Growing demand for recycled products & materials and smart devices are propelling the market growth.
New York City, United States – June 24, 2020 /MarketersMedia/ —
The global lithium-ion battery recycling market is forecast to reach USD 13.61 Billion by 2026, according to a new report by Reports and Data. Raw materials used to manufacture lithium-ion battery are limited, whereas the demand is sky high from different end-users such as automotive, power, and consumer electronics, among others. Furthermore, the materials used in the batteries are hazardous to the environment. Reusing the utilized materials in the lithium-ion battery further helps in the preservation of resources; hence, the market for lithium-ion battery recycling is gaining popularity throughout the world.
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Key players mentioned in the research report are:
Umicore, Glencore, Retriev Technologies, Raw Materials Company, American Zinc Recycling (INMETCO), Battery Recycling Made Easy, Brunp Recycling, SungEel HiTech, Taisen Recycling, and 4R Energy Corp among others.
In terms of applications, the global Lithium-ion Battery Recycling market can be segmented into:
Automotive
Marine
Power
Industrial
Others
In terms of types, the global Lithium-ion Battery Recycling market can be segmented into:
Lithium-Nickel Manganese Cobalt (Li-NMC)
Lithium Iron Phosphate (LFP)
Lithium-Manganese Oxide (LMO)
Lithium-Titanate Oxide (LTO)
Lithium-Nickel Cobalt Aluminum Oxide (NCA)
Lithium-Cobalt Oxide (LCO)
The Lithium-ion Battery Recycling Market is analyzed on the basis of dynamics of demand and supply, pricing, total volume produced, revenue generated, and others. The manufacturing is studied on the basis of several factors such as manufacturing plant distribution, industry production, production capacity, and research and development. It also delivers accurate market evaluations with the use of SWOT analysis, investment analysis, returns analysis, and growth trend analysis, and others.
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For geographical segmentation, regional supply, application-wise, and type-wise demand, key players, and others, this report covers the following regions: North America, Europe, Asia-Pacific, South America, and Middle East & Africa. The report sheds light on the competitive landscape of the market that covers the product offerings, services, market shares, and business overview. This Lithium-ion Battery Recycling Market research report covers various dynamic aspects like the market drivers, restraints and challenges, and growth prospects. The prominent and leading companies are profiled in the report.
Further key findings from the report suggest
• Lithium Iron Phosphate (LFP) battery type is forecasted to grow with the highest CAGR of 27.2% during the forecast period. These batteries have a high demand in high power devices, including the transportation of electric vehicles and lightweight marine batteries hence driving the market for lithium-ion battery recycling.
• Hydrometallurgical process segment held the largest share of 42.1% in 2018. This process is considered the most suitable process for the recycling of spent lithium-ion batteries due to low capital cost and more environment-friendly nature than pyrometallurgy process.
• Automotive segment held the largest market share of 39.3% in the year 2018. Lithium-ion batteries have a significant demand in electric automobiles because of high power density and compact size. This factor is expected to keep the recycling industry growing at a brisk rate.
• The Asia Pacific region is forecasted to grow with the highest CAGR of 26.9% during the forecast period. This is due to the adoption of electric vehicles and smart vehicles, especially in China, India & Japan. The environmental concern among the governments regarding the toxicity of the lithium-ion battery is significantly fueling the lithium-ion battery recycling market.
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