(I-BusinessNews.Com, October 18, 2019 ) Market Overview:
Batteries are costly and have a relatively short life span. As discarded batteries grow by the tonnage, entrepreneurs are enticed to start a business in recycling. The major objective of building a good battery is a long life, safety, and low price. Recycling is an afterthought and manufacturers do little to simplify the retrieving of precious metals. Usage of lithium-ion batteries by the automotive industry is increasing, therefore the need of improving the recycling of lithium-ion batteries is becoming critical.
Electric Vehicles are picking up a reputation as a result of the increasing environmental concerns and the requirement for a supportable ecosystem in the automotive business. Increasing demand for recycled materials and products, rising interest for industrial goods and smart devices, and growing demand for electric vehicles worldwide are the major driving factors for the market growth globally.
Growing demand and investments in electric vehicles are the major driver impacting the growth of the market worldwide. For instance, Automobile giant Volkswagen has announced an investment of USD 24 billion to set up an all-electric line-up of cars, including infrastructure, by 2030. China’s largest electric carmaker BYD reportedly sold 113,669 new energy vehicles in 2017. Automaker Volvo has announced that electric vehicles will account for 50% of all its sales by 2025 and it plans to offer a hybrid variant of all its vehicles from mid-2019.
Security and safety issues related to transportation and storage is the major restraint hindering the growth of the market.
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By application, the lithium-ion battery recycling market is segmented into electronics, industrial, automotive and other end users. Other end-user includes power and marine.
Lithium-ion batteries, found in nearly all consumer electronics. Consistent expansion in electronics, support from government and increasing selection of lithium-ion batteries by electronic manufacturers has supported the development of this market globally.
The rising utilization of electronic gadgets, for example, mobile phones, workstations, MP3 players, and GPS route frameworks is driving the development of the electronics industry. The well-established companies such as Foxconn, Flex, Wistron, and Benchmark Electronics are expanding their production facilities and investing in new countries to meet the growing supply-demand gap. For instance, in March 2018, Wistron invested USD 106.4 million to acquire additional land near Bengaluru, India.
Based on the Type, the lithium-ion battery recycling market is divided into lithium-nickel manganese cobalt, lithium-iron phosphate, lithium-titanium oxide, lithium-manganese oxide, and others.
lithium iron phosphate batteries pose far less risk to the environment than lead-acid batteries. They can also be recycled to recover the materials used in their electrodes, wiring, and casings. Some of this material can be used in new lithium batteries. Even now, buyers can choose to buy LiFePO4 batteries made from recycled materials.
On the basis of technological process, the lithium-ion battery recycling market is classified into physical and mechanical process, hydrometallurgical process and pyrometallurgy process.
By geography, the market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
North American automotive industry is well-positioned and has the ability to manufacture electric vehicles with the presence of leading batteries and battery separator firms. The Solid Waste Association of North America (SWANA) has voiced its support for legislation to create a recycling program for lithium-ion batteries in California under AB 1509, the Lithium-Ion Battery Fire Prevention Act.
Governments in North America are investing in lithium-ion battery recycling. For instance, The U.S. Department of Energy (DOE) recently announced plans for a USD 20.5 million investment in lithium-ion battery recycling, with the goal of boosting capture rates to 90%, from a current rate of less than 5%.
The Asia Pacific is expected to hold the largest market share globally. The Asia Pacific has recognized as a center for the Electric vehicle market in recent years. Asia has numerous vertically integrated companies with 2 decades of capability and involvement in the production of lithium-ion batteries, thus growing expansion of electric vehicles will drive the development for lithium-ion battery recycling market.
Some of the major players include Taisen Recycling, Brunp Recycling, 4R Energy Corp, Li-Cycle Technology, Metal Conversion Technologies, Umicore, Green Technology Solutions, Inc., Glencore, Retriev Technologies and International Metals Reclamation Company.
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