The study methodologies used to examine Lithium-Ion Battery Recycling Market for the forecast period, 2020 - 2027 further classifies the industry by type, geography, end-use and end-user to add more precision and bring to light factors responsible for augmenting business development.
New York, NY -- (SBWIRE) -- 11/26/2020 -- Lithium-Ion Battery Recycling Market: An Overview
The global lithium-ion battery recycling market is forecast to reach USD 17.21 billion by 2027, according to a new report 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 massive due to demand from different end-users such as automotive, power, and consumer electronics. Moreover, the materials used in the batteries are hazardous to the environment. Reusing used materials in lithium-ion battery production helps in the preservation of resources. Hence, the growth of market for lithium-ion battery recycling is accelerating throughout the world.
Increasing application of lithium-ion batteries in laptops and cell phones as well as in automotive application are the driving factors that have propelled the growth of the global lithium-ion battery recycling market. The demand for Li-ion batteries has increased due to greater adoption of the electric vehicle and deployment of energy storage systems. However, the trend of extraction of battery materials and repacking them are gaining popularity and are therefore some 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: Key Players
Raw Materials Company
American Zinc Recycling (INMETCO)
Battery Recycling Made Easy
4R Energy Corp
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Lithium-Ion Battery Recycling Market Dynamics:
The market for lithium-ion battery recycling is fueled by the rising demand for electric and hybrid electric vehicles which extensively use lithium-ion batteries. Greater demand of these vehicles has led to a price hike in battery materials such as 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.
The power sector is projected to register the highest CAGR from 2017 to 2027. The EU produces nearly 24 kilos of electrical and electronic waste per citizen annually, which includes 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 of the leading factors that has propelled the adoption of these batteries in smart-grid and renewable energy storage systems. Lithium-ion batteries might dominate the power segment, resulting in a high output of spent lithium-ion batteries for recycling.
The above-mentioned factors collectively create opportunities for market growth while factors such as safety issues while storage and transportation of spent batteries pose limitations in the market. Advancements in the lithium-ion battery recycling industry owing to technology innovations have enhanced the efficiency of recycling methods.
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)
End-use Industries Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
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Lithium-Ion Battery Recycling Market: Regional Outlook
North America is a major region for the lithium-ion battery recycling market and is likely to witness a rapid growth over the forecast period. Limited availability of raw materials in 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 becoming more widely used across the region are further driving the growth of the market for lithium-ion battery recycling.
The Asia Pacific lithium-ion battery recycling market is forecast to grow at a significant rate over the forecast period. Established lithium-ion battery manufacturers in the region, especially in China and strict government regulations in which the manufacturers are responsible for setting up facilities to collect and recycle spent batteries are likely to fuel market growth the region.
Impact of COVID-19 on Lithium-Ion Battery Recycling Market:
The worldwide pandemic that has been caused by the advent of coronavirus has brought various industries to a temporary halt. This has caused massive economic distress in almost all sectors particularly due to the breakdown of supply chains and drop in demand. Lithium-ion battery recycling market will also 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 global lockdown showed that though the auto sector will perform poorly, sustaining heavy losses, the demand for electric vehicles is actually anticipated to increase. Consumer electronics are selling more which will in turn create increased demand for li-ion battery, thus driving the revenue share the market. Conservation and storage of energy has been an overriding concern in the present digital world and these demands will keep sustaining the growth of lithium-ion battery recycling market in spite of a global economic slowdown caused by the current pandemic.
Detailed overview of the market
Evolving lithium-ion battery recycling market dynamics
In-depth lithium-ion battery recycling market classification
Historical, present, and anticipated lithium-ion battery recycling market size and share in terms of volume and value
Recent lithium-ion battery recycling market trends and advances
Strategies adopted by key players and products portfolio
Segments, sub-segments, and geographic regions exhibiting growth prospects
A neutral and global perspective on lithium-ion battery recycling market performance
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