According to a report by market research firm MarketsandMarkets, the lithium battery recycling market will reach US$1.78 billion in 2017 and is expected to reach US$23.72 billion by 2030, growing at a compound annual growth rate of approximately 22.1% over the period.
Rising demand for electric vehicles to control increasing pollution has spurred lithium battery consumption. Lithium batteries have a lower self-discharge rate than other rechargeable batteries such as NiCd and NiMH batteries. Lithium batteries supply high energy and high power density and are therefore used in various applications such as mobile phones, industrial equipment and electric vehicles.
Based on chemical composition, the lithium iron phosphate battery market is set to rise at the highest compound annual growth rate. Lithium iron phosphate batteries are widely used in high-power devices, including electric vehicles and lightweight marine batteries. Due to their stable performance at high temperatures, lithium iron phosphate batteries do not explode or catch fire. Lithium iron phosphate batteries generally have a long service life of 10 years and 10,000 cycles.
By sector, the electricity sector is expected to be the fastest rising. Each year, approximately 24 kg of electronic and e-waste per capita occurs in the EU, including lithium used in the high-tech industry. The EU has introduced regulations requiring a battery recycling rate of at least 25% by the end of September 2012, with a gradual increase to 45% by the end of September 2016. The power industry is working to produce renewable energy and store it for multiple uses. The low self-discharge rate of lithium batteries is one of the key factors in the adoption of smart grids and renewable energy storage systems. This will result in high volumes of used lithium batteries for recycling in the power industry.
The automotive sector is set to become the largest part of the lithium battery recycling market in 2017 and is expected to continue to lead in the coming years. The increasing adoption of electric vehicles is driving the demand for lithium batteries due to the low availability of raw materials such as lithium and cobalt and the fact that most countries and companies are recycling discarded used lithium batteries.
The Asia Pacific market is expected to rise at the highest CAGR through 2030. The Asia Pacific region includes countries such as China, Japan and India. Asia-Pacific is one of the most rapidly growing and largest markets for lithium battery recycling in various applications such as electric vehicles and energy storage. The demand for lithium batteries in Asia Pacific is very high because our country and India are the fastest growing economies in the world, and because of the increasing population additions and rising demand for industrial applications.
Leading players in the lithium battery recycling market include Umicore (Belgium), Canco (Switzerland), Retriev Technologies (USA), Raw Materials Corporation (Canada), International Metal Recycling (USA), among others.
Post time: Jun-30-2022