Lithium-ion Battery Recycling Market is Expected to Register Considerable Growth by 2028

According to the report, the lithium-ion battery recycling market size was estimated 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.

What is the lithium-ion battery?

The lithium-ion battery is a type of battery that can be recharged and is generally used in the manufacturing of portable electronics and electric vehicles. These batteries find major applications in industries such as the military and aerospace.

COVID-19 Impact

The Covid-19 pandemic largely impacted the lithium-ion battery recycling market. This impact mainly comes from a reduced customer base for recycled batteries in the year 2020. However, the market is likely to rebound owing to the factors like growing concerns about battery waste disposal and increasing battery usage in the industrial sector.

Market Dynamics

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.

Leading players in the market -

To build a successful business, it is vital to understanding the market — both the customers and the competitors. The report published consists of a list of key players active in the Lithium-ion Battery Recycling Market, which is given below -

• American Manganese Inc.
• Glencore plc
• International Metals Reclamation Company, LLC
• Li-Cycle Corp.
• Neometals Ltd.
• Raw Materials Company Inc.
• Recupyl Sas
• Retriev Technologies Inc.
• Sitrasa
• Umicore

Report Findings

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.

The research report aims to help the users learn about their market size and potential to connect with customers. This report answers to the following questions:

· How big is the potential Lithium-ion Battery Recycling Market?

· Will this market grow or shrink in the future?

· Who are our top competitors or key players?

· What market share do the competitors own?

· How Covid19 has affected the market?

· How long will it take to recover from the Covid-impact?

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