Lithium-ion battery is a rechargeable battery that is utilized in electric vehicles and transportable electronics. Lithium-ion battery entails of three functional elements- positive electrodes, the negative electrode, and electrolyte. The negative electrode is generated from carbon. The positive electrode is serene of metal oxide. The electrolyte is a lithium salt in the organic solvent. Lithium-ion battery changes based on performance, price, and chemistry. Battery recycling means to diminish the number of batteries being thrown as waste. Recycling allows the deduction of material going into landfills. Lithium-ion batteries comprise valuable metals such as cobalt and nickel and to avoid the deficiency of these metals recycling procedure of lithium ions battery is required. Recycling of lithium-ion batteries can be undertaken by countless technological processes such as the pyro-metallurgy process, hydrometallurgical process, and several other mechanical processes. Automotive, power generation, marine, electricity is some of the industries utilizing the lithium-ion batteries.
According to the report analysis, ‘Global Lithium-Ion Battery Recycling Market By Battery Chemistry (Lithium-nickel Manganese Cobalt (Li-NMC), Lithium-iron Phosphate (LFP), Lithium-manganese Oxide (LMO), Lithium-titanate Oxide (LTO), Lithium-nickel Cobalt Aluminum Oxide (NCA)); By Technology (Hydrometallurgical Process, Pyrometallurgy Process, Physical/Mechanical Process); By End User (Automotive, Marine, Power, Industrial and Others) and Region – Global Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030’ states that Global Lithium-Ion Battery Recycling market is projected to witness growth in the future due to its diversified application in dissimilar industries such as the automotive and electricity industry. As they are greatly efficient, durable, and low maintenance their requirement for electric vehicles and portable devices is mounting which is projected to augment the lithium-ion battery recycling market.
In addition, one of the foremost factors propelling the lithium-ion battery recycling market is the restricted availability of raw materials such as nickel, cobalt, and aluminium. There are no other substitutions of lithium as proficient as them due to which the recycling of lithium-ion batteries is becoming more communal. Furthermore, the mining of lithium causes a damaging impact on the environment comprising water pollution on account of the seepage of chemicals into the water.
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Not only has this, Lithium-ion batteries are broadly utilized in mobile phones, laptops, tablets owing to which the market for lithium-ion battery recycling is projected to boost. With the enlargement of the electrical & electronics sector, the requirement for lithium-ion batteries is growing. Besides meeting the augmenting requirement for batteries by consumers the available reserves of the metal are insufficient owing to which the lithium-ion batteries market is predicted to augment.
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Based on the region, Global Lithium-Ion Battery Recycling market in Asia Pacific controlled the largest market share during the year 2019. Higher investment in the improvement of electric vehicles is predicted to enlarge the market in this region. Moreover, environmental concerns and stringent regulations of government concerning it, the recycling of lithium-ion batteries is growing. Therefore, in the near years, it is predicted that the market of lithium-ion battery recycling will increase around the globe more effectively over the forthcoming years.
Global Lithium-Ion Battery Recycling market report also contains analysis on:
Lithium-Ion Battery Recycling Market Segments:
- By Battery Chemistry
- Lithium-nickel Manganese Cobalt (Li-NMC)
- Lithium-iron Phosphate (LFP)
- Lithium-manganese Oxide (LMO)
- Lithium-titanate Oxide (LTO)
- Lithium-nickel Cobalt Aluminum Oxide (NCA)
- By Technology
- Hydrometallurgical Process
- Pyrometallurgy Process
- Physical/Mechanical Process
- By End-User
- Lithium-Ion Battery Recycling Market Dynamics
- Lithium-Ion Battery Recycling Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
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Ankur Gupta, Head Marketing & Communications