Pune,India, Feb. 17, 2021 (GLOBE NEWSWIRE) -- The global lithium ion battery recycling market is set to gain momentum from the rising introduction of strict government norms for treating vital materials in the battery chemistry. This information is given by Fortune Business Insights™ in a new report, titled, “Lithium Ion Battery Recycling Market Size, Share & COVID-19 Impact Analysis, By Chemistry (Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Lithium Manganese Oxide (LMO), Lithium Nickel Cobalt Aluminum Oxide (NCA), and Lithium Nickel Manganese Cobalt Oxide (NMC)), By Source (Electronics, Electric Vehicles, Power Tools, and Others), By Process (Physical/Mechanical, Hydrometallurgical, and Pyrometallurgical), and Regional Forecast, 2020-2027.” The report further mentions that the lithium ion battery recycling market size was USD 1.31 billion in 2019. It is projected to reach USD 11.07 billion in 2027 at a CAGR of 32.2% in the forecast period.
COVID-19 Pandemic to Impact Growth Backed by Stoppage of Cross-border Trade
The COVID-19 pandemic has delayed various operations in a wide range of industries. Government bodies are introducing new rules, such as lockdown and social distancing policies to curb transmission. Halt of cross-border trade activities would negatively impact the supply chain network. We are offering in-depth insights into the lithium-ion battery recycling industry to help our clients better understand the current scenario.
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How Did We Conduct Our Research?
The research report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the parent and peer markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down methods to calculate the lithium ion battery recycling market size.
Drivers & Restraints
Increasing Demand for Clean Energy Sources to Boost Growth
People nowadays are rapidly shifting towards clean power sources as they offer efficient input to various applications. Companies worldwide have surged the installation of multiple batteries for numerous electric vehicles and energy storage. This is expected to bolster the replacement of long-standing batteries with low out efficiency generating wastes. Total, for instance, announced its plan to construct a battery-based energy storage project in France in March 2020. Such initiatives are likely to accelerate the lithium ion battery recycling market growth in the upcoming years. However, the construction of new recycling facilities involves high investments, which, in turn, may hamper the demand for lithium-ion battery recycling services.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Segment-
Electric Vehicles Segment to Grow Steadily Fueled by Surging Number of Automobiles
Based on the source, the electric vehicles segment earned 15.9% in terms of the lithium ion battery recycling market share in 2019. This growth is attributable to the increasing number of various automobiles, such as bikes, cars, and buses.
Regional Insights-
Large Battery Installed Base to Augment Growth in Asia Pacific
Geographically, Asia Pacific generated USD 1.15 billion in terms of revenue in 2019. The presence of favorable battery energy storage policies would majorly contribute to this growth. Coupled with this, a large battery-installed base and a rising number of lithium-ion battery recycling firms would aid regional growth.
On the other hand, in North America, the U.S. Department of Energy (DOE) announced its plans to invest USD 20.5 million in its battery recycling infrastructure and unveil a modern R&D facility. Lastly, in Europe, the Lithium Ion Battery Recycling Market is likely to grow significantly throughout the forthcoming years backed by the surging number of clean energy generation targets that are being implemented by the European Union for reducing pollution.
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Competitive Landscape-
Key Players Focus on Partnerships & New Plant Development to Intensify Competition
The global Lithium Ion Battery Recycling Market houses a large number of large and small and medium enterprises (SMEs). Some of them are currently striving to compete with their rivals by constructing new lithium-ion battery recycling plants. A few others are participating in partnerships and collaborations to jointly optimize their services. Below are the two latest industry developments:
- September 2020: Solvay and Veolia partnered up to develop a circular economy consortium. They aim to optimize the lithium-ion battery recycling process from hybrid and electric vehicles, especially in Europe. They will reuse rare or critical raw materials.
- July 2019: BRUNP is planning to construct a new plant for producing approximately 100,000 tons/year of lithium-ion battery (LIB) scrap in China. It will start operating from 2020.
A list of all the renowned providers operating in the Lithium Ion Battery Recycling Market:
- SNAM (France)
- Umicore (Belgium)
- Sumitomo Metal Mining Co., Ltd. (Japan)
- Lithion Recycling Inc. (Canada)
- BATREC INDUSTRIE AG (Switzerland)
- American Zinc Recycling Corp (U.S.)
- Fortum (Finland)
- DOWA ECO-SYSTEM Co., Ltd. (Japan)
- Neometals Ltd (Australia)
- ACCUREC Recycling GmbH (Germany)
- AkkuSer (Finland)
- San Lan Technologies Co., Ltd (China)
- Duesenfeld (Germany)
- Glencore (Switzerland)
- Redux GmbH (Germany)
- uRecycle Group (Finland)
- Retriev Technologies Inc. (Canada)
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Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Lithium Ion Battery Recycling Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Lithium Ion Battery Recycling Market Analysis (Tonnes, USD Billion), Insights and Forecast, 2016–2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Chemistry
- Lithium Cobalt Oxide (LCO)
- Lithium Iron Phosphate (LFP)
- Lithium Manganese Oxide (LMO)
- Lithium Nickel Cobalt Aluminum Oxide (NCA)
- Lithium Nickel Manganese Cobalt Oxide (NMC)
- Market Analysis, Insights and Forecast – By Source
- Electronics
- Electric Vehicles
- Power Tools
- Others
- Market Analysis, Insights and Forecast – By Recycling Process
- Physical/Mechanical
- Hydrometallurgical
- Pyrometallurgical
- Lithium Ion Battery Recycling Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
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