NEW YORK, Oct. 22, 2020 /PRNewswire/ -- The lithium-ion battery recycling market is growing on account of the limited availability of the said metal and rising adoption of electric vehicles (EV). As a result, the industry revenue will surge from $165.3 million in 2019 at a substantial CAGR of 18.3% during 2020–2030. In such energy storage devices, the movement of Li ions between the two terminals leads to discharging and charging, depending on the direction of the ion flow. These batteries contain less-toxic material than several others, which is why their recycling is picking up, according to the market research report published by P&S Intelligence.
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The divisions of the market under segmentation by end user are power, automotive, electrical & electronics, and others. Among these, the largest share in the industry in 2019 was held by the automotive division. Because the availability of lithium metal is limited, recycled material is now being used in the production of batteries. With the burgeoning adoption of EVs, the demand for batteries — their primary power source — and, in turn, the materials that go into them, is rising. This category would also witness the fastest advance during the forecast period.
The limited availability of the metal is the biggest factor that is helping the lithium-ion battery recycling market advance. Apart from not being abundant, lithium causes chemicals to spill into and pollute waterbodies, on being mined. Moreover, no other material offers the same chemical characteristics as lithium, which makes this metal extremely precious for end users. On account of all these factors, the recycling of Li-ion batteries is being encouraged, so that as much Li metal as possible can be retrieved.
Browse report overview with COVID-19 impact analysis on 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) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/lithium-ion-battery-recycling-market
Another reason for the expansion of the lithium-ion battery recycling market is the rapidly increasing adoption of EVs around the world. Germany, the U.S., Norway, Sweden, China, the Netherlands, and several Southeast Asian counties are witnessing burgeoning EV sales due to the environmental degradation caused by gasoline and diesel vehicles. Governments around the world are offering regulatory and financial support to EV manufacturers and buyers. As a result, compared to 3 million in 2017, 125 million EVs will be in use around the globe by 2030, says the International Energy Agency (IEA).
A key future opportunity area for market players is the growing electrical & electronics sector, as the Li-ion batteries find widespread usage in tablets, laptops, mobile phones, and several other electronic gadgets. With the expansion of this industry in South Korea, China, Thailand, and India, the demand for Li-ion batteries is rising, which can be leveraged by companies offering such recycled energy storage devices and retrieved materials. For instance, in 2019, China-based TCL Corporation expressed interest to pump $312.40 million (INR 2,200 crores) in the upcoming electronics hub in Tirupati, India.
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Asia-Pacific (APAC) is the largest and fastest-growing lithium-ion battery recycling market, on account of the existence of numerous companies undertaking such tasks in the region, primarily China. Moreover, the uptake of EVs is increasing quickly in Japan, China, Indonesia, Vietnam, and the Philippines, due to environmental concerns and strong government support. Therefore, to fulfill the demand for lithium and other components and chemicals in such batteries, they are being rapidly recycled in the region.
Thus, as the demand for electronic devices and EVs grows, so will lithium-ion battery recycling efforts, with the focus now firmly on limiting the mining of the metal.
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Lithium-Ion Battery Market
APAC and North America are expected to account for over 80.0% share in the global lithium-ion battery market, by 2024. This can be mainly attributed to the presence of established players and increasing adoption of lithium-ion batteries in portable electronic devices, EVs, and uninterrupted power supply systems.
Automotive Lithium-Ion Battery Market
The APAC region was the largest automotive lithium-ion battery market in the historical period. The high share of APAC region is due to the heavy production and sales of electric vehicles in China. China alone accounted for around 80.0% share in the APAC automotive lithium-ion batteries market in value terms, in 2018.
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SOURCE P&S Intelligence