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(Publishing-NewsWire.com, September 30, 2021 ) 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. Also, the announcement of tax exemptions by government bodies on EVs powered by lithium ion batteries are expected to provide opportunities for the automotive Lithium Ion Battery Market. 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. These batteries are in particular competing with NMC, Lithium Iron Phosphate and Lithium Manganese batteries in the electric vehicles and consumer electronics spaces. The shift from these batteries being sent to the landfill at the end of their lifespan to being utilized to extract materials will drive the recycling market.
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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. In April 2019, Innolith, a Swiss startup, claimed to have made the world’s first 1,000 Wh/kg rechargeable battery; while none of the other battery makers have reached even 500 Wh/kg energy density batteries. A 1,000 Wh/kg Lithium Ion Battery Recycling would be capable to power an electric car upto 1,000 km. The company has planned a pilot production in Germany, however, availability is expected after 2022. The company uses inorganic substances instead of organic solvents in its batteries, for better stability and to be flammable-free. Panasonic provides batteries to Tesla delivering power up to 530 km in premium models. The batteries require climate control during extreme hot and cold temperatures. Thus, the vehicle powered exclusively by a battery, the energy to optimize its battery temperature, is drawn from the battery itself, which hampers the battery performance. The automotive sector has witnessed a drop of more than 150% in the price per kWh in 6 years. Today, Tesla battery pack costs around $100 per kWh, and General Motors’ Chevrolet Bolt NMC battery pack is analyzed to cost around $125 per kWh showcasing significant price decline driving the adoption.
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. In 2019, China held around 61% of global li-ion battery production capacity. At present, China has a stock of around 47% of global electric vehicles. A li-ion battery consists of 4 main components namely- anode, electrolytes, separators, and cathode. And China manufactures around 65% of the anodes, 64% of the electrolytes, 44% of the separators, and 39% of the cathodes. The rising adoption of NMC and Lithium Cobalt Oxide batteries in this region will drive adoption.
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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.
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. The recycling rates in the European Union and the US—less than 5%—aren’t much higher. Because the Li-ion battery industry lacks a clear path to large-scale economical recycling, battery researchers and manufacturers have traditionally not focused on improving recyclability. Instead, they have worked to lower costs and increase battery longevity and charge capacity. And because researchers have made only modest progress improving recyclability, relatively few Li-ion batteries end up being recycled.
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
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.
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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