Lithium ion batteries offer one of the highest energy densities of any battery technology (100-265 Wh/kg or 250-670 Wh/L) available today. Furthermore, Li-ion battery cells can deliver up to 3.6 Volts, which is three times higher than Ni-Cd or Ni-MH technology. Lithium-ion batteries require low maintenance; have a long life span, offer easy and fast charging and offer high energy density. The high beneficiary factors make it highly suitable for various industrial applications.  

Access Full Report @  https://www.databridgemarketresearch.com/reports/global-lithium-ion-battery-recycling-market

Global lithium-ion battery recycling market is expected to reach USD 8,198.92 million by 2029 from USD 1,904.23 million in 2021 growing with the CAGR of 21.3% in the forecast period of 2022 to 2029.  Increasing sale of commercial vehicles all around the globe and rising awareness about the benefits of lithium ion batteries are some of the drivers boosting the growth of the market. The increasing deployment of lithium ion batteries in heavy vehicles, growth and expansion of automotive and semiconductors industry and rising personal disposable income are some other important market growth determinants.

Rise in the penetration of low carbon generation transportation fleet is expected to drive the market's growth rate

The demands and requirements of consumer electronics have continued to increase at an exponential rate. Lithium-ion batteries are common in consumer electronics. They are one of the most popular types of rechargeable batteries for portable electronics, with proper energy-to-weight ratios, high open-circuit voltage, and low self-discharge rate. The advancement in technologies has compacted the size of electronic devices making them more slim and lightweight which is increasing the requirement for lithium-ion batteries. The lithium-ion battery last longer, charge faster and have a higher power density for more battery life in a lighter package.

Report Scope and Market Segmentation

Segment Analysis:

The global lithium-ion battery recycling market is segmented into three notable segments which are component, chemistry & recycling process.

• Based on the component, the global lithium-ion battery recycling market is segmented into active material and non-active material. In 2022, active material segment is expected to dominate the global lithium-ion battery recycling market with 62.76% market share as they are the integral component in the battery electrode to store lithium in their structure.

Active material is expected to dominate the component segment of the global lithium-ion battery recycling market

In 2022, active material segment is expected to dominate the global lithium-ion battery recycling market with 62.76% market. This is because of active material is an integral component in the battery electrode to store lithium in their structure. Further, rising demand for both commercial and non-commercial vehicles globally will widen the scope of growth for the lithium-ion battery recycling market.

• Based on the chemistry, the global lithium-ion battery recycling market is segmented into lithium-nickel manganese cobalt (Li-NMC), lithium cobalt oxide (LCO), and lithium-manganese oxide (LMO), lithium-iron-phosphate (LFP), lithium-nickel cobalt aluminum oxide (NCA), lithium titanate oxide (LTO). In 2022, lithium-nickel manganese cobalt (Li-NMC) segment is expected to dominate the global lithium-ion battery recycling market with 36.48% market share due to its capability of fast charging and high thermal stability compared to other types.   

Lithium-nickel manganese cobalt (Li-NMC) is expected to dominate the chemistry segment of the global lithium-ion battery recycling market

In 2022, lithium-nickel manganese cobalt (Li-NMC) segment is expected to dominate the global lithium-ion battery recycling market with 36.48% market share. This is because of the growing awareness among the automobile manufacturers regarding lithium-nickel manganese cobalt’s capability of fast charging and high thermal stability compared to other types. Further, rising demand for both commercial and non-commercial vehicles globally will widen the scope of growth for the lithium-ion battery recycling market.

• Based on the recycling process, the global lithium-ion battery recycling market is segmented into the hydrometallurgical process, pyrometallurgy process, and physical/ mechanical process. In 2022, hydrometallurgical process segment is expected to dominate the global lithium-ion battery recycling market with 46.13% market share due to its higher capability of recovering valuable metals from the battery’s black mass. 

Major Players

Data Bridge Market Research recognizes the following companies as the major lithium-ion battery recycling market players in advanced wound care market are ACCUREC-Recycling GmbH (Germany), Duesenfeld GmbH (Germany), Tata Chemicals Ltd. (India), OnTo Technology LLC (U.S.), Lithion Recycling (Canada), ECOBAT (U.S.), Cawleys (U.K), Veolia Environnement SA (France), Batrec Industrie (Switzerland), Nickelhütte Aue GmbH (Germany), Neometals Ltd (Australia), Redwood Materials, Inc. (U.S.).

Market Development

• Retriev Technologies and Marubeni Corporation announced a partnership in June 2021 to establish a unique business model for end-of-life Lithium-ion batteries. Two firms will work together to build a business model for repurposing valuable metals recovered from end-of-life lithium-ion batteries. They'll also work with a chemical company that makes sulphate, battery precursors, and cathodes for rechargeable batteries used in consumer electronics and electric cars. This chemical manufacturer's identity has not been revealed. Retriev and Marubeni will also work with a chemical company that has developed highly technical knowledge and competence via their experience in the rechargeable battery industry. This company also makes sulphate battery precursors and cathodes for rechargeable batteries that are utilised in consumer goods and electric cars.
• Glencore and Britishvolt formed a strategic agreement in February 2022 to create a world-class battery recycling ecosystem in the United Kingdom. The cooperation is a huge step forward for Britishvolt in its mission to help automotive manufacturers transition to electric vehicles. Britishvolt is greatly derisking its operation by achieving long-term supply security across its business by securing one of the major battery materials from Glencore cobalt brands.
• Li-Cycle Holdings announced the construction of a commercial lithium-ion battery recycling facility in Tuscaloosa, Alabama, in September 2021. In the beginning, the capability is projected to process 5,000 tonnes of battery production scrap and end-of-life batteries each year. This development increases the company's market position in meeting increased demand and expands its regional footprint in the Southeast United States.

Regional Analysis

Geographically, the countries covered in the lithium-ion battery recycling market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in lithium-ion battery recycling market during the forecast period 2022 - 2029

North America is dominating the global lithium-ion battery recycling market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. The U.S. is dominating due to the presence of major market players which provide the wide drug portfolio and well-developed healthcare infrastructure in this region. Also, existence of advanced healthcare technologies in this region is another reason for this region’s dominance in the global market.   

Asia-Pacific is estimated to be the fastest growing region in lithium-ion battery recycling market the forecast period 2022 - 2029

Asia-Pacific is expected to grow during the forecast period due to the increasing patient population and rapid development of infrastructural facilities in emerging economies in this region. In addition to this, rising level of private and public expenditure on the development of healthcare industry infrastructure in the developing and backward economies and increasing per-capita income are expected propel the market's growth rate in this region. Also, increasing geriatric population base, surging incidence rate of chronic and acute disorders and diseases and rising medical tourism are some other important market growth determinants.

COVID-19 Impact Analysis

COVID-19 had a significant impact on the lithium-ion battery recycling sector because practically every government chose to shut down all production facilities except those that produce vital items. The increased acceptance of electrification of the automotive sector across all regions and countries is related to the expansion of the lithium-ion battery recycling business following the pandemic. Despite the fact that the automotive sector was hit hard by the pandemic, electric vehicle sales soared in the aftermath. Additionally, demand for consumer battery-operated electronics has expanded over time, which is driving this market's growth. Manufacturers are pursuing a variety of strategic measures in order to recover from COVID-19. Multiple research and development initiatives are being carried out by the players in order to improve the technology involved in lithium-ion battery recycling. The companies will be able to bring sophisticated technologies to market as a result of this. Furthermore, government programs encouraging the use of electric vehicles have boosted the market.

For more detailed information about the lithium-ion battery recycling market report, click here – https://www.databridgemarketresearch.com/reports/global-lithium-ion-battery-recycling-market