World over, the lithium-ion battery recycling market flourishes with stringent norms and standards set by the government and organizations for the treatment of materials incorporated in the battery chemistry. Relevant subsidies to motivate battery recycling and bolstering investments to develop electric vehicles are creating lucrative opportunities across the lithium-ion recycling market.
Several expansion agendas like establishment of new infrastructure to commercialize battery recycling procedures are opted by the public as well as private entities. This is significantly improving the recycling capabilities and augmenting growth across the lithium-ion battery recycling industry. Furthermore, the companies are coming up with diverse recycling procedures which would in turn require sophisticated infrastructure. These developments are likely to create demand for advanced technology in the years to come.
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Power Sector to Observe Exponential Boost — Rise in Renewable Power Generation and Massive Deployment of EVs Creates Productive Opportunities
To curb the CO2 offset, governments across the globe are taking various initiatives and creating policies to advocate sustainable development. The rising need for energy storage solutions to encourage renewable power generation and the deployment of electric vehicles have spurred tremendous growth across the power sector. Manufacturers are incorporating next-gen technologies for creating highly tech-driven batteries which are setting the momentum for the market. Battery recycling companies are channeling significant funds towards the development of revolutionary battery recycling technology. Development of improvised battery technologies and lower maintenance requirements for lithium-ion batteries have surged the number of electric vehicles.
Besides, sustained research and development with a vision to improve the battery contents, reduce the cost and amount of non-active materials, enhance cell design & production yield, and improve the speed of production are anticipated to decelerate the costs of recycling lithium-ion batteries. Proliferating production volume for consumers in the power industry help realize economies of scale in manufacturing lithium-ion batteries and adding larger capacities. Therefore, this has created an air of competition and further declined the prices.
Robust Investments and Modern Battery Recycling Technologies Paves the Way for Growth in North America & Europe
On a regional basis, the market is fragmented in North America, Europe, and the Asia Pacific. North America is expected to hold the lion's share in the worldwide lithium-ion battery recycling market. The favorable regulatory framework, robust investments, and expansion plans by various competitive players to treat battery systems established over the years are propelling growth across the region. Besides, Europe is envisaged to witness robust growth over the prophesied period. Underpinning this growth is the introduction of a large clean energy generation target to bring down CO2 levels by the European Union. Several companies are promoting combined treatment technologies for the treatment of diverse battery chemistries. The Asia Pacific is thriving with the propitious battery energy storage policies along with the presence of numerous recycling companies, a huge battery installed bases, and various battery manufacturers.
Leading Players Across the Global Lithium-ion Battery Recycling Market
Fortum, Tesla, Inc., Northvolt, Li-Cycle Corp, Redwood Materials, Inc., Ganfeng Lithium, American Battery Technology Company (ABTC), ReLiB Project, Norsk Hydro ASA, Battery Resourcers Inc., and Green Li-ion Pte Ltd. are key players that are sustaining dominance across the global Li-ion battery recycling market. Competitive players like Li-Cycle, Northvolt, and Ganfeng Lithium are focused on building recycling plants to meet the pressing demand for inadequate supply chains and growing environmental concerns.
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