Lithium-ion Battery Recycling Market worth USD 16.8 Billion
08 Jul 2021
Acquisition
New York, July 08, 2021 (GLOBE NEWSWIRE) -- Li-ion battery recycling Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Li-ion battery recycling Market Research Report, End Use, Battery Chemistry and Region - Forecast till 2027” the market is projected to be worth USD 16.8 Billion by 2027, registering a CAGR of 9.1% during the forecast period (2021 - 2027), The market was valued at USD 1.75 billion in 2020.
COVID-19 Analysis on Li-ion Battery Recycling Market The automotive industry has faced the brunt of the COVID-19 pandemic due to the ban on transportation without proper regulation. As the battery industry is concentrated in China, it has suffered a huge setback. Besides, reduced export-import of raw materials caused a shift in supply and demand. China is amid the biggest manufacturers of batteries, BYD and CATL products in the APAC region, yet the pandemic caused by the outbreak has led to production delays for products used by different end users. OEMs are the most vulnerable to market disruptions owing to raw material and battery supply issues, as the maximum part of raw materials are sourced from China. OEMs in several regions have been capable of obtaining Li-on battery materials at high prices from alternate sources in Taiwan, Korea, and Japan, leading to a decrease in financial structure and revenue. Besides, with alternate sources of production, manufacturers are capable of meeting only the short-term demand arising from different end users in developing countries.
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Key PlayersEminent players profiled in the global Lithium-ion Battery Recycling industry report include –
Key players have incorporated several strategies to stay at the forefront such as partnerships, new product launches, mergers and acquisitions, and more. For instance, Cygni Energy and Attero have joined hands for responsible recycling of lithium batteries. The company aims to create awareness among users and also encourage them in disposing of the used batteries responsibly.
Browse In-depth Market Research Report (128 pages) on Li-ion battery recycling
Alluring Features that Boost Market GrowthAs per the latest MRFR report, numerous factors are propelling the global li-ion battery recycling market value.
Drivers Growing Adoption of Battery Powered Electric Vehicles to Boost Market Growth The growing adoption of battery powered electric vehicles is predicted to boost market growth over the forecast period. Various emerging and developed economies have observed a paradigm shift towards a low carbon generation transportation fleet for reducing the carbon footprint, aiding the industry pace. The growing adoption of various forms of electric vehicles such as plug-in electric vehicles, hybrid electric vehicles, and battery electric vehicles over the years has led in large quantities of batteries reaching their end of life. In December 2020, for instance, the government of Japan presented its plans for decarbonizing its automobile industry and prohibiting the sales of gasoline-only cars by 2030.
Opportunities Increasing Demand for Clean Energy to offer Robust Opportunities Increasing demand for clean energy is likely to offer robust opportunities for the market over the forecast period. People these days are rapidly shifting towards clean power sources as they provide efficient input to various applications. Across the globe, companies have increased the installation of multiple batteries for several electric vehicles and energy storage. This is likely to increase the replacement of long-standing batteries low out efficiency generating wastes.
Restraints High Cost to act as Market Restraint The high cost related to the recycling and scarcity of technologies to extract lithium from spent lithium-ion battery recycling may impact the global li-ion battery recycling market share over the forecast period.
Challenges Safety Issues to act as Market Challenge Safety issues about the storage and transportation of spent batteries may act as a market challenge over the forecast period.
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Market Segmentation
By end user, the automotive segment will lead the market over the forecast period. The growing adoption of electric vehicles coupled with government regulations supporting the EVs are adding to the growth of the segment.
By battery chemistry, the lithium-ion manganese oxide segment will dominate the market over the forecast period. The increasing adoption of these batteries for electric powertrains, medical devices, and power tools are adding to the growth of the segment.
Regional Analysis North America to Dominate Li-ion Battery Recycling Market North America will dominate this market in the forecast period. The US as well as Canada will have the largest market share. The growing demand for lithium-ion battery recycling, stringent regulations implemented by the EPA, adoption in different industries such as marine, consumer electronics, mining, and automotive, constant technological developments, the scope of next-gen electric vehicles booming in the US, increase in battery recycling rate, and increase need of recycled material for nickel cadmium, lead acid, and other chemistries are adding to the global li-ion battery recycling market growth in the region.
Segmentation of Market covered in the research:
Report by End Use(Automotive, and Non-automotive [Industrial, Power, and Marine]),by Battery Chemistry (Lithium-nickel Manganese Cobalt (Li-NMC), Lithium-iron Phosphate (LFP), Lithium-manganese Oxide (LMO), Lithium-titanate Oxide (LTO), and Lithium-nickel Cobalt Aluminum Oxide (NCA)), and by Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)
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