Pune, India, Oct. 06, 2021 (GLOBE NEWSWIRE) -- The global Lithium Ion Battery Recycling market is projected to reach USD 6.55 billion by 2028 at a CAGR of 18.5% during the forecast period. The market is set to gain momentum from the rising introduction of strict government norms for treating vital materials in battery chemistry. This information is given by Fortune Business Insights™ in a new report, titled, “Lithium Ion Battery Recycling Market, 2021-2028.” The report further mentions that the market size was USD 1.70 billion in 2020.
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. The halt of cross-border trade activities would negatively impact the supply chain network. We are offering in-depth insights into this industry to help our clients better understand the current scenario.
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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)
- Li-Cycle Corp. (Canada)
- 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)
Lithium Ion Battery Recycling Market Report Scope and segmentation:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 18.5 % |
| 2028 Value Projection | USD 6.55 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 2.00 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 240 |
| Segments covered | By Chemistry; By Source; By Recycling Process; and By Region |
| Growth Drivers | Increasing Demand for Clean Energy Sources to Boost Growth |
| Electric Vehicles Segment to Grow Steadily Fueled by Surging Number of Automobiles | |
| Pitfalls & Challenges | High Initial Investment and Lack of Stern Policies in Some Nations May Hinder Growth |
How Did We Conduct Our Research?
The Lithium Ion Battery Recycling Market 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 industry size.
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Driving Factor:
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.
Segment-
Electric Vehicles Segment to Grow Steadily Fueled by Surging Number of Automobiles
Based on the source, the electric vehicles segment earned a significant in terms of the Lithium Ion Battery Recycling market share in 2020. This growth is attributable to the increasing number of various automobiles, such as bikes, cars, and buses. The electronics segment is predicted to hold a substantial share due to various factors such as improved profitability in recycling, disassembling of large devices, and long-standing battery installation in products.
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Regional Insights-
Large Battery Installed Base to Augment Growth in Asia Pacific
Geographically, Asia Pacific generated USD 1.53 billion in terms of revenue in 2020. 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 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.
Competitive Landscape-
Key Players Focus on Partnerships & New Plant Development to Intensify Competition
The global market houses an enormous 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:
- June 2021 – Germany-based chemicals company, BASF declared to initiate construction of a new battery recycling prototype plant at the company’s Cathode Active Materials (CAM) facility site in Schwarzheide, Germany. The company targets to utilize the advanced solution and extract cobalt, manganese, lithium, and nickel from lithium-ion batteries reaching the exhaustion period.
- July 2021 – Canada-based Li-Cycle confirmed to initiate a partnership agreement with Helbiz to establish sustainable recycling solutions for LIBs reaching their exhaustion period and are currently equipped across e-bikes and e-scooters.
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LITHIUM ION BATTERY RECYCLING: GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2021-2028
- 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, 2017–2028
- 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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