Lithium Ion Battery Market Estimated to Surpass $98.5 Billion Mark by 2026

Rising Amount of Research Into Lithium Ion Battery Recycling Driving the Growth of Lithium Ion Battery Market

Hyderabad, India – July 24, 2021 /MarketersMedia/ —

The global Lithium Ion Battery Market is estimated to surpass $98.5 billion mark by 2026 growing at an estimated CAGR of more than 10.1% during the forecast period 2021 to 2026. Lithium – ion batteries are the secondary (Rechargeable) batteries commonly used in consumer electronics such as cell phones, laptops, tablets and other portable devices. Lithium – Polymer battery is also categorized under lithium – ion batteries. The lithium-ion battery market is owing to the growing emphasis on electric vehicles throughout the world. The automotive sector uses the lithium-ion battery at multiple stages of the production line of the vehicle. Rising investments in the development of electric vehicles are some of the key opportunities for the lithium-ion battery recycling market. Most companies have started recycling lithium-ion batteries as there is low accessibility for some of the raw materials such as lithium and cobalt. The rising dependence on NMC, Lithium cobalt oxide and Lithium iron phosphate batteries are in particular witnessing increased adoption in electric vehicles and consumer electronics.

Lithium Ion Battery Market Segment Analysis – By Product

The advancement in technology and the rising need of electric vehicles has raised the demand for lithium-ion battery. Lithium-ion battery play an important role in charging the various types of electric vehicles. Moreover, the rising electric vehicle production and sales, in order to reduce carbon emissions and toxicity level has led to the growing demand for automotive Lithium Ion Battery Recycling during the forecast period.

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Lithium Ion Battery Market Segment Analysis – By End Use Industry

Automotive is the fastest growing market with a CAGR of 13.9% through the forecast period. Majority of electric cars are powered by wet lithium-ion batteries, which use liquid electrolytes to transfer energy around. Electric car makers anticipate for high energy density batteries to improve range of their vehicles along with increased lifespan.

Lithium Ion Battery Market Segment Analysis – By Geography

APAC region holds the largest market share of 37.2% in 2020. The APAC region driven by China is projected to drive market growth. China surpassed the US in 2015 to become the world leader in electric cars production, continuing to build a potential domestic market for battery makers like CATL through 2019.

Lithium Ion Battery Market Drivers

Rising Amount of Research into Lithium Ion Battery Recycling

Driven by the enormous quantity of spent Li-ion batteries expected soon from aging electric vehicles and ubiquitous portable electronics, start-up companies are commercializing new battery-recycling technology. In addition, some battery, manufacturing, and recycling experts have begun forming large, multifaceted collaborations to tackle the impending problem. This rising amount of research will generate improved methods of recycling thereby driving the market.

Rising Adoption of Li-NMC Batteries

Li-NMC batteries are preferred due to their low self-heating rate. Electric vehicles require high capacity and high power, which can only be provided by the NMC battery type. These batteries have a very low self-heating rate and are used in electric vehicles such as Nissan Leaf, Chevy Volt and BMW. Like other lithium-ion battery varieties, NMC batteries can have either a high specific energy density or a high specific power. Other application areas of Li-NMC batteries are e-bikes, power tools, medical equipment and other electric powertrains. Thus the recycling of Li-NMC batteries will grow significantly during the forecast period.

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Lithium Ion Battery Market Challenges

Lack of Awareness of Recycling

If current trends for handling these spent batteries hold, most of those batteries may end up in landfills even though Li-ion batteries can be recycled. These popular power packs contain valuable metals and other materials that can be recovered, processed, and reused. But very little recycling goes on today. In Australia, for example, only 2–3% of Li-ion batteries are collected and sent offshore for recycling.

Lithium Ion Battery Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Lithium Ion Battery Market. Umicore, Glencore International AG, International Metals Reclamation Company, LLC /INMETCO, Retriev Technologies, Raw Materials Company, Li-Cycle, Northvolt, and Ganfeng Lithium are considered to be the key players of the Lithium Ion Battery Market

Acquisitions/Technology Launches/Partnerships

In January 2021, Heavy-Duty Lithium-Ion Battery Recycling Pilot Launched By New Flyer & Li-Cycle

In December 2020 Altair International and St. Georges’ Eco Mining entered into a Binding agreement that would allow Altair access to St-Georges’ patent-pending Lithium processing technology for Altair’s Nevada based Stonewall project and most importantly bring together the two companies to jointly develop a patentable industrial scale process for Electric Vehicle Lithium-ion battery (LIB) recycling.

Key Takeaways

For many years now, lithium batteries have been a trusted power source in various industries. LFP batteries are used in applications such as smartphones, watches, computers and tablets. Lithium is used in lightweight marine batteries, solar batteries and electric vehicle batteries thus driving their potential recycling.

High Energy Density and Improved Safety offered by Lithium Cobalt Oxide batteries has driven their adoption. However their Short Lifespan, limited charging and discharging capacity limits their adoption.

Of the 180,000 metric tons of Li-ion batteries available for recycling worldwide in 2019, just a little over half were recycled. As lithium-ion battery production soars, so does interest in recycling. This drives the need for recycling as a co-industry for manufacturing.

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