Indian companies like Attero Recycling, ACE Green Recycling, Trishulavel Eshan Pvt Ltd (Li-Circle) and Tata Chemicals Limited also mark their presence in lithium recycling industry
India not only boasts one of the largest lithium reserves in the world, but it is also making a name for itself in the lithium recycling sector. Attero Recycling Pvt. Ltd. (India), a recycler of lithium-ion batteries and electronic trash, said in November 2022 that it would invest $81 million (Rs 600 crore) in Telangana to build a factory with a 19,500 MT recycling capacity for lithium-ion batteries (India). The construction and operation of four new lithium-ion battery recycling plants in Thailand and India with an annual capacity of over 10,000 tonnes was announced by ACE Green Recycling, Inc. (ACE) in May 2022. Trishulavel Eshan Pvt Ltd (Li-Circle) (India), Tata Chemicals Limited (India), and Attero Recycling Pvt. Ltd are further significant Indian firms active in the Li-ion battery recycling sector.
According to a recent market research report named "Li-ion Battery Recycling Market," the Li-ion battery recycling market is predicted to reach $6.9 billion by 2030, growing at a CAGR of 21.3% between 2023 and 2030.
In order to limit the quantity of batteries disposed of as material waste, batteries are reused and reprocessed through the process of battery recycling. Recycling batteries contributes to protecting the environment, preserving natural resources, and preventing the buildup of hazardous waste in landfills. Because they contain priceless metals, lithium-ion (Li-ion) batteries are sophisticated goods that are more difficult to recycle. Li-ion battery recycling is the process of recovering valuable components from used or beyond their prime lithium-ion batteries, including lithium, cobalt, nickel, manganese, and copper. Many products, including portable electronics, wireless headphones, electronic appliances, electric vehicles, and energy storage systems, employ recycled Li-ion batteries.
The rising demand for electric vehicles, the drop in battery prices, and the increased requirement to handle the disposal of used batteries are the primary factors driving this market's expansion. The global Li-ion recycling market, however, is constrained in its expansion by a lack of adequate infrastructure for recycling. Government incentives for recycling batteries are likely to increase, and there will be more chances for businesses in this industry to recover valuable materials. The high cost of Li-ion recycling, however, poses a significant obstacle to the market's expansion for recycled Li-ion batteries.
Electric vehicles, power tools, medical gadgets, smart watches, drones, satellites, and utility-scale storage are just a few of the many uses for lithium-ion batteries (LIBs). Because to the COVID-19 pandemic's effects on industry, the industries adopting LIBs for these purposes suffered.
A decrease in Li-ion battery use followed as a result. In 2020, the Li-ion battery recycling market reported a sizable fall in revenue. The increased demand for battery-powered devices like bone growth stimulators and glucose monitoring systems had a favourable effect on the medical device business. The necessity for LIB recycling expanded along with the expansion in LIB usage. Hence, the COVID-19 pandemic had a conflicting effect on the market for recycling Li-ion batteries.
Also, many nations established limitations on the imports and exports of materials from China, which had an effect on the manufacture of Li-ion batteries. The demand to recycle spent Li-ion batteries in order to make new batteries arose due to the scarcity of raw materials. Throughout the supply chain for electric vehicles and renewable energy storage systems, Li-ion battery recycling plays a critical role. Many top market participants used this crisis as an opportunity to reassess and restructure their current business plans and build up portfolios of cutting-edge Li-ion recycling technologies.
While electric vehicles are becoming more and more popular and mostly run on lithium-ion batteries, the market still has a lot of room to recover. Also, governments in a number of nations, including the U.S., China, Germany, and South Korea, are launching battery recycling initiatives, which are anticipated to support market expansion throughout the course of the projected period. For instance, the U.S. government announced $3.1 billion in financing in May 2022 to support the production, processing, and recycling of batteries. Ultimately, the COVID-19 pandemic had a conflicting effect on the market for recycling Li-ion batteries.
The market for recycling Li-ion batteries worldwide is divided into five regions based on geography: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is anticipated to hold the greatest market share for recycling Li-ion batteries worldwide in 2023, followed by Europe and North America. The significant market share held by Asia-Pacific is primarily attributable to the region's rapid adoption of new laws and regulations intended to encourage the recycling of lithium-ion batteries and lessen environmental pollution, as well as to rising public awareness of the need for environmental sustainability and growing demand for EVs. The region is anticipated to grow quickly during the projection period.
In-depth analysis of the most important growth strategies used by the top market players between 2020 and 2023 are also included in the study.