Lithium-ion Battery recycling Market: Overview
Lithium-ion batteries are recycled to prevent future shortage and enable the sustainable life cycle of lithium, nickel and cobalt. Recycling can be done in different ways to collect raw products. All electronic recycling companies having different set of recycling processes for electronic goods.
The basic chain rule to follow the process of any Lithium-ion batteries recycling is deactivation, disassembling, mechanical process (including crushing, sieving and sorting) and electrolyte recovery.
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Recycling can recover the materials from 25% -100% approximately. Many recycling industries have been following and building industrial collaboration and co-operation for the flow of sustainable recycling.
Recycling technologies are being developed to produce high-grade chemical compounds from various industrial waste and side-streams. CO2 emission is 90% less as compared to the traditional way of producing compounds.
Based on Industry requirements, presently, Lithium polymer is ruling the battery industry due to its compact size and capacity. Lithium-ion battery recycling industries having the best future for the coming years because of the new technological inventions with best market strategies.
The lithium battery market has not remained unaffected during the pandemic. While many important medical devices, including the ventilators which were crucial in this pandemic, use lithium batteries, the biggest area of growth in electric vehicles (EVs). Moreover, requirement of recycling these lithium-ion batteries is ever increasing as lithium-ion batteries are used everywhere and end up as e-waste which is getting piled up.
To combat this issue US has taken various initiatives to come up with solutions related to recycling Lithium-ion batteries and has launched ReCell Centre, which performed LIBRA analysis which in short helps them to identify the macro-economic viability of Lithium-ion battery recycling and its inclusion in global supply chain.
COVID-19 Impact on Lithium-ion Battery recycling Market
The consequences of the global coronavirus pandemic has changed many lives in nearly all countries and has negatively impacted the health and transport industry in specific. In adition to flipping many lives, it has made many countries register negative GDP growth and made many developing countries enter technical recession.
The demand shock experienced by many energy materials and renewables, including battery-powered cars, grid storage and personal electronic devices, is no exception.
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COVID-19 pandemic has forced countries to impose lockdowns and strict social distancing measures across the globe, flattening the global economic curve. This has disrupted almost every market and Lithium-ion Battery recycling market has also been greatly affected.
As factories worldwide shut down, the road traffic stopped and the market for electric cars plummeted. Quarantine and residence orders barred workers from going to battery and car manufacturing plants, shuttered mines and refineries, and ultimately froze shipments of many manufactured goods.
Furthermore, China being the largest manufacturer of Lithium-ion batteries almost doubled its production time owing to the lockdown measures in place by the government, which caused overall delay in supply chain of Lithium-ion batteries.
Moreover, Electric vehicles which is the largest shareholder in terms of application experienced sales decline throughout the year, thereby limiting the growth of Lithium-ion battery and its recycling market.
Because of economic instability and mass layoffs, usage has been decreased and demand for high-end mobile devices and tablets have fallen. These factors jeopardize the vitality and long-term development of energy storage materials and renewables. Considering the aforementioned factors, market is set to resuscitate completely by Q3 of FY2021.
Segmentation Analysis of Lithium-ion Battery recycling Market
The global Lithium-ion batteries recycling market is bifurcated into three major segments: Recycling type, Battery type and region.
Based on Recycling type, Lithium-ion battery recycling market is segmented as follows:
- Hydrometallurgical
- Pyrometallurgical
Based on Battery chemistry, Lithium-ion battery recycling market is segmented as follows:
- Lithium Manganese Oxide – LMO
- Lithium Cobalt Oxide – LCO
- Lithium Nickel Manganese Cobalt Oxide -NMC
- Lithium Iron Phosphate – LFP
- Lithium Nickel Cobalt Aluminum Oxide – NCA
- Others
On the basis of region, Lithium-ion battery recycling market has been segmented as follows:
- North America
- Europe
- Latin America
- East Asia
- South Asia and Oceania
- Middle East & Africa
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