Lithium-Ion Battery Recycling Market: An Overview
The global lithium-ion battery recycling market is forecast to surpass USD 17.21 billion by 2027, reports a new market analysis by Reports and Data. The market will grow from USD 2.64 billion in 2019 at a rate of 26.5% over the forecast period. Raw materials required for the manufacture lithium-ion battery are limited, whereas the demand is extensive thanks to demand from different end-users like automotive, power, and consumer electronics. Moreover, the materials utilized in the batteries are hazardous to the environment and therefore hard to discard. Reusing used materials in lithium-ion battery production helps with the preservation of resources. Hence, the expansion of marketplace for lithium-ion battery recycling is accelerating throughout the world.
Increasing application of lithium-ion batteries in laptops and cell phones also as in automotive application are the driving factors that have propelled the expansion of the global lithium-ion battery recycling market. The demand for Li-ion batteries has increased due to greater adoption of the electrical vehicle and deployment of energy storage systems. However, the trend of extraction of battery materials and repacking them are gaining popularity and are therefore a number of the factors affecting the market for lithium-ion recycling positively. Developing economies and regions are precipitously investing in the international lithium-ion battery market and lithium-ion battery recycling market.
Lithium-Ion Battery Recycling Market Dynamics:
The lithium-ion battery recycling industry is fueled by the rising demand for electric and hybrid electric vehicles which extensively use lithium-ion batteries. Greater demand of those vehicles has led to a price hike in battery materials like cobalt and lithium. Recycling of battery materials can make production for li-ion batteries comparatively cheaper hence making the recycling of lithium-ion battery market more profitable.
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The power sector is projected to register the very best CAGR from 2017 to 2027. The EU produces nearly 24 kilos of electrical and electronic waste per citizen annually, which incorporates industrially used lithium. EU has implemented regulations that mandated battery collection rates of at minimum 25% by September 2012 and to gradually increase this to 45% by September 2016. The power sector is focusing on the generation of renewable energy and storage for several uses. The low self-discharge rate of lithium-ion batteries is one among the leading factors that has propelled the adoption of those batteries in smart-grid and renewable energy storage systems. Lithium-ion batteries might dominate the power storage segment, leading to a high output of spent lithium-ion batteries for recycling.
The above-mentioned factors collectively create opportunities for market growth while factors like questions of safety while storage and transportation of spent batteries pose limitations within the market. Advancements within the lithium-ion battery recycling industry due to technology innovations have enhanced the efficiency of recycling methods.
Lithium-Ion Battery Recycling Market: Regional Outlook
North America is among the leading regions for the lithium-ion battery recycling market and is anticipated to witness a rapid growth over the forecast period. Limited availability of raw materials within the region are encouraging manufacturers to resort to recycling li-ion batteries, hence driving the market significantly. Moreover, advancement in technologies that use li-ion batteries which are being more widely used across the region are further driving the expansion of the lithium-ion battery recycling industry.
The Asia Pacific lithium-ion battery recycling market is forecast to grow at massive rate over the forecast period. Established lithium-ion battery manufacturers in the region, especially in China and strict government regulations under which the manufacturers are liable for upgrading facilities to gather and recycle spent batteries are likely to fuel market growth the region.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/lithium-ion-battery-recycling-market
Lithium-Ion Battery Recycling Market: Key Players
• Retriev Technologies
• Raw Materials Company
• American Zinc Recycling (INMETCO)
• Battery Recycling Made Easy
• Brunp Recycling
• SungEel HiTech
• Taisen Recycling
• 4R Energy Corp
Impact of COVID-19 on Lithium-Ion Battery Recycling Market:
The worldwide pandemic that has been caused by the onset of coronavirus has brought various industries to a halt. This has caused massive economic distress in most sectors particularly due to the breakdown of supply chains and drop by demand. Lithium-ion battery recycling market also will exhibit the aftereffects of such a shock in the economy. One major positive factor for the lithium-ion battery recycling market is that trends recorded during the worldwide lockdown showed that though the auto sector will perform poorly, sustaining heavy losses, the demand for electric vehicles is really anticipated to expand. Consumer electronics are selling more which can successively create increased demand for li-ion battery, thus driving the revenue share the market. Conservation and storage of energy has been an overriding concern within the present digital world and these demands will keep sustaining the expansion of lithium-ion battery recycling market in spite of a worldwide economic slowdown caused by the present pandemic.
Lithium-Ion Battery Recycling Market: Segmentation
For the purpose of this report, Reports and Data has segmented into the global Lithium-ion Battery Recycling market on the basis of battery type, technology, end-use industries, and region:
Battery Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Lithium-Nickel Manganese Cobalt (Li-NMC)
- Lithium Iron Phosphate (LFP)
- Lithium-Manganese Oxide (LMO)
- Lithium-Titanate Oxide (LTO)
- Lithium-Nickel Cobalt Aluminum Oxide (NCA)
- Lithium-Cobalt Oxide (LCO)
Technology Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Hydrometallurgical Process
- Pyrometallurgy Process
- Mechanical Process
End-use Industries Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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