Lithium-ion Battery recycling Market: Overview
Lithium-ion batteries are recycled to prevent future shortage and enable the sustainable life cycle of lithium, nickel and cobalt. Recycling can be done in different ways to collect raw products. All electronic recycling companies having different set of recycling processes for electronic goods. The basic chain rule to follow the process of any Lithium-ion batteries recycling is deactivation, disassembling, mechanical process (including crushing, sieving and sorting) and electrolyte recovery.
Recycling can recover the materials from 25% -100% approximately. Many recycling industries have been following and building industrial collaboration and co-operation for the flow of sustainable recycling. Recycling technologies are being developed to produce high-grade chemical compounds from various industrial waste and side-streams. CO2 emission is 90% less as compared to the traditional way of producing compounds.
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Based on Industry requirements, presently, Lithium polymer is ruling the battery industry due to its compact size and capacity. Lithium-ion battery recycling industries having the best future for the coming years because of the new technological inventions with best market strategies.
To combat this issue US has taken various initiatives to come up with solutions related to recycling Lithium-ion batteries and has launched ReCell Centre, which performed LIBRA analysis which in short helps them to identify the macro-economic viability of Lithium-ion battery recycling and its inclusion in global supply chain.
COVID-19 Impact on Lithium-ion Battery recycling Market
The consequences of the global coronavirus pandemic has changed many lives in nearly all countries and has negatively impacted the health and transport industry in specific. In adition to flipping many lives, it has made many countries register negative GDP growth and made many developing countries enter technical recession. The demand shock experienced by many energy materials and renewables, including battery-powered cars, grid storage and personal electronic devices, is no exception.
COVID-19 pandemic has forced countries to impose lockdowns and strict social distancing measures across the globe, flattening the global economic curve. This has disrupted almost every market and Lithium-ion Battery recycling market has also been greatly affected. As factories worldwide shut down, the road traffic stopped and the market for electric cars plummeted. Quarantine and residence orders barred workers from going to battery and car manufacturing plants, shuttered mines and refineries, and ultimately froze shipments of many manufactured goods.
Segmentation Analysis of Lithium-ion Battery recycling Market
The global Lithium-ion batteries recycling market is bifurcated into three major segments: Recycling type, Battery type and region.
Based on Recycling type, Lithium-ion battery recycling market is segmented as follows:
Based on Battery chemistry, Lithium-ion battery recycling market is segmented as follows:
- Lithium Manganese Oxide – LMO
- Lithium Cobalt Oxide – LCO
- Lithium Nickel Manganese Cobalt Oxide -NMC
- Lithium Iron Phosphate – LFP
- Lithium Nickel Cobalt Aluminum Oxide – NCA
On the basis of region, Lithium-ion battery recycling market has been segmented as follows:
- North America
- Latin America
- East Asia
- South Asia and Oceania
- Middle East & Africa
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Lithium-ion Battery Recycling Market: Regional Outlook
Commenting on the regional perspective under Lithium-ion batteries recycling, European countries stand first place due to strong growth in the automobile market and they are finding the best way to recycle the batteries with innovative and eco-friendly techniques. European nations are jointly developing the new process for Lithium-ion batteries recycling.
The United States in February 2019, in order to solve the issue of recycling lithium-ion batteries in the United States, Department of Energy launched the ReCell Center, the advanced R&D battery recycling center. ReCell is an association formed by Argonne’s National Laboratory, Oak Ridge National Laboratory, California University of San Diego, Michigan University of Technology, and Worcester Polytechnic Institute.
Since its launch, ReCell’s scientists have made key findings in direct cathode recycling, recovery of other materials, recycling design, modeling and analysis. Similar initiatives by numerous governments towards recycling the lithium-ion battery, along with increased adoption of electric vehicles around the world is expected to boost the market of Lithium-ion battery recycling market.
Many firms are developing their revenues in retaining of physical and chemical properties after recycling of Lithium-ion batteries. Recycling is always a closed-loop process in contrast to more conventional processes. According to Fact.MR, the Europe and North America market will sustain dominance throughout the forecast period.
Lithium-ion Battery recycling Market: Key Players
Being a moderately consolidated market, players have dominant presence across regions through streamlined distribution networks. Lithium-ion battery recycling is predominantly increasing through rapid collaborations in some markets. Market players are adopting various strategies to gain a competitive edge. Many of them are dependent on damaged products and waste material logistics to recycle.
The global lithium-ion battery recycling firms acts as one of the driving members for the solid waste collector industries. For instance, Fortum, the battery recycling firm coming with the radical strategy with the collaborations of other regional firms to improve the cutting edge technologies in recycling.
Some of the global players in this market report is given below are Accurec Recycling, Eramet, Exide Technologies, Aqua Metals Inc., Recupyl, Recylex SA, Battery Recycling Made Easy, Battery Solutions LLC, Call2Recycle Inc, Fortum, Eco-Bat Technologies Ltd, and others.
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