Lithium Ion Battery Recycling Market Share, Growth, Trends and Forecast 2019-2025

by BIS RSRCH Trending Technology News

The market of lithium-ion battery has mostly gained momentum owing to its application in the electric vehicle, ranging from e-bikes and scooters to electric buses. Given the fast-paced adoption of electric vehicles across globe, the production of batteries is also anticipated to increase in the coming future. With an increase in the consumption of lithium-ion batteries, the need to address the situation of dead lithium-ion batteries being deposited in landfills also becomes crucial. The dead batteries pose a threat to the environment, as they contain toxic materials, which, when exposed to the environment, cause severe ill-effects and contaminate both land and water. Thus, recycling, reuse, and second-life applications seem to be an economical and environmentally favorable option to deal with waste battery stock and ensure the smooth supply of raw materials considering the unprecedented growth of different end-user industries of lithium-ion batteries.

However, the recycling industry, with respective to lithium-ion batteries, is at a very niche level when compared with the other batteries such as lead acid batteries. The recycling of lithium-ion batteries require supportive regulations and government enforced laws to ensure smooth collection and recycling of the waste batteries. Recycling of the batteries help in reducing the overall emission and energy consumption related to mining of fresh raw materials. In fact, adequate supply of recovered raw materials can help in alleviating the material scarcity, thereby minimizing the market price. Apart from government enforcement, market-based incentives for simplifying the designing process of the battery to facilitate easy disassembling are also anticipated to play a key role in the recycling industry. A sound infrastructure to promote the collection of dead batteries and innovate technologies for executing the entire recycling process on a large scale are two essential factors that could escalate the recycling rates of lithium-ion batteries. Regulations such as MCRBMA and the ELV Directive make it a combined responsibility of both the manufacturers and recycling companies to ensure the collection and the transportation of used batteries to facilitate the process of recycling.

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With the number of battery manufacturing facilities expected to increase rapidly, the global demand for lithium and cobalt is also expected to increase significantly in the coming future. This may prove to be a hindrance to the development of the market, as lack of the resource may slow down the production processes. The impact may be even more noticeable, when the market for electric vehicles is established firmly in developing countries. The percentage of lithium that is used in the automotive applications is anticipated to increase, if the manufacturers are to cater to the global demand for Li-ion charged EV batteries. The lithium-ion battery recycling market has been segmented into battery chemistry type, end-source type and technology type. This research also analyzes the adoption of lithium-ion battery recycling in different regions and countries. Huge investment by government and federal agencies to promote electric vehicles to cut down carbon dioxide emission is further propelling the growth of lithium-ion batteries and their recycling, respectively. However, certain technical challenges with regard to the collection and sorting of dead batteries and high initial cost of its market penetration are some of the factors that are restraining the growth of the lithium-ion battery recycling market.

The major technologies that have been identified in the recycling of lithium-ion batteries I the research study are hydrometallurgy, pyrometallurgy, and direct recycling. Various research and development projects are being undertaken for the advancement of lithium-ion battery recycling technologies. The hydrometallurgical process is widely being used in China, whereby the batteries are treated with an aqueous solution. This helps in easy separation of dissolved metals in a battery. Although the technology produces wastewater, it helps in recovering most of the materials and non-metallic components present in the battery. This process is less energy-intensive and environment-friendly, as compared with pyrometallurgical process, and hence is being widely adopted in the recycling industry.