Lithium-Ion Battery Recycling Market Upcoming Trends, Demand, Growth and Future Scope post COVID-19
Lithium-ion Battery Recycling Market is valued at USD 8.22 Billion in 2019 and expected to reach USD 13.38 Billion by 2025 with the CAGR of 7.20% over the forecast period.
Global Lithium-ion Battery Recycling Market: Global Size, Trends, Competitive, Historical &Forecast Analysis, 2020-2026– Increase in demand for electric vehicles and consumer electronics as well as rise in automobile industry are expected to boost the growth of lithium-ion battery recycling market over forecast period.
Scope of Global Lithium-ion Battery Recycling Market Reports –
Lithium-ion batteries have a number of heavy metals and hazardous chemicals. The disposal of Li-ion batteries has raised a lot of concerns about polluting the environment such as soil pollution and water pollution. The hydrometallurgical recycling process involves a chemical precipitation methodology that allows scarce minerals to be recovered and delivered to battery manufacturers for reuse in the production of new batteries. The lithium-ion batteries are first made safe for mechanical treatment, with plastics, aluminium and copper separated and directed to their own recycling processes. Moreover, the incredible efforts are being made to develop electrode materials, electrolytes, and separators for energy storage devices to meet the needs of emerging technologies such as electric vehicles, decarbonizes electricity, and electrochemical energy storage. However, the sustainability concerns of lithium-ion batteries (LIBs) and next-generation rechargeable batteries have received little attention. Recycling plays an important role in the overall sustainability of future batteries and is affected by battery attributes including environmental hazards and the value of their constituent resources.
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Global lithium-ion battery recycling market report is segmented on the basis of product type, application, and by regional & country level. Based on product type, global lithium-ion battery recycling market is classified as the LiCoO2 Battery, NMC Battery, LiFePO4 Battery and Other. Based upon application, global lithium-ion battery recycling market is classified into automotive, marine, industrial and electric power.
The regions covered in this lithium-ion battery recycling market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of lithium-ion battery recycling is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Key Players for Lithium-ion Battery Recycling-
Some major key players for global lithium-ion battery recycling market are Umicore, GEM, Brunp Recycling, SungEel HiTech, Taisen Recycling, Batrec, Retriev Technologies, Tes-Amm(Recupyl), Duesenfeld, 4R Energy Corp, OnTo Technology and Others.
Global Lithium-ion Battery Recycling Market Dynamics –
Rising demand for electric vehicles due to government regulations and subsidies encouraging battery recycling, and growing demand for smart devices in emerging economies are the key factors driving the growth of this market. According to International Energy Agency (IEA) in 2018, the global electrical power sector investment dipped by 1% to just over 775 billion, with lower capital spending on generation. Investment in electricity networks edged down, although investment in battery storage surged by 45% from a relatively low voltage. However, the lithium ion batteries are increasingly picked for consumer electronics products as a portable power source due to the features like lesser recharge time and higher energy density. According to the International Energy Agency, the number of electric vehicles on the world’s roads will increase from 3 million to 125 million by 2030. In 2015 the global lithium-ion battery recycling market was worth about 1.7 million euros, but it is expected to boom in the coming years to more than 20 billion euros. However, these batteries are not accessible to everyone as it carries high-cost but the lack of some transition metals existing in these batteries may become subject to risk. The best technologies used for recycling these batteries is the use of simple but scale-up dissolution technology involving non-toxic suitable organic solvents that can effectively dissolve toxic binder, PVdF in battery to avoid much pollution. Pollution through the hydrolysis of LiPF6 from the lithium-ion battery can also be minimized through conversion to useful compounds instead of using virgin materials for the synthesis. Further, the environmentally friendly recycling technologies are still needed to meet the demands for materials, for scale-up processes and in compliance with environmental laws.
Global Lithium-ion Battery Recycling Market Regional Analysis –
Geographically, North America region is dominating the lithium-ion battery recycling market, due to Growing demand for UPS systems in commercial sector and increasing adoption of electric vehicles in various countries in the region. This rise can be attributed majorly to the stringent regulations implemented by the Environmental Protection Agency (EPA) regarding air emission standards in the region. According to the Edison Electric Institute (EEI), the estimated 7 % of the 259 million vehicles cars and light trucks expected to be on U.S. roads in 2030. Annual sales of EVs will exceed 3.5 million vehicles in 2030. Asia Pacific region is at second position in dominance due to growing automotive industry in Japan, China and India has majorly contributed to the growth. Asia Pacific will also maintain its dominance over the global market and has formed the largest market for lithium-ion battery recycling.
Key Benefits for Global Lithium-ion Battery Recycling Market Reports–
Global Lithium-ion Battery Recycling Market report covers in depth historical and forecast analysis.
Global Lithium-ion Battery Recycling Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global Lithium-ion Battery Recycling Market report helps to identify opportunities in market place.
Global Lithium-ion Battery Recycling Market report covers extensive analysis of emerging trends and competitive landscape.
Global Lithium-ion Battery Recycling Market Segmentation –
By Product Type
LiCoO2 Battery
NMC Battery
LiFePO4 Battery
Other
By Application
Automotive
Marine
Industrial
Electric Power
By Regional & Country Analysis:
North America
U.S.
Canada
Europe
U.K.
France
Germany
Italy
Asia Pacific
China
Japan
India
Southeast Asia
Latin America
Brazil
Mexico
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
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