New York, Nov. 09, 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 Research Report, End Use, Battery Chemistry and Region - Forecast till 2030” the market is projected to be worth USD 24.31 billion by 2030, registering a CAGR of 21.43% during the forecast period (2022 - 2030), The market was valued at USD 4.79 billion in 2021.
List of the Companies Profiled in the Lithium-ion Battery Recycling Market Research Report are:
- Retriev Technologies Inc.
- Umicore
- Glencore International AG
- Raw Materials Company Inc. (RMC)
- American Manganese Inc.
- International Metals Reclamation Company LLC (INMETCO)
- Sitrasa
- Li-Cycle Corp.
- Recupyl Sas
- Neometals Ltd
- Tes-Amm Singapore Pte Ltd
- GEM Co. Ltd
- Fortum OYJ
- Tata Chemicals Limited
- Lithion Recycling Inc.
- Onto Technology LLC
- Ecobat Technologies Ltd.
- Euro Dieuze Industrie (EDI)
- Battery Recycling Made Easy (BRME)
- Batrec Industrie AG
- Urecycle Group Oy
- others.
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Competitive Analysis
The lithium-ion battery recycling market is experiencing implementations of several strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product launches. Many major players are actively participating in lithium-ion battery recycling development projects. Mature industry players are making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on Nov.06, 2021, Call2Recycle, a battery collection, logistics, and recycling program, announced its partnership with PeopleForBikes to establish an electric bicycle battery recycling program. The partnership would help Call2Recycle with a nationwide recycling program for lithium-ion battery recycling and ensure that batteries are safely handled and returned to the proper recycling stream at the end of life.
Browse In-depth Market Research Report (188 pages) on Lithium-ion Battery Recycling
https://www.marketresearchfuture.com/reports/li-ion-battery-recycling-market-10583
Market Research Future’s Review on Lithium-ion Battery Recycling Market
The lithium-ion battery recycling market is growing rapidly, mainly due to the high penetration of electric vehicles in major regions across the globe. These growing uses of batteries that, once discarded, turn into e-waste present a serious waste-management challenge. Recycled lithium-ion batteries could provide a valuable secondary source of materials.
Used batteries also present opportunities to increase access to strategic raw materials and critical components used in batteries. Resultantly, the global lithium-ion battery recycling market witnesses a continual rise.
COVID-19 Impact on the Market
COVID-19 pandemic positively impacted the lithium-ion battery recycling market revenues. On one side, recyclers faced various problems, ranging from attracting workers during the lockdown to collecting discarded batteries, segregating and recycling them to deliver recycled products. On the other hand, the pandemic impact on the e-waste recycling industry was swift & positive and projected to remain with changes to both supply and demand.
Considering the rapid Coronavirus spread, people are opting for a healthy and sustainable lifestyle. This, as a result, is expected to increase lithium-ion battery recycling market opportunities. Various initiatives from public and private organizations worldwide to prioritize the production, segregation, and recycling of discarded batteries are expected to foster market growth.
Industry Trends
Emerging regions worldwide are expected to present untapped opportunities for lithium-ion battery recycling market share. Rapidly developing countries with their favorable government policies offer significant opportunities to international players. Industry players try to increase their capacities with improved cost efficiency with new possibilities offered by digitalization.
At the same time, they target remote areas and hi-tech solutions to expand the growth area. The governments take several steps to tackle issues of carelessly handling discarded batteries collected like ordinary solid garbage. The introduction of Circular Economy Action Plans in many countries to reduce e-waste substantiates the lithium-ion battery recycling market revenues.
Despite significant growth prospects, the market witnesses major setbacks such as stringent government regulations and safety issues related to the disposal of used batteries. Also, the lack of awareness for the proper handling of e-waste could restrain the ongoing market growth, negatively impacting the circular economy.
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Segmentation
The market is segmented into battery chemistry, end-use, and regions. The battery chemistry segment is sub-segmented into lithium-iron phosphate (LFP), lithium-nickel manganese cobalt (Li-NMC), lithium-manganese oxide (LMO), lithium-nickel cobalt aluminum oxide (NCA), and lithium-titanate oxide (LTO). The end-use segment is sub-segmented into automotive and Non-automotive.
Regional Analysis
North America dominates the global lithium-ion battery recycling market and is estimated to maintain its market position in the coming years. Factors such as lower lithium-ion battery prices and higher consumption of consumer electronics drive the lithium-ion battery recycling market growth. Besides, the rapid penetration of electric vehicles and the growing use of lithium-ion batteries in the aerospace sector boost the lithium-ion battery recycling market size.
Rising renewable sector and automotive industry in the region foster the lithium-ion battery recycling market shares. Additionally, the rising adoption of electric vehicles provides a significant thrust to the growth of the lithium-ion battery industry in the region. Government support to promote renewable energy and electric vehicle infrastructure projects, alongside the increased use of smart portable electronics and grid storage, act as key growth propellers.
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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