The lithium-ion batteries recycling market is expected to grow significantly in upcoming years. Some of the important government initiatives that will accelerate the growth of this market such as National Electric Mobility Mission Plan 2020, with an estimate of getting 6 to 7 million electric vehicles on Indian roads by 2020 and goal of installation of 175 GW of renewable energy by 2022. According to current estimates, the annual lithium-ion battery market in India will increase at 37.5 percent to reach 132 GWh in 2030. Therefore, the increasing demand of lithium-ion battery is leading to the growth of the lithium-ion battery recycling market.
According to Data Bridge Market Research the Lithium-Ion Battery Recycling Market accounted for USD 1,749.32 million in 2021, and expected to reach USD 8,198.92 million by 2029. The market is expected to grow with a CAGR of 21.30% in the forecast period of 2022 to 2029.
“Growing shift towards clean power sources is expected to drive the market growth”
Nowadays, people are rapidly shifting towards clean power sources because they provide effective input to numerous applications. Companies have surged the installation of lithium-ion battery batteries for energy storage worldwide. This is expected to boost the replacement of long-standing lithium-ion batteries with less efficiency generating wastes. For instance, BRUNP plans to construct a new plant in 2019 to generate around 100,000 tons/year of lithium-ion battery scrap in China. It will start functioning from 2020. Such plans are likely to accelerate the growth of the lithium-ion battery recycling market during the forecast period of 2023 to 2030.
What restraints the growth of Lithium-Ion Battery Recycling Market?
“Safety issues associated with transportation and storage of spent batteries”
Lithium-ion batteries are widely used in several applications such as medical devices, consumer electronics, and industrial applications and in automobiles. These batteries are light in weight and are now considered to be flexible in nature with different shapes. On the other hand, lithium is extremely flammable and reactive and can therefore cause severe damage to property and life. These characteristics of lithium can cause harm during storage and transportation of lithium ion. As a result of all this factor, the market is expected to hamper during the forecast period.
Segmentation: Lithium-Ion Battery Recycling Market
The lithium-ion battery recycling market is segmented on the basis of component, chemistry, and recycling process.
- On the basis of component, the lithium-ion battery recycling market is segmented into active material, non-active material.
- Based on chemistry, the lithium-ion battery recycling market is segmented into below lithium-nickel manganese cobalt (Li-NMC), lithium cobalt oxide (LCO), lithium-manganese oxide (LMO), lithium-iron phosphate (LFP), lithium-nickel cobalt aluminium oxide (NCA), lithium-titanate oxide (LTO).
- On the basis of recycling process, the lithium-ion battery recycling market is segmented into hydrometallurgical process, pyrometallurgy process, physical/ mechanical process.
Regional Insights: Asia-Pacific is expected to dominate the Lithium-Ion Battery Recycling Market
Asia-Pacific is expected to dominate the market and is expected to grow significantly because of rising clean energy initiatives from governments and growing adoption of battery recycling in this region. Furthermore, high demand for battery operated consumer electronics and vehicles will further increase the growth of the market in this region.
Europe region is likely to register highest growth rate during the forecast period of 2022 to 2029 due to growing research and development activities in lithium-ion battery recycling processes to promote sustainable energy model in this region. Furthermore, increasing demand for lithium-ion batteries in mobile devices, electric vehicles, and smart wearables.is expected to drive the growth of the market in this region.
Recent Development: Lithium-Ion Battery Recycling Market
- In 2021, BASF has announced to start construction of a new battery recycling prototype plant at the company’s Cathode Active Materials facility in Schwarzheide, Germany. This company goals to use advanced solution and extract lithium, cobalt, manganese and nickel from lithium-ion batteries.
- In 2021, Canada-based Li-Cycle has announced to start a partnership agreement with Helbiz to begin sustainable recycling solutions for lithium-ion batteries reaching their exhaustion period and are presently equipped across e-scooters and e-bikes.
- In 2020, Veolia and Solvay partnered to improve a circular economy consortium. They target to enhance the lithium-ion battery recycling process from electric and hybrid vehicles, particularly in Europe. They will reuse critical or rare raw materials.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-lithium-ion-battery-recycling-market
The Prominent Key Players Operating in the Lithium-Ion Battery Recycling Market Include:
- CCUREC-Recycling GmbH (Germany)
- AkkuSer Oy (Finland)
- RecycLiCo Battery Materials Inc. (Canada)
- Batrec Industrie AG (Switzerland)
- Battery Recycling Made Easy LLC (U.S.)
- Contemporary Amperex Technology Co., Limited (China)
- Duesenfeld (Germany)
- ECOBAT (UK)
- Envirostream Australia Pty Ltd, (Australia)
- Fortum (Finland)
- GEM Co., Ltd (China)
- Glencore (Switzerland)
- Lithion Recycling (Canada)
- Neometals Ltd (Australia)
- OnTo Technology (US)
- Raw Materials Company (Canada)
- Redux GmbH (Germany)
- Redwood Materials Inc. (U.S.)
- Redwood Materials, Inc. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list Lithium-Ion Battery Recycling Market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Lithium-Ion Battery Recycling Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
