India, Pune, May 02, 2023 (GLOBE NEWSWIRE) -- According to a latest report by Fortune Business Insights™, the Lithium Ion Battery Recycling Market is expected to witness a remarkable CAGR of 18.5% and reach a valuation of USD 6.55 billion by 2028. The market growth is attributed to the increasing implementation of stringent government regulations for the proper handling of critical components in battery chemistry. As of 2020, the market size was estimated to be USD 1.70 billion.
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.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 18.5% |
| 2028 Value Projection | USD 6.55 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 1.70 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 240 |
| Segments covered | Chemistry, Source, Process and Region |
| Growth Drivers | Increasing Demand for Clean Energy Sources to Boost Growth |
| Key Players Focus on Partnerships & New Plant Development to Intensify Competition |
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.
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.
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Key Players Focus on Partnerships & New Plant Development to Intensify Competition
The global Lithium Ion Battery Recycling 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,
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.
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.
Companies 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)
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Global Lithium Ion Battery Recycling Market Segmentation:
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)
By Source
- Electronics
- Electric Vehicles
- Power Tools
- Others
By Recycling Process
- Physical/Mechanical
- Hydrometallurgical
- Pyrometallurgical
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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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
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
Continued...
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