Global Lithium-ion Battery Recycling Market Insights and Forecast to 2019-2026
Summary –
A new
market study, “Global Lithium-ion Battery Recycling Market Insights
and Forecast to 2019-2026 “has been featured on WiseGuyReports.
Market Overview
Batteries are costly and have a relatively short life span.
As discarded batteries grow by the tonnage, entrepreneurs are enticed to start
a business in recycling. The major objective of building a good battery is a
long life, safety, and low price. Recycling is an afterthought and
manufacturers do little to simplify the retrieving of precious metals. Usage of
lithium-ion batteries by the automotive industry is increasing, therefore the
need of improving the recycling of lithium-ion batteries is becoming critical.
Major automotive, manufacturing, technology, mining, and
energy businesses are joining forces with UNICEF, the African Development Bank,
other international organizations and NGOs to create a responsible global
supply of batteries in a market. The alliance intends to safeguard workers, ban
child labor, eradicate pollution, promote re-use and recycling and unlock
innovation for green energy storage.
The global lithium-ion battery recycling market size was
worth USD 1077 million in 2018 and is projected to register a CAGR of 17.3%
during the forecast period.
Market Dynamics: Drivers, Restraints, Opportunities Challenges
Electric Vehicles are picking up a reputation as a result of
the increasing environmental concerns and the requirement for a supportable
ecosystem in the automotive business. Increasing demand for recycled materials
and products, rising interest for industrial goods and smart devices, and
growing demand for electric vehicles worldwide are the major driving factors
for the market growth globally.
Growing demand and investments in electric vehicles are the
major driver impacting the growth of the market worldwide. For instance,
Automobile giant Volkswagen has announced an investment of USD 24 billion to
set up an all-electric line-up of cars, including infrastructure, by 2030.
China's largest electric carmaker BYD reportedly sold 113,669 new energy
vehicles in 2017. Automaker Volvo has announced that electric vehicles will
account for 50% of all its sales by 2025 and it plans to offer a hybrid variant
of all its vehicles from mid-2019. It is said that at least 60% of the
batteries from electric vehicles will serve in second use solutions before they
are sent to recycling. However, the volume of material available for recycling
is limited due to poor collection systems for portable batteries and good reuse
prospects as utility-scale storage for automotive batteries.
Security and safety issues related to
transportation and storage is the major restraint hindering the growth of the
market.
Key Segment
Global Lithium-Ion Battery, By Application:
• Electronics
• Industrial
• Automotive
• Others
Lithium-ion batteries, found in nearly all consumer
electronics. Consistent expansion in electronics, support from government and
increasing selection of lithium-ion batteries by electronic manufacturers has
supported the development of this market globally.
The rising utilization of electronic gadgets, for example,
mobile phones, workstations, MP3 players, and GPS route frameworks is driving
the development of the electronics industry. The well-established companies such
as Foxconn, Flex, Wistron, and Benchmark Electronics are expanding their
production facilities and investing in new countries to meet the growing
supply-demand gap. For instance, in March 2018, Wistron invested USD 106.4
million to acquire additional land near Bengaluru, India.
Based on the Type, the lithium-ion battery recycling market
is divided into lithium-nickel manganese cobalt, lithium-iron phosphate,
lithium-titanium oxide, lithium-manganese oxide, and others. Others are further
classified into lithium-cobalt oxide, lithium nickel cobalt aluminum oxide. The
electronics segment market is valued at USD XX Million in 2018 and is estimated
to grow at a CAGR of XX% over the forecast period to reach a USD XX Million by
2026. The lithium iron phosphate battery is a type of rechargeable battery,
specifically a lithium-ion battery, using LiFePO 4 as the cathode material, and
a graphitic carbon electrode with a metallic backing as the anode.
lithium iron phosphate batteries pose far less risk to the
environment than lead-acid batteries. They can also be recycled to recover the
materials used in their electrodes, wiring, and casings. Some of this material
can be used in new lithium batteries. Even now, buyers can choose to buy
LiFePO4 batteries made from recycled materials. Transportation, solar garden,
security light systems, electronic cigarettes, flashlights, radio-controlled
models, portable motor-driven equipment, industrial sensor systems are the
various applications of lithium iron phosphate battery.
Global Lithium-Ion Battery, By Technological Process:
• Physical
• Mechanical
• Hydrometallurgical
• Pyrometallurgy
Geographical Landscape
North America market accounted for 49% revenue share in 2018.
North American automotive industry is well-positioned and has the ability to
manufacture electric vehicles with the presence of leading batteries and
battery separator firms. The Solid Waste Association of North America (SWANA)
has voiced its support for legislation to create a recycling program for
lithium-ion batteries in California under AB 1509, the Lithium-Ion Battery Fire
Prevention Act.
Governments in North America are investing in lithium-ion
battery recycling. For instance, The U.S. Department of Energy (DOE) recently
announced plans for a USD 20.5 million investment in lithium-ion battery
recycling, with the goal of boosting capture rates to 90%, from a current rate
of less than 5%. These investments include USD 15 million to create a new
Lithium Battery R&D Recycling Center in partnership with Argonne National
Laboratory, the National Renewable Energy Laboratory, and Oak Ridge National
Laboratory.
The Asia Pacific market is valued at USD XX Million in 2018
and is estimated to grow at a CAGR of XX% over the forecast period to reach a
USD XX Million by 2026. The Asia Pacific holds XX% of market share in 2018 and
is expected to increase to XX% by 2026 in Global lithium-ion battery recycling
market. The Asia Pacific is expected to hold the largest market share globally.
The Asia Pacific has recognized as a center for the Electric vehicle market in
recent years. Asia has numerous vertically integrated companies with 2 decades
of capability and involvement in the production of lithium-ion batteries, thus
growing expansion of electric vehicles will drive the development for
lithium-ion battery recycling market.
Asian companies have upgraded manufacturing processes and
this made the Asia Pacific as a major hub for the market growth. China, India,
Japan, and the Korea Republic already have developed the automobile industry
and increasingly occupying into electric vehicles technologies, which will
further drive the demand for Lithium-ion batteries, simultaneously for Li-ion
battery recycling market. The Chinese recycling industry will have a strong
competitive advantage through proven technology and available capacity.
Competitive Landscape
The lithium-ion battery recycling market is highly
competitive with existing players in the market.
Some of the major players include Taisen Recycling, Brunp
Recycling, 4R Energy Corp, Li-Cycle Technology, Metal Conversion Technologies,
Umicore, Green Technology Solutions, Inc., Glencore, Retriev Technologies and
International Metals Reclamation CompanyThe key players are adopting various
key strategies such as product launches, collaborations, mergers &
acquisitions which are contributing to the growth of the lithium-ion battery
recycling market.
Manufacturers are focusing to expand their production facilities.
For instance, A123Systems has opened the largest lithium-ion automotive battery
production facility in North America.
Two U.S. players in cell components are Celgard, the world’s
third-largest producer of separators, and Novolyte, the only North American
producer of electrolytes for lithium-ion batteries, which has production
facilities in Louisiana.
In July 2018, BYD Company signed a strategic cooperation
agreement with Changan Automobile to jointly manufacture batteries for electric
vehicles. The groundbreaking agreement will see both companies collaborate in
the production and sale of these batteries through a new legal entity based in
Chongqing, a megacity of 33 million people in central China.
There has been a significant investment by the incumbent and
new battery producers into constructing additional manufacturing capacity to
meet demand. For instance, In September 2017, Panasonic Corporation has decided
to start the production of automotive lithium-ion batteries at a factory in
Himeji, Hyogo Prefecture, and expanding domestic production amid increasing
demand for such batteries
FOR MORE DETAILS: https://www.wiseguyreports.com/reports/4532862-global-lithium-ion-battery-recycling-market-2019-2026
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