Boom Expected in Asia-Pacific Lithium-Ion Battery Recycling Market in Future

The global lithium-ion battery recycling market revenue stood at $161.4 million in 2020, and it is predicted to surge to $991.5 million by 2030. Furthermore, the market will demonstrate a CAGR of 19.9% from 2020 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The market is being driven by the burgeoning requirement for electric vehicles and the limited availability of the lithium metal across the world. 

The mushrooming use of lithium in various industries is augmenting the requirement for lithium mining, which is creating concerns, owing to the limited availability of the metal all over the world. Moreover, lithium mining causes environmental damage, because of extensive chemical leakage. Owing to these factors, the popularity of lithium-ion battery recycling is soaring. Additionally, recycling assists manufacturers in ensuring that only required quantity of lithium is used in batteries and other applications.

Apart from the aforementioned factor, the ballooning deployment of electric vehicles is also fueling the expansion of the lithium-ion battery recycling market. As per the Sustainable Development Scenario of the International Energy Agency (IEA), the total number of electric vehicles (excluding three- and two-wheelers) will rise to 245 million units by 2030, which is expected to promote the recycling of lithium-ion batteries so that their worldwide requirement can be met. 

Depending on battery type, the lithium-ion battery recycling market is classified into lithium-ferro phosphate (LFP), lithium-cobalt (LCO), lithium-nickel-cobalt-aluminum oxide (NCA), lithium-ion-manganese oxide (LMO), and lithium-nickel-manganese-cobalt oxide (NMC). Out of these, the LCO category dominated the market in 2020 and this trend is expected to continue in the coming years as well. This will be because of the soaring use of LCO batteries in various portable electronics, such as tablets, mobile phones, and laptops, due to their high energy density.

Globally, Asia-Pacific (APAC) held the largest share in the lithium-ion battery recycling market in the years gone by and it is predicted to retain its dominance throughout the forecast period as well. This is credited to the large-scale deployment of electric cars, which is driving the demand for recycled old batteries in order to meet the soaring requirement for these energy devices in the region. Additionally, the rising public awareness about the various environmental benefits of electric cars is also propelling the growth rate of the market in the region. 

Hence, it can be safely said that the demand for lithium-ion battery recycling will skyrocket in the coming years, mainly because of the mushrooming adoption of electric vehicles and the limited availability of lithium across the world. 

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Mushrooming Popularity of Electric Vehicles Fueling Demand for Lithium-Ion Battery Recycling

The limited availability of lithium is pushing up the popularity of lithium-ion battery recycling across the world. Due to the rising concerns being raised over the escalating pollution levels caused due to the indiscriminate mining of lithium, the governments of many countries are limiting the mining of the metal. Lithium mining causes severe environmental degradation and the pollution of water bodies, on account of the leakage of toxic chemicals into the water supply. 

Moreover, there are only a few lithium reserves around the world and there are alternative substances that can replace lithium in various applications. This is massively propelling the demand for the recycling of lithium-ion batteries. This process allows battery manufacturing companies to use lithium judiciously and avoid the exploitation of the material for commercial use. The other major factor fueling the expansion of the global market for lithium-ion battery recycling is the increasing deployment of electric vehicles across the world.

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Depending on battery type, the lithium-ion battery recycling market is classified into lithium-iron phosphate (LFP), lithium-cobalt oxide (LCO), lithium-ion manganese oxide (LMO), lithium-nickel-cobalt-aluminum oxide (NCA), and lithium-nickel-manganese-cobalt oxide (NMC) categories. Out of these, the lithium-iron phosphate (LFP) category is predicted to exhibit the fastest growth in the market in the coming years, on account of the several advantages of these energy storage devices such as lower weights, higher discharge rate, and better charging efficiency.

Globally, the lithium-ion battery recycling market will demonstrate the highest growth in Asia-Pacific (APAC) in the forthcoming years. This is attributed to the ballooning requirement for electric vehicles in the regional countries such as Vietnam, Indonesia, China, and the Philippines. In addition to these, the presence of several leading lithium-ion battery recycling organizations and the abundant availability of salvaged materials such as manganese, lithium, cobalt, and nickel in the regional countries are propelling the market advancement in this region.

Therefore, it is clear from the above paragraphs that the demand for lithium-ion battery recycling will surge all over the world in the coming years, primarily because of the limited mining of lithium and the growing usage of electric vehicles.

Read More: https://www.psmarketresearch.com/market-analysis/lithium-ion-battery-recycling-market

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