Global Lithium-ion Battery Recycling Market: Overview
The lithium-ion batteries have a number of heavy metals and hazardous chemicals. The batteries usually have the lifespan of around five to ten years. The disposal of Li-ion batteries has raised a lot of concerns about the polluting the environment such as soil pollution and water pollution. The overall demand for li-ion batteries has grown in recent years, especially in countries such as China. This growth is mainly due to the rise in the number of energy storage systems and the increased adoption of battery-driven vehicles.
Global Lithium-ion Battery Recycling Market: Notable Developments
Some of the key development in the global lithium-ion battery recycling market are listed below:
- In June 2019, FMC Corporation announced that the company has plans to invest over US$50 million in the coming three years. The investments will be made in the capital improvement projects and will include the reconfiguration of state of the art research and greenhouse facility in Newark, Delaware. For this project, the company acquired land of around 515 acres of the Stine Research Center campus. This acquisition was a part of its takeover of the crop protection business of DuPont back in 2017.
- In March 2019, American Manganese Inc. announced that the company’s latest innovation RecycLiCo™ Pilot Plant is ready for the testing stages of 3,4, and 5. These tests are conducted by Kemtco Research. RecycLiCo™ Pilot Plant will be used for recycling the cathode materials from the used lithium-ion batteries. After the successful completion of the test phases 1 and 2, the company and Kemtco Research decided to move ahead for the final stages. American Manganese Inc. is planning to file a patent for this new process.
- In June 2019, Li-Cycle claimed that it can achieve recycling up to 80% to 100% of the materials in the li-ion batteries. The company uses its flagship two-step recycling process to achieve such a high level of success.
Some of the other key players in the global lithium-ion battery market include names such as Albemarle Corp., Jiangxi Ganfeng Lithium Co. Ltd., Lithium America, and SQM SA among others.
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Global Lithium-ion Battery Recycling Market: Drivers and Restraints
The following are some of the key driving factors for the growth of global lithium-ion battery recycling market:
- Environmental concerns: It is one of the major reasons for the growth of the global market. Improper disposal of lithium-ion batteries causes severe harm to the environment such as water and soil pollution. Thus, recycling these batteries have become an increasing priority and ultimately helped in the overall development of the market.
- Government backing: Governments across the globe are pushing for adoption of electric vehicles. It is an initiative taken to curb the growing environmental pollution. Use of electric vehicles requires lithium-ion batteries. It thus creates ample opportunities for the development of the global lithium-ion battery recycling market.
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Global Lithium-ion Battery Recycling Market: Geographical Outlook
The global lithium-ion battery recycling market is segmented into regions such as Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Of these, the global market is expected to be dominated by the Asia Pacific region over the course of the forecast period of 2019 to 2027. The growth of the Asia Pacific segment is primarily attributed to the subsidizing lithium-ion battery recycling efforts in emerging economies such as India and China.
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