Guidehouse Insights Names Li-Cycle, Aqua Metals and Redwood Materials Leading Lithium Ion Battery Recycling Vendors.
A new report from Guidehouse Insights assesses the competitive landscape of companies offering lithium ion (Li-ion) battery recycling.
Li-ion batteries dominate the electromobility and stationary energy storage markets. With EVs’ growing market share and the shift to 24/7 renewables, questions about end-of-life battery solutions arise. While some batteries can be reused for other applications—particularly used EV batteries—Li-ion battery recycling will be crucial in achieving a circular economy and critical minerals independence. According to Guidehouse Insights, Li-Cycle, Aqua Metals and Redwood Materials are the leading vendors offering Li-ion battery recycling.
Currently, China dominates lithium refining as well as Li-ion battery production. This imbalance of production puts North America and Europe at a disadvantage, as they do not control the whole supply chain, which is crucial to securing the transition to sustainable energy systems. Furthermore, the supply of raw materials for Li-ion batteries is limited and concentrated in a few countries across the globe.
Ernest Rozbicki, research analyst with Guidehouse Insights, said:
Battery recycling offers a solution to this problem, allowing North America and Europe to keep the critical materials used in the batteries that already entered the local market.
“By the end of the decade, many first-generation EVs and stationary batteries will reach their end of life, so recycling companies will need to be prepared to handle such a large influx of feedstock.”
Since Li-ion batteries have an average lifetime of 8-12 years, large numbers of end-of-life batteries will become available for recycling and reuse. Recycled battery materials will be crucial in securing the supply chain, according to the report.
The report, Guidehouse Insights Leaderboard: Lithium Ion Battery Recycling Companies, assesses the major Li-ion battery recyclers, including their current recycling capabilities, market position, and expansion plans. Most companies are still in the pilot stages of their technologies, and although the market size is relatively small, many players are trying to establish themselves as the go-to provider, to capture as much of the market as possible before it booms at the end of the decade. Both legacy recyclers (companies with experience recycling precious metals and scrap) as well as newcomers (companies dedicated to Li-ion battery recycling) are active in the space. An executive summary of the report is available for free download on the Guidehouse Insights website.
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Guidehouse Insights Names Li-Cycle, Aqua Metals and Redwood Materials Leading Lithium Ion Battery Recycling Vendors. source
