora, which is one of the largest deposits in the world. To recycling plant will be constructed to cater to the growing US EV market and also will recycle batteries from Tesla cars, as well as from the electric buses that are made in China and are exported to South America
The additional advantages which are brought about by the LIB recycling market are – (a) the contribution to the circular economy model which involves gradual dissociation of economic activity from the consumption of finite sources and designing waste out of the system and (b) the creation of jobs that range from collection and delivery of recyclable materials to setting up recycling plants.
As a part of the report, the major players operating in the global Lithium-Ion (Li-Ion) battery recycling market, which have been covered are ACCUREC Recycling GmbH, Akkuser Oy, BATREC INDUSTRIE AG, Duesenfeld GmbH, Envirostream, Fortum, Ganfeng Lithium, LI-CYCLE CORP., Neometals Ltd, Nippon Recycle Center Corp, TES (Singapore) Pte Ltd, Retriev Technologies, SNAM, Retriev Technologies, Umicore, and Veolia.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/lithium-ion-battery-recycling-market
This report segmented the global Lithium-Ion (Li-Ion) battery recycling market on the basis following terms
- Hydrometallurgy (chemical leaching)
- Pyrometallurgy (smelting)
- Lithium-cobalt Oxide (LCO)
- Lithium-iron Phosphate (LFP)
- Nickel Manganese Cobalt Oxide (NMC)
- Consumer Electronics
- Communication and Technology
- Energy and Power
- United States
- South America
- The United Kingdom
- Middle East and Africa
- South Korea
- North America
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