The advent of batteries has facilitated the portability of several devices and limited the usage of wired connections. Lithium-ion battery was first invented by John Goodenough in 1980, and since its emergence, it has become an integral part of technological developments in various fields. Rechargeable lithium-ion batteries have brought a technological revolution in various applications starting from high-powered energy storage devices and electric buses to handheld electronic devices. Since the last 40 years of this innovation, lithium-ion batteries have been used in a varied range of products such as electric vehicles, mobile phones, laptops, and power tools.
The staggering adoption of lithium-ion batteries portrays that it may continue being a prominent source of clean energy, at least till the next decade, especially in the electro mobility field. Thus, a huge dominance of lithium-ion batteries can be anticipated given the ongoing and anticipated trends. The surge in the consumption of lithium-ion batteries further emphasizes on the disposal of batteries that have reached their end-of-life. Most batteries end up in landfill and become a threat to the environment, which leads to the requirement of recycling them.
The global deployment of lithium-ion batteries has increased rapidly and has been witnessed in a wide variety of products – from smaller electrical and electronic devices to large energy storage device and automotive vehicles. The lithium-ion battery industry is evolving at an enormous rate with the entrance of new players and new technologies. Huge investments, along with intensive R&D efforts, are currently being made by various companies to enhance the energy storage capacity of the lithium-ion battery. The proliferation of electric vehicles is expected to act as a catalyst for increasing the production for batteries in order to suffice the rising battery demand. However, given the continued usage of lithium and other crucial materials in the lithium-ion batteries, there is a rising concern regarding the shortage in the supply of these raw materials. It is anticipated that if the consumption continues to increase, there would be limited resource available for future usage. The geographical allocation of the raw materials might disrupt the overall growth of batteries and existing dynamics of price as well. Furthermore, apart from tackling the scarcity of resources, the recycling, reuse, and second life application of the batteries are being given priority to maximize the utility and benefit the environment.
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The market of lithium-ion battery has mostly gained momentum owing to its application in the electric vehicle, ranging from e-bikes and scooters to electric buses. Given the fast-paced adoption of electric vehicles across globe, the production of batteries is also anticipated to increase in the coming future. With an increase in the consumption of lithium-ion batteries, the need to address the situation of dead lithium-ion batteries being deposited in landfills also becomes crucial. The dead batteries pose a threat to the environment, as they contain toxic materials, which, when exposed to the environment, cause severe ill-effects and contaminate both land and water. Thus, recycling, reuse, and second-life applications seem to be an economical and environmentally favorable option to deal with waste battery stock and ensure the smooth supply of raw materials considering the unprecedented growth of different end-user industries of lithium-ion batteries.
Lithium-Ion Battery Recycling Market was valued at USD 1.87 Billion in 2019 and is expected to reach USD 13.25 Billion by 2027, at a CAGR of 27.73% during the forecast period.The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters.
Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments.
The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.Resources for lithium-ion battery production are limited in comparison to its demand from different end-use industries.
Research and then commercialization of recyclable lithium ion batteries are taking place especially for its applications in the automobile industry for hybrid cars as well.
Recycling of lithium-ion batteries will allow better and long-term usage thereby controlling the manufacturing process resulting in lower carbon-dioxide emissions.
Recycling of utilized materials further helps in the preservation of natural resources and reduce carbon footprint.
