Portland, OR, June 29, 2021 (GLOBE NEWSWIRE) -- According to the report, the global lithium-ion battery recycling industry was estimated at $1.33 billion in 2020, and is expected to hit $38.21 billion by 2030, registering a CAGR of 36.0% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Environmental pollution through disposal of battery, increase in demand for electrical vehicles/hybrid electric vehicles/plug-in hybrid vehicles (EV/HEV/PHV), and rise in craze for smartphones, tablets, and other electronic devices drive the growth of the global lithium-ion battery recycling market. On the other hand, increasing focus on lowering cost of li-ion battery rather than its recyclability restrains the growth to some extent. However, higher energy efficiency requirements in technologically updated consumer gadgets and high adoption of electric vehicles are expected to pave the way for lucrative opportunities in the industry.
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COVID-19 scenario-
- The outbreak of the pandemic gave way to temporary ban on export & import and the processing & manufacturing activities across the world. This, in turn, declined the demand for lithium batteries from several industry verticals, thereby impacting the global lithium-ion battery recycling market.
- However, the global situation is being ameliorated gradually and the market is anticipated to revive soon.
The global lithium-ion battery recycling market is analyzed across battery chemistry, source, recycling process, end use, and region. Based on source, the electronics segment accounted for more than two-thirds of the total market revenue in 2020 and is expected to lead the trail by the end of 2030. The electric vehicles segment, on the other hand, would cite the fastest CAGR of 45.5% during the forecast period.
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By end-use, the non-automotive segment garnered the major share in 2020, holding nearly four-fifths of the global market. Simultaneously, the automotive segment would garner the fastest CAGR of 41.9% from 2021 to 2030.
By region, Europe held the highest share in 2020, garnering more than one-third of the global market. At the same time, the market across Asia-Pacific would cite the fastest CAGR of 40.8% from 2021 to 2030. The other provinces studied in the report include North America and LAMEA.
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The leading market players analyzed in the global lithium-ion battery recycling market report include American Battery Technology Company, Akkuser Oy, Duesenfeld GmbH, Li-Cycle Corp., Ganfeng Lithium Co., Ltd., Umicore, Fortum Corporation, Accurec Recycling GmbH, Retriev Technologies, Inc., and Lithion Recycling, Inc. These market players have incorporated different strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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