Global Lithium-Ion Battery Recycling Market - Growth, Trends, and Forecast (Outlook to 2028)

The Lithium ion Battery market is growing rapidly, and much of that demand is coming from electric car manufacturers in China, USA and others. Since cobalt and lithium are needed to manufacture lithium-ion batteries, they are becoming much more expensive. With the increased demand for these metals, the lithium ion battery recycling market is becoming more feasible.

Drivers:

• There has been a significant shift toward electric vehicles (EVs) for the past few years. It is estimated that by 2030, 11 million tons of spent lithium-ion batteries will become battery scrap due to the transition to electric vehicles. Over the forecast period, this is expected to create immense opportunities for new players
• Local and national governments worldwide have imposed stringent regulations and obligations to battery producers and suppliers to collect used batteries for recycling
• Metals extracted from recycled batteries, such as iron, aluminum, copper, manganese, and chromium, drive demand for the battery recycling market
• Increasing production of lithium batteries is increasing the manufacturing scrap of lithium ion batteries

Lithium ion battery scrap is waste/used batteries drained, recycled, or disposed of after usage. More than 50% of lithium ion battery scrap is recyclable; it can be re-used to produce new lithium ion batteries. Typically, collection centers receive used batteries from consumers and transport them to authorized recycling centers for further processing.

Lithium ion Battery Recycling Process:

• First, recycling companies collect expired or spare lithium ion batteries from battery depositories.
• Deactivation: The recycle companies deactivate or fully discharge the whole battery system or cells
• Mechanical Processing: The lithium-ion batteries are first disassembled and treated during a mechanical process. The mechanical process combines crushing, classification, and sorting processes of various nonferrous materials
• Hydrometallurgical Process: It is applied for the direct recovery of metals, such as Co, Ni, Mn, and Li. The process involves using sulfuric acid and hydrogen peroxide because the combination is very effective; reported yields for the target metals are over 90 percent when the leaching is conducted at temperatures above 40 °C.

Value Proposition:

• The market always seeks lower-priced raw materials with shorter delivery in response to high demand
• The critical point for Li ion battery recycling is to reduce landfills, save up resources, and also help to reduce pollution

Lithium ion Battery Recycling Market Opportunities:

• Increasing production is expected to lead to a decline in prices of lithium batteries, rising adoption in new applications, and recycling after end-of-life

Lithium ion Battery Recycling Market Challenges:

• Battery recycling is indirectly considered under the category of hazardous waste. It's sorting, storage, transportation, processing, and disposal are always governed by the waste management rules
• High cost of recycling due to extraction of lithium from spent lithium-ion batteries
• Rapidly changing battery chemistry of lithium ion batteries is challenging the market growth.

Lithium ion Battery Recycle Market Restraints:

• High initial investments and local regulations in various countries dictate the minimum amount of recycled content in new batteries
• Illegal lithium ion battery recycling players are still active in major markets such as China, India, and others for high-cost materials

Some of the Recent Developments:

• In July 2021, Lohum Cleantech, a lithium ion battery manufacturer and recycling solutions plans to boot its recycling capacity by 1000 tons/ year
• In June 2021, BASF, the German based chemical company, is declared to initiate a recycling plant to recycle active cathode materials of the battery

Regional Market Analysis:

The global Lithium ion Battery Recycle market report is segmented based on geography into North America, including the United States, Canada, Mexico, and the Rest of North America; Europe, including Germany, France, United Kingdom (UK), Italy, Russia, and the Rest of Europe; Asia Pacific (APAC) including China, India, Japan, South Korea, Australia, Indonesia, and Rest of APAC; South America including Brazil and Rest of South America; and the Middle East and Africa including Saudi Arabia, Brazil, Nigeria, South Africa, and other countries.

Asia-Pacific is expected to be the leading region in the lithium ion Battery Recycle market during the forecast period, followed by the Middle East, North America, Europe, and South America.

Asia Pacific:

The Asia Pacific region has countries that have both developing and established Battery Recycle markets. For instance, countries such as China, South Korea, Japan, Australia, and others have an established battery scrap market, while India, Malaysia, and Vietnam are developing their battery recycling market.

The Asia Pacific is expected to be the largest region for the lithium ion battery recycling market during the forecast period. With a target to reduce emissions, the lithium ion batteries recycling market will rise, especially in China, Japan, Australia, South Korea, India, and others.

Publisher's lithium ion battery recycling Market report provides insights into the current market demand environment and prognosis.

The study thoroughly examines the many factors that impact the development of the lithium ion Battery Recycling Market. The study also comprehensively analyses the lithium ion battery Recycling market by segmenting it based on region (Asia Pacific, Middle East, Europe, North America, South America, Africa).

The report also discusses current and future market possibilities, trends, advancements, the effect of Covid-19 and the Ukraine and Russian War on the lithium ion battery recycling market, essential developments, regions, and segments poised for the fastest growing competitive landscape. Further, the report will also provide the lithium ion battery recycling market size, demand forecast, and growth rates.


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