Hydrometallurgy Recycling Market Robust Expansion is expected to 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Hydrometallurgy Recycling Market Size, Share & Trends Analysis Report By Battery Chemistry (Lithium-nickel Manganese Cobalt, Lithium-iron Phosphate, Lithium-manganese Oxide, Lithium-titanate Oxide, and Lithium-nickel Cobalt Aluminum Oxide), By End-user (Automotive, Industrial, Power, and Marine), Region, Market Outlook And Industry Analysis 2031"

The Global Hydrometallurgy Recycling Market is estimated to exhibit a CAGR of 12.64% during the forecast period.

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Aqueous solutions and chemical reactions are used in the hydrometallurgy recycling process to extract and recover metals from diverse waste products. Leaching, precipitation, solvent extraction, and other processes are used by hydrometallurgy to separate and recover metals from the input materials as opposed to pyrometallurgy, which depends on high temperatures. Hydrometallurgical recycling is the process of selectively dissolving the target metals from the waste materials while leaving the non-metallic components behind. The dissolved metals are subsequently extracted from the solution using solvent extraction or precipitation techniques. There is less need for primary metal extraction because these recovered metals can be further treated, purified, and utilised in the creation of new goods. Increasing environmental restrictions and the need for sustainable resource management are driving the expansion of the hydrometallurgy recycling market. The demand for efficient recycling techniques is sparked by the increase in electronic trash and used batteries. The market is also fueled by developments in hydrometallurgical technologies, which boost the effectiveness and efficiency of metal extraction and recovery procedures and support market growth overall.

List of Prominent Players in the Hydrometallurgy Recycling Market:
• Umicore
• Glencore International AG
• Retriev Technologies Inc.
• International Metals Reclamation Company, LLC (INMETCO)
• American Manganese Inc.
• LI-CYCLE CORP.
• Neometals Ltd.
• Recupyl SAS
• Tes-Amm Singapore Pte. Ltd.
• Fortum OYJ

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Market Dynamics:
Drivers-
Due to increased demand for lithium-manganese oxide batteries from applications such as electricity, gas and water meters, fire and smoke alarms, security devices and other energy storage applications, the lithium-manganese oxide battery category held the biggest market share by battery chemistry in 2020. For recycling used lithium-ion batteries, the hydrometallurgical approach is thought to be the most effective. Additionally, during the course of the projection period, the worldwide hydrometallurgical recycling market is expected to rise as a result of technological developments in the recycling process and significant government investments. However, the high energy density, high safety, and low cost of lithium-ion batteries come at a high cost and are difficult to recycle, which is a factor that is anticipated to hinder the worldwide hydrometallurgical recycling market.

Challenges:
Around the world, the COVID-19 pandemic has had an effect on a number of businesses. The abrupt closure of manufacturing and recycling facilities as a result of a total lockdown around the world had a detrimental effect on the automobile battery recycling sector. Mass layoffs and decreased consumer spending as a result of the economic uncertainty will have a significant impact on the car battery recycling market share in the coming years. In addition, the chain of supply for raw materials from China was hampered by the import-export restrictions. The largest battery manufacturing and recycling centre is thought to be in China. Therefore, disruptions in the battery recycling and supply chain have significantly impacted the viability of cobalt, lithium, lead, and other environmentally hazardous and non-renewable substances.

Regional Trends:
The North America Hydrometallurgy Recycling market is expected to register major market share in terms of revenue and projected to grow at a high CAGR in the near future. The market's largest segment is anticipated to be the North American region. This is due to a number of things, including the region's highly developed recycling infrastructure, strict environmental legislation, and growing emphasis on sustainable practises. Due to the huge volume of garbage produced in North America, particularly electronic waste and end-of-life batteries, there is a critical need for effective recycling techniques. Utilising hydrometallurgical recycling is a practical way to extract precious metals from these waste streams. The need for recycled metals is also fueled by the region's strong manufacturing sector, particularly in the automobile and electronics industries. The dominance of North America in the industry is also attributed to the existence of significant players and technological developments in hydrometallurgical recycling.

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Recent Developments:
• In February 2023, a memorandum of understanding for the recycling of cobalt, nickel, manganese, and lithium metals from used EV batteries of Mercedes-Benz and their remanufacture into battery cathode materials was signed by Contemporary Mercedes-Benz, and GEM Co., Ltd.
• In September 2022, to deliver secure and responsible electric vehicle (EV) battery recycling in central Europe, Fortum established Fortum Batteries Recycling GmbH in Germany.

Segmentation of Hydrometallurgy Recycling Market-
By Battery Chemistry-
• Lithium-Nickel Manganese Cobalt
• Lithium-Iron Phosphate
• Lithium-Manganese Oxide
• Lithium-Titanate Oxide
• Lithium-Nickel Cobalt Aluminum Oxide
By End-user-
• Automotive
• Industrial
• Power
• Marine
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.