Press release
Lithium Ion Battery Recycling Market Size to Boost USD 23.03 Billion By 2030 | CAGR 19.6% - Published by Emergen Research
Lithium Ion Battery Recycling Market
Major drivers influencing market revenue growth include rising consumer demand for Electric Vehicles (EVs), escalating government regulations, rising public awareness of environmental safety, and expanding applications of batteries in cell phones and computers. The car industry is gradually moving toward the usage of clean fuels that are good to the environment. A lithium-ion battery is a form of electrochemical cell that supports power generation for a variety of applications by using electrodes and catalysts.
The report is attuned with the latest market changes and economic landscape with regard to the currently unfolding COVID-19 pandemic. The crisis has affected the demand and supply pattern, as well as the trends of the industry. It has also brought an economic slowdown that has affected the business of the key manufacturers of the industry. The report estimates the impact of this crisis on the current scenario and future prospects and provides a post-COVID market scenario.
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Drivers of Lithium Ion Battery Recycling Market Growth :
Several factors are propelling the growth of the lithium-ion battery recycling market. Firstly, the exponential growth of electric vehicle sales and renewable energy installations has led to a surge in lithium-ion battery production, resulting in a corresponding increase in end-of-life batteries requiring recycling. Additionally, government regulations promoting sustainable waste management practices and incentivizing battery recycling initiatives have spurred market growth by creating a conducive regulatory environment and providing financial support. Moreover, the escalating demand for critical metals such as lithium, cobalt, and nickel, used in lithium-ion batteries, has driven interest in recycling as a means of securing a sustainable supply chain and reducing reliance on virgin materials.
Restraints Challenging Lithium Ion Battery Recycling Market :
Despite its promising growth prospects, the lithium-ion battery recycling market faces several challenges. One of the primary obstacles is the lack of standardized recycling processes and infrastructure, leading to inefficiencies and high operational costs. Additionally, the complex chemistry and diverse designs of lithium-ion batteries pose technical challenges for recycling, requiring specialized expertise and equipment for effective material recovery. Furthermore, concerns about the safety and environmental impact of certain recycling techniques, such as pyrometallurgical methods, have raised regulatory hurdles and public skepticism, hindering market expansion.
The report also discusses the key players involved in the market such as:
Umicore, Glencore International AG, Retriev Technologies Inc., Raw Materials Company Inc., American Zinc Recycling, American Manganese Inc., SITRASA, Li-Cycle Corp., Neometals Ltd, Metal Conversion Technologies, TES, Fortum, GEM Co., Ltd, Duesenfeld GmbH, and Accurec-Recycling GmbH.
The report provides a thorough estimation of the overall impact of the pandemic on the Lithium Ion Battery Recycling Market and its vital segments. The report also discusses the impact of the pandemic across different regions of the market. It also offers a current and future assessment of the impact of the pandemic on the Lithium Ion Battery Recycling Market
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Lithium Ion Battery Recycling Latest Industry News
On 11 February 2022, Umicore, which is a circular materials technology company headquartered in Brussels, Belgium announced to sign an agreement with Automotive Cells Company (ACC) on battery recycling services for needs of ACC pilot plant in Nersac, France. The newest iteration of Umicore's proprietary recycling technology will also be unveiled and it is significant in enhancing recycling performance with an optimized operating window for batteries used in electric vehicles.
On 5 May 2022, Glencore, which is a leading and diversified natural resource company headquartered in Baar, Switzerland announced an innovative partnership with Li-Cycle Holdings Corp., which is North America-based leading lithium-ion battery recycler. Through this partnership, Glencore will aim to combine primary and recycled battery raw materials to create battery-grade end products. As a result, automakers will be able to meet both their goals for electric vehicles and important regulatory requirements relating to battery raw material requirements.
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Lithium Ion Battery Recycling Market Segment Analysis :
For the purpose of this report, Emergen Research has segmented the global lithium-ion battery recycling market based on battery chemistry, source, recycling process, end-use, and region:
Battery Chemistry Outlook (Revenue, USD Billion; 2019-2030)
Lithium-Iron Phosphate
Lithium-Manganese Oxide
Lithium-Titanate Oxide
Others
Source Outlook (Revenue, USD Billion; 2019-2030)
Electric Vehicles
Electronics
Power Tools
Others
Recycling Process Outlook (Revenue, USD Billion; 2019-2030)
Hydrometallurgical Process
Physical/Mechanical Process
Pyrometallurgy Process
End-Use Outlook (Revenue, USD Billion; 2019-2030)
Automotive
Non-Automotive
Regional Outlook (Revenue, USD Billion; 2019-2030)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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