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Lithium-Ion Battery Recycling Market to Show Healthy Growth in the Coming Years | BIS Research
The purpose of this market analysis is to examine the lithium-ion battery recycling outlook in terms of factors driving the market, trends, technological developments, and competitive benchmarking, among others.
By: BIS Research
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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.
With the number of battery manufacturing facilities expected to increase rapidly, the global demand for lithium and cobalt is also expected to increase significantly in the coming future. This may prove to be a hindrance to the development of the market, as lack of the resource may slow down the production processes. The impact may be even more noticeable, when the market for electric vehicles is established firmly in developing countries. The percentage of lithium that is used in the automotive applications is anticipated to increase, if the manufacturers are to cater to the global demand for Li-ion charged EV batteries.
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This research also analyzes the adoption of lithium-ion battery recycling in different regions and countries. Huge investment by government and federal agencies to promote electric vehicles to cut down carbon dioxide emission is further propelling the growth of lithium-ion batteries and their recycling, respectively. However, certain technical challenges with regard to the collection and sorting of dead batteries and high initial cost of its market penetration are some of the factors that are restraining the growth of the lithium-ion battery recycling market.