The Li-Ion Battery Recycling Market was valued at approximately USD 2613.2 million in 2023 and is expected to grow at a substantial CAGR of around 25.12% during the forecast period (2024-2032)
The growingdemand for electric vehicles across the world due to the environmental concern such as global warming, carbon emission, etc. along with the use of lithium-ion in other electronics such as laptops, phones, and watches with other propels
the demand for the lithium-ion battery which in turn increase the demand for
the li-ion battery recycling. With the increasing use of li-ion batteries in
different applications such as automotive, electronics, and industrial with
other staggering demand for li-ion batteries across the globe, it is anticipated that the global
lithium-ion battery recycling market will expand steadily owing to increasing
demand. The government incentives and support for the battery recycling plant
will propel the market in the coming time. In an effort to reduce harmful environmental effects, efficient waste
management and the recovery of precious minerals and metals from batteries are
both vital.
The Li-ion Battery Recycling Market is expected
to grow at a steady rate of around 20% during the forecast period (2022-2028) owing to the rising demand for UPS systems in commercial
infrastructure and the rising popularity of electric vehicles coupled with the
growing adoption of li-ion batteries for the second-life purpose attributed to
the greater energy storage capacity. Also, the
growing demand for electronic devices around the world is expected to support
market growth. For instance, in 2020, there are approximately 78 percent of the population of the world
uses smartphones, and as per a Forbes report there are approximately 300-310
million new laptops were sold in the year
2019.
According to UnivDatos’ research report “Global Li-ion
Battery Recycling Market”, the market is expected to witness robust growth during the
forecast period (2022-2028). This is mainly due to the growing adoption of used batteries for the second life purpose.
Based on battery chemistry, the market is
segmented into lithium-nickel-cobalt-aluminum oxide,
lithium-nickel-manganese-cobalt, lithium-titanate oxide, lithium-manganese
oxide, and lithium-iron-phosphate. The lithium-nickel-manganese-cobalt segment
is expected to show higher market growth in the forecasted period owing to
higher energy retention time compared to the other segment. The LNMC batteries
have a longer life span than the other four types. In lithium-nickel-manganese-cobalt
batteries, nickel hydroxide is used as the active material for the cathode
which is mainly used for the hybrid electric
vehicle. In these batteries the cathode combination ratio of the
nickel is 60%, for manganese, it is 20% and for cobalt, it is 20% respectively
which significantly lowers the overall cost of the batteries.
Access sample report (including graphs, charts, and figures): https://univdatos.com/reports/li-ion-battery-recycling-market?popup=report-enquiry
Based on the end users, the market is categorized into the automotive and non-automotive segments. The automotive sector has shown significant growth over the last few years and would remain the same during the forecast period owing to the increasing demand for the EV across the globe and government incentives for electric vehicles. Moreover, the rising awareness of the individual toward cleaner fuel and cost-effectiveness of the EV propels the demand for the EV and in turn which increase the demand for lithium-ion batteries. For instance, according to the IEA, the demand for the li-ion battery has doubled and reached approximately 340 GWh for the year 2021 compared to 160 GWh for 2020, globally.
North America to witness extensive growth
For a better
understanding of the market adoption of the li-ion battery
recycling industry, the market is analyzed based on its worldwide
presence in the countries such as North America (U.S., Canada, Rest of North
America), Europe (Germany, U.K., France, Rest of Europe), Asia-Pacific (China,
Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the
forecast period. This is mainly due to the increasing demand for electric vehicles coupled with
the increasing demand for li-ion batteries in the second life application and
government support and regulation in the region. Additionally, it is anticipated that the presence
of important recyclers such as Call2Recycle, Aqua Metals, Enersys, and Battery
Solutions, Inc. will fuel demand during the forecast period along with the
rising demand for UPS systems in commercial infrastructure and the rising
popularity of electric vehicles. Due to an increase in foreign investment,
Central and South America is predicted to experience significant market
expansion. For instance, the Cochrane Coal-fired Power Plant in Chile had a
sizable lithium-ion battery storage system installed by GS Yuasa Corporation in
2017. During the projected period, large-scale passenger and commercial vehicle
production in Latin America is anticipated to fuel lithium battery demand. The U.S has registered
significant growth in the demand for electric vehicles in the year 2021 which
in turn increases the overall market size for li-ion battery recycling in the near future.
Global Li-ion Battery Recycling Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Click here to view the Report Description & TOC: https://univdatos.com/reports/li-ion-battery-recycling-market
Market Segmentation:
By Battery Chemistry (Lithium-Nickel-Cobalt-Aluminum Oxide,
Lithium-Nickel-Manganese-Cobalt, Lithium-Titanate Oxide, Lithium-Manganese
Oxide, and Lithium-Iron-Phosphate)
By Recycling Process (Pyrometallurgy Process, Hydrometallurgical Process, and
Physical/Mechanical Process)
By Segment (Automotive and Non-Automotive)
By Region (North America, Europe, Asia-Pacific, Rest of the World)
By Company (Ganfeng Lithium Co. Ltd.,
American Battery Technology Company, Accurec Recycling GmbH, Akkuser Oy, Duesenfeld GmbH, Fortum Corporation, Retriev Technologies Inc.,
Li-Cycle Corp., Neometals Ltd, and Umicore)
Key questions answered in the study:
What are the current and future trends of the global li-ion battery recycling industry?
How the industry has been evolving in
terms of battery chemistry, recycling process, and end-users?
How the competition has been shaping
across the countries followed by their comparative factorial indexing?
What are the key growth drivers and challenges for the global li-ion battery recycling industry?
What is the customer orientation, purchase behavior, and
expectations from the global li-ion battery recycling suppliers across
various region and countries?
Contact Us:
UnivDatos
Email: contact@univdatos.com
Contact no: +1 978 7330253
Website: www.univdatos.com
Comments
0 comment