As per the expert reports, the global market value for lithium-ion battery recycling is around $1.5 billion, with a projected growth rate (CAGR) of around 18% from 2020 to 2025.
Energy storage systems (ESS) and electric vehicles (EVs) are becoming more and more popular, which has increased demand for lithium-ion batteries and necessitated their recycling. Lithium-ion batteries include important metals like lithium, cobalt, and nickel that may be recovered and utilised in new batteries, minimising the need for raw materials from primary sources and having a less negative impact on the environment.
The batteries are disassembled and sorted as part of the recycling process, and then the metals are extracted using several techniques such as smelting, hydrometallurgy, and pyrometallurgy. Among the businesses active in recycling lithium-ion batteries are Umicore, Li-Cycle, Retriev Technologies, American Manganese, and GEM Co. Ltd.
The market for recycling lithium-ion batteries is anticipated to expand as more batteries approach the end of their useful lives and as governments and businesses place a greater emphasis on sustainable practises and the circular economy.
The companies involved in the lithium-ion battery industry, including manufacturers, recyclers, and suppliers of raw materials, are:
- LG Chem
- Samsung SDI
- Retriev Technologies
- American Manganese
- GEM Co. Ltd.
Raw material suppliers are:
- Tianqi Lithium
- Ganfeng Lithium
The countries involved in lithium-ion battery recycling in this growing industry are:
- United States: Companies like Li-Cycle, Retriev Technologies, and American Manganese are among those that recycle lithium-ion batteries in the US. A Lithium-Ion Battery Recycling Prize has also been established by the Department of Energy to promote innovation and advancement in this area.
- Canada is a leading recycler of lithium-ion batteries. Li-Cycle is based in Canada. The organisation has a commercial recycling facility in Ontario and intends to open up shop in more regions across North America and Europe.
- China is one of the largest producers of lithium-ion batteries in the world. It invested heavily in the development of a domestic recycling industry. Several companies, such as GEM Co. Ltd. and BRUNP Recycling,
- South Korea: The country is one of several leading lithium-ion battery manufacturers, such as LG Chem and Samsung SDI. The battery recycling industry was also developed by companies such as SungEel HiTech and EcoPro BM.
- Belgium: A global materials technology and recycling company, Umicore, based in Belgium, is a leader in lithium-ion battery recycling. The company operates recycling facilities in several countries and is in partnership with other companies and governments to develop further industries.