Lithium-ion Battery Recycling Market is Expected to Grow With a CAGR of 30.5% During the Forecast Period of 2018 to 2025, Says Esticast Research and Consulting
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As per the report “Lithium-ion Battery Recycling Market By Type ( NMC, LFP, LMO, Li-TO, NCA, Li-CO ), By Application ( Automotive, Power, Marine, Industrial ), Industry Trends, Estimation & Forecast, 2017-2025″
In 2017, the automotive battery recycling segment generated the highest revenue share. Among major regions, the U.S. was the highest revenue generating market in 2017.
“Continuous development of Li-ion as a power storage technology and its increasing adoption in consumer electronic devices and e-vehicles as power source has led to an increased requirement for its waste management.”
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The transportation sector across the globe is witnessing an increase in the global automobile sales, especially that of hybrid and electric vehicles. In 2015, a total of 45% of the overall lithium-ion battery sales in Japan was from the automobile sector, including the export statistics. Moreover, in 2017, plug-in hybrids and battery electric vehicles recorded a high sale of 287,000 units, witnessing a 63% sales increase as compared to the previous year. China accounted for more than half of these global sales, owing to which it is anticipated to garner the highest market share in the lithium-ion battery recycling market during the forecast period.
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Global Lithium-ion battery recycling market is expected to witness few hurdles in its growth, owing to the low economic returns
The economic returns obtained by recycling of lithium-ion batteries is below satisfaction, due to which the lithium-ion battery recycling market becomes quite unattractive. It is difficult to retrieve valuable materials from the used batteries and the ones retrieved gain high selling rates. It is difficult to reach a financial breakeven point in this industry, in case subsidies are not provided. The lithium retrieved from the recycled lithium-ion batteries is quite expensive as compared to the raw lithium mined from the earth. Such economic determinants are hindering the market growth, however, technological innovations in the industry are expected to turn the picture around and provide economic benefits.
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European Union garnered the highest revenue in the global market, owing to the presence of several market players
A huge number of players active in the global market are concentrated mostly in EU, which is attracting high revenues for the region. European Union is witnessing a rising graph in terms of quantity of lithium-ion batteries being recycled every year. Approximately 800 tons of automotive batteries, 190 tons of industrial batteries, and 160 tons of consumer batteries of all types enter the European Union each year. Such notable statistics are fuelling the growth of this region in the global market.
KEY FINDINGS OF GLOBAL LITHIUM-ION BATTERY RECYCLING MARKET, 2017-2025
• More than 66% of the lithium-ion batteries, or 191,000 tonnes, are expected to be recycled in China, feeding the country’s fast-growing battery material industry.
• EU accounted for the highest market share of nearly 26% in the global market, in 2017.
Some key market players are Arcelormittal, EVRAZ, Gerdau, Shagang Group, NSSMC, Central Wire, Emirates Steel, Fagersta Stainless, Hebei Sakaguchi Stainless Steel, and Ivaco Rolling Mills (HEICO).