Lithium-ion Battery Recycling Market to rise at CAGR of 21.43% through 2030 – Report by Market Research Future (MRFR)
New York, Dec. 06, 2021 (GLOBE NEWSWIRE) — Lithium-ion Battery Recycling Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Lithium-ion Battery Recycling Market Information Report by End Use(Automotive, and Non-automotive [Industrial, Power, and Marine]),by Battery Chemistry (Lithium-nickel Manganese Cobalt (Li-NMC), Lithium-iron Phosphate (LFP), Lithium-manganese Oxide (LMO), Lithium-titanate Oxide (LTO), and Lithium-nickel Cobalt Aluminum Oxide (NCA)), and by Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) – Forecast till 2030”
Market Research Future’s Review on Lithium-ion Battery Recycling Market
The global lithium-ion battery recycling market will touch USD 24.31 billion at a 21.43% CAGR by 2030, states the latest Market Research Future (MRFR) report.
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Key Players
Eminent industry players profiled in the global lithium-ion battery recycling market report include
- Umicore
- Glencore International AG
- Retriev Technologies Inc.
- Raw Materials Company Inc. (RMC)
- International Metals Reclamation Company
- LLC (INMETCO)
- American Manganese Inc.
- Sitrasa
- Li-Cycle Corp.
- Neometals Ltd
- Recupyl Sas
- Tes-Amm Singapore Pte Ltd
- Fortum OYJ
- GEM Co.
- Ltd
- Tata Chemicals Limited
- Onto Technology
- LLC
- Lithion Recycling Inc.
- Ecobat Technologies Ltd.
- Battery Recycling Made Easy (BRME)
- Euro Dieuze Industrie (E.D.I.)
- Batrec Industrie AG
- Urecycle Group Oy.
- Among others
COVID-19 Analysis
The auto industry faced the consequences of the COVID-19 outbreak due to the blanket ban on every transportation mode without proper regulation. As the battery industry is largely concentrated in China, this faced a major setback. The reduced export-import of raw materials resulted in a rapid shift in demand and supply. China is amid the biggest manufacturers of batteries, BYD products, and CATL, yet the outbreak has led in delays of production for products utilized by different end users. OEMs have been the utmost vulnerable to market disruptions owing to raw material and battery supply issues, as most of the raw materials are usually sourced from China. OEMs in various regions have been capable of obtaining li-on battery materials at soaring prices from alternate sources in Taiwan, Korea, and Japan leading in a decrease in financial structure and revenue. Besides, with alternate production sources, manufacturers are capable of meeting the short-term demand that arises from different end users in the developing countries.
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Drivers
Rising Demand for Battery Powered EVs to Bolster Market Growth
The rising need for battery powered EVs will bolster the market growth in the forecast period. Different developed and emerging economies have experienced a paradigm shift towards a low carbon generation transportation fleet to reduce carbon footprint, assisting the industry pace. The increasing use of different types of EVs like batter EVs, hybrid EVs, and plug-in EVs over the years has resulted in huge quantities of batteries reaching their end of life.
Opportunities
Growing Need for Clean Energy to act as Robust Opportunities
The growing need for clean energy will act as robust opportunities for the market in the forecast period. These days, people are shifting rapidly towards clean power sources as they offer effective input to different applications. Companies across the world have increased the installation of several batteries for different EVs and energy storage. This will fuel the replacement of long-standing batteries low out efficiency generating wastes.
Restraints
High Cost of Recycling to act as Market Restraint
The high cost associated with recycling coupled with scarcity of technologies for extracting lithium from spent lithium-ion battery recycling may act as market restraint over the forecast period.
Challenges
Safety Issues to act as Market Challenge
Safety issues associated with the transportation and storage of spent batteries may act as market challenge over the forecast period. Besides, the improper separation of harmful materials used in battery, the improper dismantling, as well as improper shredding may also impede market growth.
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Market Segmentation
The lithium-ion battery recycling market is bifurcated based into end use and battery chemistry.
By end use, the automotive segment will lead the market over the forecast period at a high CAGR for the growing adoption of EVs coupled with government regulations supporting the EVs.
By battery chemistry, the lithium-manganese oxide segment will dominate the market over the forecast period for the increase in demand for such battery from applications including security devices, fire and smoke alarms, gas and water meters, electricity, and other energy storage applications, Besides, it has advantages like high temperature handling capacity, high life span, and long-term reliability that is likely to fuel the segmental growth.
Regional Analysis
North America to Spearhead Lithium-ion Battery Recycling Market
North America will spearhead the lithium-ion battery recycling market over the forecast period. Increasing adoption in Canada and the US, innovations in the region, cutting edge research and development, technological advances in EVs for the presence of key commercial auto manufacturers like General Motors Company, Ford Motor Company, and Tesla, growing demand for lithium-ion battery recycling, strict regulations implemented via the EPA, increasing adoption in various industries like automotive, mining, consumer electronics, and marine, constant technological developments, increased need for recycled material for nickel cadmium, lead acid, and other chemistries, and the scope of next-gen EVs booming in the US are adding to the global lithium-ion battery recycling market growth in the region.
Segmentation of Market covered in the research:
Lithium-ion Battery Recycling Market Information Report by End Use(Automotive, and Non-automotive [Industrial, Power, and Marine]),by Battery Chemistry (Lithium-nickel Manganese Cobalt (Li-NMC), Lithium-iron Phosphate (LFP), Lithium-manganese Oxide (LMO), Lithium-titanate Oxide (LTO), and Lithium-nickel Cobalt Aluminum Oxide (NCA)), and by Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) – Forecast till 2030
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Lithium-ion Battery Recycling Market Information Report by End Use(Automotive, and Non-automotive [Industrial, Power, and Marine]),by Battery Chemistry (Lithium-nickel Manganese Cobalt (Li-NMC), Lithium-iron Phosphate (LFP), Lithium-manganese Oxide (LMO), Lithium-titanate Oxide (LTO), and Lithium-nickel Cobalt Aluminum Oxide (NCA)), and by Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) – Forecast till 2030
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