According to a report published by Allied Market Research, the value of the market for lithium-ion battery recycling was $1.33 billion in 2020, and it is projected to reach $38.21 billion by 2030, with a compound annual growth rate (CAGR) of 36.0% during the period from 2021 to 2030.
The recycling of lithium-ion batteries involves collecting, processing, and recovering valuable materials from used or end-of-life lithium-ion batteries. Recycling these batteries is necessary to minimize environmental impact, conserve valuable resources, and address the disposal of hazardous materials.
The Asia-Pacific region is expected to grow the fastest, with a projected CAGR of 40.8% during the forecast period for lithium-ion battery recycling.
In 2020, Europe dominated the global market for lithium-ion battery recycling, accounting for over 35.7% of the market share in terms of revenue.
Key companies in the market include Ganfeng Lithium Co., Ltd., American Battery Technology Company, Accurec Recycling GmbH, Akkuser Oy, Duesenfeld GmbH, Li-Cycle Corp., Fortum Corporation, Retriev Technologies, Inc., Lithion Recycling, Inc., and Umicore.
Other entities operating in the global value chain of lithium-ion battery recycling include Neometals Ltd., Primobius, Green Li-ion Pvt., Ltd., SungEel MCC Americas, Redux GmbH, and others.
The electric vehicle segment is the fastest-growing segment in the lithium-ion battery recycling market, with a projected CAGR of 46.1%.
The hydrometallurgical process segment accounted for 64.8% of the market share in 2020 and is expected to increase its revenue share with a CAGR of 39.7%, contributing to the overall global market for lithium-ion battery recycling.
In 2020, the lithium manganese oxide segment held the majority of the shares in the global lithium-ion battery recycling market and is expected to maintain its dominance during the forecast period.
The electronics segment accounted for approximately 67.5% of the market share in 2020 and is expected to retain its dominance until the end of the forecast period.
The global lithium-ion battery market expects significant growth due to the increased utilization of various vehicles such as electric and hybrid cars, which in turn impacts the growth of the lithium-ion battery recycling market in the coming years.
There are established patented recycling methods available in the market. Therefore, battery recycling is carried out using patented methods by individual manufacturers or other organizations.
Lithium-ion batteries are designed for rechargeability and have high energy density. They are primarily used in portable electronic devices, electric vehicles, and for industrial energy storage purposes.
After the end of their life cycle, most lithium-ion batteries are stored in landfills. It is important to recycle them to further reduce environmental pollution caused by these hazardous batteries.
Battery recycling used to be considered a legislative activity, but it is now a more lucrative way to recover metals through the recycling of various batteries, including lead-acid, lithium-ion, and nickel-metal hydride batteries.
Impact of the COVID-19 Pandemic
The global lithium-ion battery recycling market experienced stable growth in 2020 despite the outbreak of the COVID-19 pandemic. The pandemic had a negative impact on various industries and countries, leading to a reduction in the global workforce, decreased consumer spending, and a decline in demand for electronics and the automotive industry.
FAQ section based on the main topics and information presented in the article:
1. What is the importance of lithium-ion battery recycling in the market?
Lithium-ion battery recycling is necessary to minimize environmental impact, conserve valuable resources, and address the disposal of hazardous materials.
2. How fast is the lithium-ion battery recycling market growing?
According to Allied Market Research, the lithium-ion battery recycling market is projected to grow dynamically with a CAGR of 36.0% during the period from 2021 to 2030, reaching a value of $38.21 billion by 2030.
3. Which region is predicted to be the fastest-growing in the lithium-ion battery recycling market?
The Asia-Pacific region has a projected CAGR of 40.8%, making it the fastest-growing region in the lithium-ion battery recycling market.
4. Which segment is the fastest-growing in the lithium-ion battery recycling market?
The electric vehicle segment is the fastest-growing segment in the lithium-ion battery recycling market, with a projected CAGR of 46.1%.
5. Which companies are important in the lithium-ion battery recycling market?
Key companies in the lithium-ion battery recycling market include Ganfeng Lithium Co., Ltd., American Battery Technology Company, Accurec Recycling GmbH, Akkuser Oy, Duesenfeld GmbH, Li-Cycle Corp., Fortum Corporation, Retriev Technologies, Inc., Lithion Recycling, Inc., and Umicore.
6. Are there recycling methods available for lithium-ion batteries in the market?
Yes, there are established patented recycling methods available in the market. Battery recycling is carried out using patented methods by individual manufacturers or other organizations.
7. What devices are lithium-ion batteries used for?
Lithium-ion batteries are primarily used in portable electronic devices, electric vehicles, and for industrial energy storage purposes.
Links to the main domain (not subdomains) related to the topic:
1. [Allied Market Research](https://www.alliedmarketresearch.com/)
2. [Ganfeng Lithium Co., Ltd.](http://www.gflminerals.com/?lang=en)
3. [American Battery Technology Company](https://www.americanbatterytechnology.com/)
4. [Akkuser Oy](https://www.akkuser.fi/en/)
5. [Li-Cycle Corp.](https://li-cycle.com/)
6. [Umicore](https://www.umicore.com/)
Important information and definitions:
– Lithium-ion battery recycling: Involves collecting, processing, and recovering valuable materials from used lithium-ion batteries.
– CAGR (Compound Annual Growth Rate): The annual rate of change in the value of an investment or financial indicator over a specified time period.
– Hydrometallurgical process segment: Refers to one of the processing methods for lithium-ion batteries to recover valuable materials through the use of chemical solvents.
– Lithium manganese oxide segment: Refers to one of the materials used in lithium-ion batteries.
– Electronics segment: Refers to the industrial sector related to the production of consumer electronic devices.
Source: Allied Market Research. (2021, February 14). Lithium Ion Battery Recycling Market. Retrieved from: [https://www.alliedmarketresearch.com/lithium-ion-battery-recycling-market](https://www.alliedmarketresearch.com/lithium-ion-battery-recycling-market)
The source of the article is from the blog anexartiti.gr