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(IT-NEWSWIRE.COM, August 10, 2021 ) The lithium-ion battery recycling market is estimatedat USD 1.78billion in 2017 and is projectedto reach USD 23.72billion by 2030, at a CAGR of 22.1% from 2017 to 2030.Rising concerns about depleting earth metals and government initiatives to recycle batteries are drivers for the battery recycling market globally.
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Subsidies to encourage battery recycling and the growth in the number of hybrid and Electric Vehicle (EV) batteries are expected to provide growth opportunities for the battery recycling market. Issues related to spent battery storage and transportation are expected to restrain growthof the battery recycling market.Some of the leading players operating in the lithium-ion battery recycling market include Umicore (Belgium), Glencore (Switzerland), Retriev Technologies (US), Raw Materials Company (Canada), American Zinc Recycling (INMETCO) (US), and Battery Recycling Made Easy (US), among others.
Key market players have focused on the adoption of strategies such asnew supply contracts, acquisitions,and expansions to cater the demand for lithium-ion battery recyclingacross variousindustries such as, marine, automotive, power, and industrial applications.
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In April 2016, Umicore planned the capacity expansion of Nickel-manganese Cobalt (NMC) cathode materials to meet the increasing demand. The expansion program entailed an investment of approximately USD 177 million over a period of three years at the company’s existing facilities in Cheonan (South Korea) and Jiangmen (China), as well as greenfield investment on adjacent land in both locations.With this expansion, the company further strengthened its position in the European and North Americanmarkets.
In January 2017, Umicore acquired three NMC patent families for cathode materials used in a wide range of lithium-ion rechargeable batteries from 3M. Through this deal, Umicore acquired all existing and future licensing rights to the three patents that it had previously been using under license from 3M. These patents collectively cover South Korea, China, Japan, Europe, and the US and are valid between 2021 and 2024. With this acquisition, the company further strengthened its presence in the Asia Pacific region.
In 2015, KBT (Kinsbursky Group Company) established a battery technology center in Brea, California to support OEM hybrid vehicle producers such as Toyota remanufacture hybrid batteries, and to provide logistics support related to battery transportation and direct from dealer battery recoveries. The center also provides contract field services for the recovery of damaged or nonresponsive large format electric vehicle batteries in the US, Puerto Rico, Canada, and Mexico. This expansion is in line with the strategy of the company to develop a North American distribution network for spent lithium-ion batteries.
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