Yahoo Finance Lithium-ion Battery Recycling Market Size Worth USD 6.55 Billion, Globally, by 2028 at 18.5% CAGR
According to Fortune Business Insights, the global Lithium-ion Battery Recycling market size is projected to grow from USD 1.70 billion in 2020 to USD 6.55 billion in 2028, at CAGR of 18.5% during forecast period;
Pune, India, Oct. 06, 2022 (GLOBE NEWSWIRE) -- The global Lithium-ion Battery Recycling Market was USD 2 billion in 2021. The global market size is expected to be gain momentum by reaching USD 6.55 billion by 2028, exhibiting a CAGR of 18.5% during the forecast period from 2021-2028. This information is provided by Fortune Business Insights, in its report, titled, “Lithium-ion Battery Recycling Market, 2021-2028.”
According to our analysts, the factors such as rising introduction of strict government norms for treating vital materials in battery chemistry. Growing electrification and clean energy generation targets to augment market growth.
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Report Highlights:
Report Coverage | Details |
Forecast Period | 2021-2028 |
Forecast Period 2020 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 | By Chemistry, By Source, By Recycling Process, and By Region |
Growth Drivers | Increasing Demand for Clean Energy Sources to Boost Growth |
Increasing Demand for Clean Energy Sources to Boost Growth |
COVID-19 Impact Analysis-
COVID-19 Pandemic to Impact Growth Backed by Stoppage of Cross-border Trade
The COVID-19 pandemic has delayed various operations in a wide range of industries. Government bodies are introducing new rules, such as lockdown and social distancing policies to curb transmission. Halt of cross-border trade activities would negatively impact the supply chain network. We are offering in-depth insights into the lithium-ion battery recycling industry to help our clients better understand the current scenario.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/lithium-ion-battery-recycling-market-100244
Drivers and Restraints:
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.
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.
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.
September 2020: Solvay and Veolia partnered up to develop a circular economy consortium. They aim to optimize the lithium-ion battery recycling process from hybrid and electric vehicles, especially in Europe. They will reuse rare or critical raw materials.
July 2019: BRUNP is planning to construct a new plant for producing approximately 100,000 tons/year of lithium-ion battery (LIB) scrap in China. It will start operating from 2020.
List of Key Players Mentioned in the Report:
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)
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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Segmentation Analysis-
Electric Vehicles Segment to Grow Steadily Fueled by Surging Number of Automobiles
Based on the source, the electric vehicles segment earned 15.9% in terms of the lithium-ion battery recycling market share in 2019. This growth is attributable to the increasing number of various automobiles, such as bikes, cars, and buses.
Key Benefits for Lithium-ion Battery Recycling Market:
The Lithium-ion Battery Recycling market analysis covers in-depth information of major industry participants.
Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
Major countries have been mapped according to their individual revenue contribution to the regional market.
The report provides an in-depth analysis of the Lithium-ion Battery Recycling market during the forecast period.
The report outlines the current market trends and future scenario of the global Lithium-ion Battery Recycling market to understand the prevailing opportunities and potential investment pockets.
The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.
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Regional Insights:
Large Battery Installed Base to Augment Growth in Asia Pacific
Geographically, Asia Pacific generated USD 1.15 billion in terms of revenue in 2019. The presence of favorable battery energy storage policies would majorly contribute to this growth. Coupled with this, a large battery installed base and rising number of lithium-ion battery recycling firms would aid regional growth.
On the other hand, in North America, the U.S. Department of Energy (DOE) announced its plans to invest USD 20.5 million in its battery recycling infrastructure and unveil a modern R&D facility. Lastly, in Europe, the market is likely to grow significantly throughout the forthcoming years backed by the surging number of clean energy generation targets that are being implemented by the European Union for reducing pollution.
Competitive Landscape:
Key Players Focus on Partnerships & New Plant Development to Intensify Competition
The global market houses a large 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.
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
Table of Contents
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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