Press release
Lithium-Ion Battery Recycling Market is Slated to Witness Tremendous Growth in Coming Years | by SNAM, Umicore, Sumitomo Metal Mining Co Ltd
According to projections, the market for Lithium-Ion Battery Recycling would increase from USD 4.6 billion in 2021 to USD 22.8 billion in 2030, with a CAGR of 19.6% during the forecast period of 2021-2030. One of the main drivers driving the market for Lithium-Ion Battery Recycling is the rising demand for electric cars throughout the world, together with subsidies offered by governments of different nations for battery recycling. Due to worries about the environmental harm caused by cars running on conventional sources of energy like diesel and petrol, there has been a considerable increase in demand for electric vehicles. One of the key drivers is the declining cost of batteries for electric vehicles.
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MostLithium-Ion Battery Recycling markets are experiencing declines as a result of the COVID-19 epidemic, and non-essential manufacturing facilities are gradually being forced to temporarily shut down. Due to multiple lockdowns implemented by numerous nations in response to the second and third waves of the pandemic, the manufacture and consumption of Lithium-Ion Battery Recycling have decreased to a greater extent than anticipated in the short term, negatively affecting the Lithium-Ion Battery Recycling market. One of the main end-use markets for Lithium-Ion Battery Recycling, the electric vehicle industry, has been negatively impacted by COVID-19, which is expected to have a minor influence on the Lithium-Ion Battery Recycling business. During the first half of 2020, major producers of electric car batteries, like LG Chem and Panasonic, which have battery production facilities in China, had considerable problems. During the forecast period span, all of these variables are anticipated to have an influence on the Lithium-Ion Battery Recycling market.
The usage of sustainable clean fuels is becoming more prevalent in the automotive sector. The transportation system is heavily dependent on oil as a fuel, which is raising worries among economists and environmentalists alike. The use of electric vehicles is growing with environmental consciousness. EDVs are being used more often, which is causing an increase in the demand of Lithium-Ion Battery Recycling, which are necessary for a constant supply of power. The market for EVs is anticipated to expand as a result of factors including energy efficiency, pollution reduction, and customer adoption. Due to better battery technology and the minimal maintenance needs of these Lithium-Ion Battery Recycling, the number of electric cars is rising.
Segmentation
The lithium-ion battery recycling market is segmented into the automotive and non-automotive sectors based on end use. Additional divisions into the non-automotive industry include industrial, power, and marine. Due to significant advancements in automotive industry that are related to Lithium-Ion Battery Recycling, such as the declining cost of Lithium-Ion Battery Recycling and the increasing efficiency of electric vehicles, the automotive industry now accounts for the biggest segment of the global lithium-ion battery recycling market. These factors increased the demand for electric cars, which boosted the lithium-ion battery recycling business. The industry expansion for recycling Lithium-Ion Battery Recycling has also been spurred by legislation and incentives pertaining to battery recycling from nations like China and Germany.
Due to its expanding use in energy storage systems and the automotive industry in e-bikes and other electric vehicles, the lithium-nickel manganese cobalt category had the greatest proportion of the lithium-ion battery recycling market. Lithium-nickel manganese cobalt (Li-NMC) batteries are in high demand because of their low cost, high energy density, and extended life cycle.
Regional analysis
In 2020, North America led the Lithium-Ion Battery Recycling industry, and it is anticipated that it would continue to do so between 2021 and 2030. One of the biggest markets for recycling Lithium-Ion Battery Recycling in North America is the US. During the forecast period, the industry for lithium-ion battery recycling is anticipated to develop as a result of the expansion of electric cars in the area and government laws pertaining to lithium-ion battery recycling. The market for electric vehicles in the area will be improved by rising investments from major participants in the industry, as well as by expanding infrastructure for electric vehicles, which will favourably affect the lithium-ion battery recycling industry.
Geographically speaking, Asia Pacific brought in $1.15 billion in revenue in 2019. Favorable battery energy storage regulations would be a crucial factor in this expansion. Along with this, a sizable installed base of batteries and an increase in lithium-ion battery recycling businesses would support regional prosperity.
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Key Players
SNAM
Umicore
Sumitomo Metal Mining Co., Ltd.
Lithion Recycling Inc.
BATREC INDUSTRIE AG
American Zinc Recycling Corp
Fortum
DOWA ECO-SYSTEM Co., Ltd.
Neometals Ltd
ACCUREC Recycling GmbH
AkkuSer
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