How Will Scarcity of Lithium Boost Lithium-Ion Battery Recycling Market?

Growth factors like finite resources of lithium and rising preference for electric vehicles (EVs) are projected to propel the lithium-ion battery recycling market growth, with a CAGR of 18.3%, during the forecast period (2020–2030). In addition to the limited amount of lithium, along with mining leads to water pollution due to leakage of chemicals in water sources, recycling of battery is becoming prevalent as there is no alternative substance that has functional characteristics like lithium.

Another factor behind the growth of the lithium-ion battery recycling market is increasing use of lithium-based energy storage devices in laptops, tablets, and mobile phones. Widening application of lithium batteries in the electrical and electronics industry offers a lucrative opportunity for the recycling market. Moreover, finite resources of lithium are insufficient for meeting the demand for storage devices from the consumer electronics sector. Therefore, to cater to the expanding electrical and electronics sector, recycling of lithium will increase during the forecast period.

Globally, the Asia-Pacific (APAC) lithium-ion battery recycling market will account for the largest share in coming years, due to the surging popularity of EVs in Indonesia, China, the Philippines, and Vietnam. Further, the presence of some of the major players in the region will add to the revenue share of the regional market. Their presence leads to the easy availability of salvaged materials like lithium, cobalt, nickel, and manganese. Additionally, the expanding electrical and electronics sector in APAC will propel the growth of the market during the forecast period.

Similarly, in March 2020, BASF SE, Nornickel, and Fortum Oyj came together to establish a lithium-ion battery recycling cluster in Harjavalta, Finland, to adhere to the increasing demand for energy storage devices from the automobile industry. Some of the other players in the industry include TOXCO Inc., G&P Batteries, JX Nippon Mining & Metals Corp., Ganfeng Lithium Co. Ltd., TES (Singapore) Pte Ltd., Shenzhen Green Eco-Manufacturer Hi-Tech Co. Ltd., Glencore plc., and Foshan Nanhai Brunp Nickel & Cobalt Technology Co. Ltd.

Thus, the scarcity of resources of lithium will lead to an increase in recycling of the metal that will further drive the market growth in future.

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