Lithium-Ion Battery Recycling Market Size, Share & Segment By Battery Chemistry (Lithium-Nickel Manganese Cobalt, Lithium-Iron Phosphate, Lithium-Manganese Oxide, Lithium-Titanate Oxide, Lithium-Nickel Cobalt Aluminum Oxide), By Recycling Process (Hydrometallurgical Process, Pyrometallurgy Process, Physical/Mechanical Process, Other), By End-User (Automotive, Marine, Power, Industrial, Others), and By Regions | Global Market Forecast 2022-2028
Pune, Maharashtra -- (SBWIRE) -- 08/11/2022 -- Lithium-Ion Battery Recycling Market Size was valued at USD 7.61 billion in 2021 and is expected to reach USD 12.87 billion by 2028, and grow at a CAGR of 7.8% over the forecast period 2022-2028. Chemical precipitation is a mechanism used in the recycling of lithium-ion batteries that enables producers of batteries to recover and reuse rare materials. Concerns about lithium's limited availability for foreseeable uses have grown as its industrial use has increased. Lithium mining has an adverse effect on the environment, including chemical leaks that lead to water pollution. Lithium-ion battery recycling has therefore gained popularity recently. Additionally, recycling enables producers to guarantee that there is an enough supply of lithium for use in batteries and other products.
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Drivers, Restraints, Opportunities and Challenges
The government's promotion of electric vehicles and the rise in popularity of smart gadgets are both responsible for the lithium-ion battery recycling market's expansion. The market for recycling lithium-ion batteries is expanding due to the firms' increased motivation to do so and the growing awareness of the environmental risks connected with lithium-ion batteries. Li-ion battery technology is likely to continue to advance and be adopted by a wide range of industry sectors, increasing the need for waste management. The need for Lithium-ion battery recycling is being driven by its use as a significant power source in consumer electronics such as mobile phones, laptops, tablets, cars, and vehicles.
The expansion of the international lithium-ion battery recycling market is anticipated to be fueled by the strict government rules and policies that promote and encourage recycling and reuse of Li-ion batteries.
Impact of the COVID-19 Pandemic
With the COVID-19 epidemic, operations in a number of industries, including electronics, automotive, and power, have been seriously impacted. The majority of countries have issued lockdown instructions, encouraging people to stay at home. Due to severe mobility restrictions, these industries' operations have been interrupted and are now dealing with problems including late deliveries and increasing import-export tariffs, which is negatively influencing the growth of the lithium-ion battery recycling market.
By Battery Chemistry
1.Lithium-nickel Manganese Cobalt
5.Lithium-nickel Cobalt Aluminum Oxide
By Recycling Process
The lithium-manganese oxide segment held the greatest market share in terms of battery chemistry owing to increased demand for lithium-manganese oxide batteries from applications such as electricity, gas, and water meters, security devices, fire & smoke alarms, and other energy storage applications.
The automotive segment held the greatest market share in terms of end users, and it is anticipated that it will continue to grow at the fastest rate over the course of the projection period. The widespread use of electric vehicles is largely responsible for this growth. The need for recycled lithium-ion batteries is anticipated to rise in the automotive industry as electric car sales continue to soar.
The hydrometallurgical process segment has the biggest market share in terms of recycling process. This is attributed to advantages of the hydrometallurgical recycling process over alternative battery recycling processes, including the treatment of low-grade materials, low energy consumption, simple waste control, and the recyclability of lithium and aluminum.
Asia-Pacific currently holds a monopoly on the world market for recycling lithium-ion batteries on account of the region's established industry and escalating government laws. The region's lithium-ion battery recycling market is being fueled by leading lithium-ion battery producers in China and government rules that require manufacturers to set up facilities for collecting and recycling used batteries. Additionally, it is anticipated that in the near future, demand for recycled lithium-ion batteries would increase due to the growing awareness of the environmental advantages of electric vehicles in the region's emerging nations.
Competitive Landscape Outlook
Some of the prominent participants in the global lithium-ion battery recycling market 4R Energy Cor, SungEel HiTech, Umicore, Duesenfeld, Bruno Recycling, Glencore International AG, OnTo Technology, Taisen Recycling, and Retrieve Technologies.
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Table Of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact Of Ukraine-Russia War
5. Value Chain Analysis
6. Porter's 5 Forces Model
7. PEST Analysis
Head of Business Development & Strategy
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