(MENAFN- iCrowdNewsWire)According to the new market research report “Lithium-ion Battery Recycling Market by Battery Chemistry (Lithium-nickel Manganese Cobalt, Lithium-iron Phosphate, Lithium-Manganese Oxide, LTO, NCA, LCO), Industry (Automotive, Marine, Industrial, and Power), and Region – Global Forecast to 2030″, The lithium-ion battery recycling market is estimated at USD 1.5 billion in 2019 and projected to grow from USD 12.2 billion in 2025 to USD 18.1 billion by 2030, at a CAGR of 8.2% from 2025 to 2030.
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Based on chemistry, the lithium manganese oxide segment is projected to grow at the highest CAGR from 2025 to 2030. A lithium-manganese oxide (LMO) cell is a three-dimensional spinel-structured cell with lithium manganese as cathode material. The spinel structure in LMO cells offers various advantages such as lower internal resistance, high thermal stability, improved current handling, and enhanced safety. These attributes of LMO cells make them suitable for applications such as power tools and hybrid and electric vehicles.
Based on end use, the power sector is projected to grow at the highest CAGR from 2019 to 2024. Each year EU produces approximately 24 kg electrical and electronic waste per citizen, which includes lithium used in high-tech industries. EU has implemented regulations which required battery collection rates of at least 25% by the end of September 2012 and to gradually increase these to 45% by the end of September 2016. The power sector is working on generating renewable energy and storing it for multiple uses. The low self-discharge rate of lithium-ion batteries is one of the factors driving its adoption in smart-grid and renewable energy storage systems. This is expected to lead the power sector generating a high output of spent lithium-ion batteries for recycling.
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The lithium-ion battery recycling market is estimated at USD 1.5 billion in 2019 and projected to grow from USD 12.2 billion in 2025 to USD 18.1 billion by 2030, at a CAGR of 8.2% from 2025 to 2030. The major reasons for the growth of the battery recycling market include the increasing concerns regarding environmental pollution and the enforcement of stringent environmental regulations across regions to control excessive industrial and air emissions. The rising concerns about depleting earth metals and government initiatives to recycle batteries are drivers for the battery recycling market globally.
Umicore (Belgium), Glencore International AG (Switzerland), International Metals Reclamation Company, LLC /INMETCO (US), Retriev Technologies (US), and Raw Materials Company (Canada) are some of the leading players operating in the lithium-ion battery recycling market. These players have adopted the expansions, acquisitions, divestments, collaborations, and joint ventures strategies to enhance their positions in the market.
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In December 2019, Umicore and Audi AG (Germany) collaborated in a closed-loop sustainable battery recycling pilot project. The pilot project comprised two phases: the test phase wherein it was successfully established by both the parties that more than 90% cobalt and nickel in batteries of the Audi e-tron model, can be recovered. The second phase began in January 2020 and consists of the supply of Audi e-tron batteries by Audi AG to Umicore for recycling. The recovered cobalt and nickel produced are employed in the production of new battery cells. The collaboration is expected to lead to the retrieval of precious resources and reduction of CO2 emissions.
In November 2019, Raw Materials Company Inc. (RMC) entered into a partnership with Call2Recycle, Inc. (US) to enhance the collection and recycling of used consumer batteries across Ontario (Canada). Under this partnership, the two parties are expected to offer residents, businesses, and municipalities of Ontario increased access to battery collection and recycling. This partnership aided both the companies in establishing an efficient producer responsibility program to enhance consumer drop-off locations for spent batteries. The partnership is also expected to result in the augmentation of collection and recycling consumer batteries across Ontario.
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