Global Lithium-ion Battery Recycling Market Forecast:
The lithium-ion battery recycling market size was valued at USD 4.14 billion in 2021 and is likely to grow at a CAGR of 19.56% during 2022-2028 to reach USD 14.49 billion in 2028.
The report is created using a few approaches that aid in analyzing the company's strengths, overcoming weaknesses, and using opportunities to sort out the pitfalls of the market.
Some existing key players in the market are:
- American Manganese Inc.
- Glencore plc
- International Metals Reclamation Company, LLC
- Li-Cycle Corp.
- Neometals Ltd.
- Raw Materials Company Inc.
- Recupyl Sas
- Retriev Technologies Inc.
While the majority of organisations had to face losses due to the pandemic, there are a few that have remained stable during this period and are projected to expand gradually in the future. The study on Lithium-ion Battery Recycling Market by Stratview Research provides a sneak peek into its business success in 2020, as well as how it will perform in and after 2021. The wide-body aircraft settles after the pandemic.
It has been observed that investments in the growth and development of electric vehicles are increasing, providing substantial growth opportunities for the lithium-ion battery recycling market. The low accessibility of some raw materials such as cobalt and lithium has become an important factor for most companies, so they have started recycling lithium-ion batteries.
Based on the end-use type, the market is segmented as automotive and non-automotive. Automotive is estimated to be the dominant segment of the lithium-ion battery market, in terms of both value and volume, during the forecast period.
The non-automotive segment is further segmented as power, industrial, and marine. Automotive is expected to be the more significant segment of the market globally, and in the industrial and power segments as well. Lithium-ion batteries are being heavily used for the propulsion of automobiles and offer excellent features such as high energy and power density. The demand for these batteries is growing which is fueling the market growth during the forecast period.
Based on the battery chemistry type, the market is segmented as lithium-nickel manganese cobalt, lithium-iron phosphate, lithium-manganese oxide, lithium-titanate oxide, and lithium-nickel cobalt aluminum oxide. Lithium-nickel manganese cobalt is estimated to be the leading segment of the market, in terms of volume, during the forecast period.
On the other hand, lithium-ion manganese oxide is projected to be the highest-recycled battery type and has an increasing number of implementations for the manufacturing of power tools, medical devices, and electric powertrains which is one of the major factors fueling the market growth across the world.
In terms of regions, North America is estimated to be the leading region in the market during the forecast period, with the US and Canada being the major countries with lucrative growth opportunities.
The Environment Protection Agency has implemented strict rules and regulations about air emission standards in the region, which in turn, is increasing the demand for the market in North America during the forecast period. Asia-Pacific and Europe are also expected to offer substantial growth opportunities during the forecast period.
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