Tech Innovation to Boost Growth in the Global Lithium-ion Battery Recycling Market Through 2027
Global Lithium-ion Battery Recycling Market: Overview
The lithium-ion batteries have a number of heavy metals and
hazardous chemicals. The batteries usually have the lifespan of around five to
ten years. The disposal of Li-ion batteries has raised a lot of concerns about
the polluting the environment such as soil pollution and water pollution. The
overall demand for li-ion batteries has grown in recent years, especially in
countries such as China. This growth is mainly due to the rise in the number of
energy storage systems and the increased adoption of battery-driven vehicles.
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Global Lithium-ion Battery Recycling Market: Notable
Developments
Some of the key development in the global lithium-ion
battery recycling market are listed below:
- In
June 2019, FMC Corporation announced that the company has plans to invest
over US$50 million in the coming three years. The investments will be made
in the capital improvement projects and will include the reconfiguration
of state of the art research and greenhouse facility in Newark, Delaware.
For this project, the company acquired land of around 515 acres of the
Stine Research Center campus. This acquisition was a part of its takeover
of the crop protection business of DuPont back in 2017.
- In
March 2019, American Manganese Inc. announced that the company’s latest
innovation RecycLiCo™ Pilot Plant is ready for the testing stages of 3,4,
and 5. These tests are conducted by Kemtco Research. RecycLiCo™ Pilot
Plant will be used for recycling the cathode materials from the used
lithium-ion batteries. After the successful completion of the test phases
1 and 2, the company and Kemtco Research decided to move ahead for the
final stages. American Manganese Inc. is planning to file a patent for
this new process.
- In
June 2019, Li-Cycle claimed that it can achieve recycling up to 80% to
100% of the materials in the li-ion batteries. The company uses its
flagship two-step recycling process to achieve such a high level of
success.
Some of the other key players in the global lithium-ion
battery market include names such as Albemarle Corp., Jiangxi Ganfeng Lithium
Co. Ltd., Lithium America, and SQM SA among others.
Global Lithium-ion Battery Recycling Market: Drivers and
Restraints
The following are some of the key driving factors for the
growth of global lithium-ion battery recycling market:
- Environmental
concerns: It is one of the major reasons for the growth of the global
market. Improper disposal of lithium-ion batteries causes severe harm to
the environment such as water and soil pollution. Thus, recycling these
batteries have become an increasing priority and ultimately helped in the
overall development of the market.
- Government
backing: Governments across the globe are pushing for adoption of electric
vehicles. It is an initiative taken to curb the growing environmental
pollution. Use of electric vehicles requires lithium-ion batteries. It
thus creates ample opportunities for the development of the global
lithium-ion battery recycling market.
The global lithium-ion battery recycling market is segmented
into regions such as Asia Pacific, North America, Latin America, Europe, and
the Middle East and Africa. Of these, the global market is expected to be
dominated by the Asia Pacific region over the course of the forecast period of
2019 to 2027. The growth of the Asia Pacific segment is primarily attributed to
the subsidizing lithium-ion battery recycling efforts in emerging economies
such as India and China.
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