Menu ×

CHEMICALS AND ADVANCED MATERIALS

Lithium-Ion Battery Recycling Market Segmentation by Chemistry (LMO, LTO, NCA, Li-NMC, LFP, and LCO); by Technology (Hydrometallurgy, Pyrometallurgy, and Physical/Mechanical Process); by Industry (Automotive, Marine, Power, Industrial, and Others) – Global Demand Analysis & Opportunity Outlook 2029

  • Text Size:

Extensive insights into the Growth of Lithium-Ion Battery Recycling Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

Read More

IN THE NEWS

  • March 06, 2020: Nornickel Inc. and BASF Inc. along with Fortum Oyj signed a letter of intent to build a battery recycling cluster in the Harjavalta region of Finland to expand the growth of the electric vehicle market in the region.
  • January 17, 2019: The US Department of Energy Secretary Rick Perry announced the creation of the DOE’s first Li-ion battery recycling R&D center, the ‘ReCell Center’ to help reduce the dependence on foreign sources for cobalt and other battery materials.

Lithium-Ion Battery Recycling Market Highlights 2020 – 2029

The lithium-ion battery recycling market is anticipated to record a noteworthy CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to the rising use of battery-operated electric vehicles, and the increasing level of air pollution in recent years due to combustion of diesel and gasoline in conventional automobiles. The total number of electric vehicles (EV) sold worldwide grew by approximately 2 million from 2018 to 2019. More than 7 million EVs were sold in 2019. Apart from these, growing concerns regarding battery disposal and decline in the price of lithium-ion batteries are also estimated to drive market growth in the coming years. Furthermore, the properties of lithium-ion batteries such as favorable capacity-to-weight ratio and lower self-discharge rate than other batteries are expected to boost their demand in the near future.

The market is segmented by chemistry into lithium-manganese oxide (LMO), lithium-titanate oxide (LTO), lithium-nickel cobalt aluminum oxide (NCA), lithium-nickel manganese cobalt (Li-NMC), lithium-iron phosphate (LFP), and lithium-cobalt oxide (LCO), out of which, the lithium-nickel manganese cobalt segment is estimated to hold the leading share over the forecast period on the back of growing adoption of lithium-nickel manganese cobalt batteries for power tools, electric powertrain, and medical devices. Additionally, based on industry, the automotive segment is projected to grab the largest market share by the end of 2029 owing to the staggering adoption of lithium-ion batteries as a result of the ability of these batteries offer high energy and power density to the vehicle. The segment for power industry is also projected to hold a significant market share, which can be credited to the increasing production volumes for the end user of this industry in developing nations.

Global-Lithium-Ion-Battery-Recycling-Market

Major Macro-Economic Indicators Impacting the Market Growth

Global-Electricity-Consumption

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Lithium-Ion Battery Recycling Market Regional Synopsis

On the basis of geographical analysis, the lithium-ion battery recycling market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The Asia-Pacific region is expected to grab the largest share in the market during the forecast period on the back of the rising demand for electric vehicles in major economies of the region such as Japan, China, and India. In addition, China is currently the largest manufacturer of lithium-ion battery for electric vehicles. China manufactured more than 70% of total lithium cells in the world in 2019. Moreover, increasing R&D investment by Indian government for developing efficient hybrid vehicles is also anticipated to fuel the growth of the region. Furthermore, Europe is expected to witness significant market growth in the forecast period owing to huge number of clean energy generation targets in the region and growing willingness of companies to develop technologies to treat different types of battery chemistries.

Lithium-Ion-Battery-Recycling-Market

The lithium-ion battery recycling market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the lithium-ion battery recycling market includes the following segments:

By Chemistry

  • Lithium-Manganese Oxide (LMO)
  • Lithium-Titanate Oxide (LTO)
  • Lithium-Nickel Cobalt Aluminum Oxide (NCA)
  • Lithium-Nickel Manganese Cobalt (Li-NMC)
  • Lithium-Iron Phosphate (LFP)
  • Lithium-Cobalt Oxide (LCO)

By Technology

  • Hydrometallurgy
  • Pyrometallurgy
  • Physical/Mechanical Process
  • Direct Recycling
  • Others

By Industry

  • Automotive
  • Marine
  • Power
  • Industrial
  • Others

Growth Drivers

  • Growing Adoption of Electric Vehicles
  • Environmental Concerns Regarding Safe Disposal of Used Batteries

Challenges

  • Safety Concerns Related to Recycling of Lithium-Ion Batteries

Top Featured Companies Dominating the Market

  • Dowa Eco-system Co. Ltd.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Glencore PLC
  • Retriev Technologies
  • Umicore SA
  • Zhejiang Huayou Cobalt Co. Ltd.
  • GEM Co. Ltd.
  • Akkuser Oy
  • Accurec Recycling GmbH
  • Fortum Oyj
  • LG Chem Ltd.

 

FREQUENTLY ASKED QUESTIONS


Related Reports


Disclaimer | Privacy Policy | Terms & Conditions

Copyright © 2021 Research Nester. All Rights Reserved