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Lithium-Ion battery recycling market worth 23.72 billion USD by 2030
Written By: Jen Neville
January 9, 2018
According to a new lithium-ion battery recycling market report published by MarketsandMarkets, the market is estimated at USD 1.78 billion in 2017 and is projected to reach USD 23.72 billion by 2030, at a CAGR of 22.1% from 2017 to 2030.
The rising demand for electric vehicles to control increasing pollution has spurred the consumption of lithium-ion batteries. Lithium-ion batteries have a lower rate of self-discharge than other rechargeable cells such as Ni-Cad and NiMH. These offer high energy and power density, and are thus used in various applications, from cellular phones, industrial equipment, to electric-drive vehicles.
Lithium-iron phosphate is projected to be the fastest-recycled battery type of the Lithium-Ion Battery Recycling Market
Based on chemistry, the market for the lithium-iron phosphate battery is expected to grow at the highest CAGR from 2017 to 2030. The lithium-iron phosphate battery is widely used in the high-power devices and equipment including transportation (EVs) and lightweight marine batteries. Lithium-iron Phosphate (LFP) batteries do not explode or catch fire and are stable at high temperatures. LFP batteries generally have a long life and last up to 10 years and 10,000 cycles.
Power is the fastest-growing industry in the Lithium-Ion Battery Recycling Market
Based on industry, power is expected to grow at the highest CAGR from 2017 to 2030. Each year EU produces around 24 kg electrical and electronic waste per citizen, which includes lithium used in high-tech industries. The EU has implemented regulations which require battery collection rates of at least 25% by the end of September 2012, and gradual increase to 45% by the end of September 2016. The power industry is working on generating renewable energy and storing it for multiple uses. The low self-discharge rate of lithium-ion batteries is one of the major driving factors for their adoption in smart grid and renewable energy storage systems. This is expected to lead the power industry generating a high output of spent lithium-ion batteries for recycling.
Automotive is the largest Lithium-Ion Battery Recycling Market
Based on industry, automotive is projected to be the largest segment of the Lithium-Ion Battery Recycling Market and is expected to lead in the coming years. Increasing adoption of electric vehicles has driven the demand for lithium-ion batteries, since there is low accessibility to raw materials such as lithium and cobalt, and most countries and companies are recycling discarded spent lithium-ion batteries.
Asia Pacific is the fastest-growing region of the Lithium-Ion Battery Recycling Market
The Lithium-Ion Battery Recycling Market in the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The Asia Pacific region comprises China, Japan, and India, among other countries. The region is the fastest-growing and one of the largest markets for lithium-ion battery recycling in various application areas, such as electric vehicles and energy storage. China and India are the fastest-growing economies in the world, and demand for lithium-ion batteries is very high in the Asia Pacific owing to the ever-increasing population and growing need for industrial applications.
Some of the leading players operating in the Lithium-Ion Battery Recycling Market include Umicore (Belgium), Glencore (Switzerland), Retriev Technologies (US), Raw Materials Company (Canada), American Zinc Recycling (INMETCO) (US), and Battery Recycling Made Easy (US), among others.