Pune, Feb. 14, 2022 (GLOBE NEWSWIRE) -- The global North America Lithium ion Battery Recycling Market size is expected to gain momentum by reaching USD 265.08 million by 2028 while exhibiting an impressive CAGR of 19.1% from 2021 to 2028. In its report titled “North America Lithium Ion Battery Recycling Market, 2021-2028,” Fortune Business Insight mentions that the market stood at USD 66.34 million in 2020 and USD 77.85 million in 2021.
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The incessant development and technological advancements in field battery recycling worldwide has accelerated the recycling infrastructures for lithium-ion batteries. Consumers are now inclined toward battery-powered devices and vehicles and lithium-ion batteries are the apt replacement for the conventional source of energy. Thus its increased usage has opened ways for its recycling market.
Market Players Profiled in North America Lithium-ion Battery Recycling Report are:
- Li-Cycle Corp (Canada)
- Retriev Technologies (U.S.)
- American Zinc Recycling (U.S.)
- Lithion Recycling Inc. (Canada)
- American Manganese Inc. (Canada)
- Eco-Bat Technologies (U.S.)
- TES (U.S.)
- Redwood Materials, Inc. (U.S.)
COVID-19 Impact
The pandemic has caused irregularity in supply and demand. Manufacturers faced loss, as there was a decline in the automobile and consumer electronics industry. The disruptions in supply chains and shipment transport channels affected the transport of used lithium-ion batteries to recycling facilities in other regions. This directly impacted the supply of used batteries to companies for recycling, which significantly impacted their operations.
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Market Segmentation:
By chemistry it is segmented into 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 it is divided into electronics, electric vehicles, power tools, and others. By recycling process, it is divided into physical/mechanical, hydrometallurgical, and pyrometallurgical.
- Based on source, the electronic segment held a market share of 69.4%% in 2020. This is attributable to utilization of portable battery-powered devices by end consumers. Moreover, the amount of used batteries is mounting, which leads to a high market share of the electronics segment.
Finally, based on region, the market is based in North America.
Report Scope and Segmentation-
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 19.1% |
| 2028 Value Projection | USD 265.08 Million |
| Base Year | 2020 |
| Market Size in 2020 | USD 66.34 Million |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 141 |
| Segments covered | By Chemistry, By Source, By Recycling Process, By Region |
| Growth Drivers | Government Regulations to Propel Utilization of Cleaner Power Sources and Unlock New Potentials |
| Increasing Acceptance of Lithium-ion Battery EVs to Bolster Growth | |
| Pitfalls & Challenges | High Capital Investments and Absence of Strict Policies is a Major Restraining Factor |
What does the Report Provide?
The market for North American lithium ion battery recycling provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth.
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Driving Factor
Demand for Cleaner Power Sources to Drive Market Growth
The growing awareness about cleaner power sources is expected to drive the lithium ion battery recycling market growth in upcoming years. As, various applications deploy usage of these batteries for large scale energy storage. For instance, as per report by the U.S. Energy Information Administration, in the U.S. utility-scale battery storage capacity installed in 2017 was 240 MWh, which generated power of 120 MW, out of which lithium-ion batteries power over 90%. Thus, the rising usage of lithium-ion batteries in grid-scale battery storage is increasing the need to be replaced and recycled.
Another report by the NREL on Grid-Scale Battery Storage, stated that, in the 2020 market for grid-scale battery storage in the United States it was mainly controlled by lithium-ion chemistries. Due to their low prices. The prices of these batteries declined by 70% from 2010-2016, and prices are projected to decline in upcoming years. Thus stimulating the market in the region.
Regional Insights
Growing Investments in Hydrometallurgical Recycling to Drive Regional Market.
The North America lithium ion battery recycling market share stood at USD 66.34 million in 2020 and USD 59.35 million in 2019. The U.S. and Canada are the prominent regions which exhibit significant growth in the North America lithium-ion battery recycling market share. For instance, the U.S. dominates the North American market owing to the increased investments by industries in hydrometallurgical recycling facilities and developing new recycling infrastructures is favoring the regional market.
Competitive Landscape
The global market for lithium ion battery recycling has a large number of prominent companies that are constantly trying to develop unique solutions to cater to the demand from across the globe. To do so, they are joining hands with local or reputed firms, forming collaborations and acquisitions to strengthen their portfolio in the market.
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Key Industry Development
March 2021 - Redwood Materials, Inc. declared its partnership with ERI. This partnership is done to gain access to End-of-Life batteries that can be used for recycling from ERI to Redwood. The company will use 30 tons of end-of-life lithium-ion batteries per week, which ERI collects.
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
- Latest Technological Advancement
- Insights on Regulatory Landscape
- 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
- North America Lithium-ion Battery Recycling Market Analysis (USD Million, Tonnes), 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
- Power Tools
- Electric Vehicles
- Others
- Market Analysis, Insights and Forecast – By Recycling Process
- Physical/Mechanical
- Hydrometallurgical
- Pyrometallurgical
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- U.S. Lithium-ion Battery Recycling Market Analysis (USD Million, Tonnes), 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
- Power Tools
- Electric Vehicles
- Others
- Market Analysis, Insights and Forecast – By Recycling Process
- Physical/Mechanical
- Hydrometallurgical
- Pyrometallurgical
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