Dublin, Nov. 09, 2021 (GLOBE NEWSWIRE) -- The "Lithium-Ion Battery Recycling Market Research Report: By Battery Type, End User - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global lithium-ion battery recycling market was valued at $161.4 million in 2020, and it is expected to grow at a CAGR of 19.9% during 2020-2030. The major factors driving the growth of the market are the limited availability of lithium, and rapidly increasing demand for electric vehicles.
The COVID-19 pandemic has a significant negative impact on the market for lithium-ion battery recycling, majorly attributable to the shutdown of recycling facilities, in compliance with government regulations, to contain the disease, particularly, in 2020. In addition, due to the pandemic, several industrial operations were suspended, which has mainly impacted automobile manufacturing owing to the smaller workforce. This in turn, have led to the huge reduction in the demand for lithium-ion battery recycling solutions.
LCO Dominated The Market For Lithium-Ion Batteries In 2020
The lithium-cobalt (LCO) battery category accounted for the largest value share in 2020 in the lithium-ion battery recycling market, based on battery type. The category is further projected to continue dominating the market during the forecast period. This can majorly be ascribed to the high energy density associated with LCO batteries, which makes them suitable for portable electronic devices, such as laptops, mobile phones, and tablets. In addition, recycled LCO batteries have a high discharge voltage, owing to which they are preferred for a wide range of applications.
Automotive Industry Accounted for Largest Market Share in 2020
The automotive category accounted for the largest market share, in terms of value, in 2020, and it is expected to demonstrate the fastest growth during the forecast period as well, on the basis of end user. This growth can majorly be attributed to the increasing adoption of electric vehicles across the globe. In addition, the limited reserves of lithium are encouraging the recycling of lithium-ion batteries for further use. With the rising demand for electric vehicles, the demand for recycled lithium-ion batteries is expected to witness an increase in the automotive sector.
Asia-Pacific (APAC) Is Expected To Retain Its Top Position during Forecast Period
APAC led the global lithium-ion battery recycling market in 2020, and it is expected to remain the largest market during the forecast period. This is credited to the rising adoption of electric vehicles; thus, in order to meet the demand for lithium-ion batteries in the automotive sector, automotive manufacturers are looking at procuring batteries with recycled materials. In addition, the rising awareness on the environmental benefits of electric vehicles in the developing countries of the region is expected to boost the demand for recycled lithium-ion batteries in the near future.
Limited Availability of Lithium Is Driving Market Growth
The increasing usage of lithium in industries has led to a rise in the concerns over its limited availability for future applications. The mining of lithium has a negative environmental impact, which includes water pollution due to chemical leakage. As a result, the recycling of lithium-ion batteries has gained traction in recent times. Moreover, recycling helps manufacturers ensure a sufficient quantity of lithium for further usage in battery and other applications. Thus, the limited availability of lithium is a major driver for the growth of the lithium-ion battery recycling market.
Rapidly Increasing Demand for Electric Vehicles also Propelling Market
The market for lithium-ion battery recycling solutions has increased significantly, due to its increased demand in the automotive industry. This can be ascribed to the surging adoption of electric vehicles, especially in the developed nations, along with some developing nations, owing to the increasing environmental concerns. According to the International Energy Agency (IEA)'s Sustainable Development Scenario, the number of electric vehicles (excluding two- and three-wheelers) across the globe will increase to 245 million units by 2030, which, in turn, is expected to encourage the recycling of lithium-ion batteries to meet the future demand for these batteries in electric vehicles.
Key Topics Covered:
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Battery Type
4.1.2 By End User
126.96.36.199 Electrical & Electronics
4.2 Market Dynamics
188.8.131.52 Limited availability of lithium
184.108.40.206 Rapidly increasing demand for electric vehicles
220.127.116.11 Impact analysis of drivers on market forecast
18.104.22.168 Environmental impact of recycling lithium-ion batteries
22.214.171.124 Impact analysis of restraints on market forecast
126.96.36.199 Development in the electrical & electronics sector
4.3 Impact of COVID-19 on Lithium-Ion Battery Recycling Market
Chapter 5. Global Market Size and Forecast
5.1 By Battery Type
5.2 By End User
5.3 By Region
Chapter 6. North America Market Size and Forecast
6.1 By Battery Type
6.2 By End User
6.3 By Country
Chapter 7. Europe Market Size and Forecast
7.1 By Battery Type
7.2 By End User
7.3 By Country
Chapter 8. APAC Market Size and Forecast
8.1 By Battery Type
8.2 By End User
8.3 By Country
Chapter 9. RoW Market Size and Forecast
9.1 By Battery Type
9.2 By End User
9.3 By Country
Chapter 10. Major Markets
10.3 South Korea
Chapter 11. Competitive Landscape
11.1 List of Key Players
11.2 List of Other Players
11.3 Competitive Benchmarking
11.4 Global Strategic Developments in the Market
11.4.1 Mergers and Acquisitions
11.4.3 Facility Expansions
11.4.4 Other Developments
Chapter 12. Company Profiles
12.1 ACCUREC-Recycling GmbH
12.1.1 Business Overview
12.1.2 Product and Service Offerings
12.2 American Manganese Inc.
12.2.1 Business Overview
12.2.2 Product and Service Offerings
12.3 Li-Cycle Corp.
12.3.1 Business Overview
12.3.2 Product and Service Offerings
12.4 Neometals Ltd.
12.4.1 Business Overview
12.4.2 Product and Service Offerings
12.5 Batrec Industrie AG
12.5.1 Business Overview
12.5.2 Product and Service Offerings
12.6 RECUPYL S.A.S.
12.6.1 Business Overview
12.6.2 Product and Service Offerings
12.7 Retriev Technologies
12.7.1 Business Overview
12.7.2 Product and Service Offerings
12.8 Umicore Group
12.8.1 Business Overview
12.8.2 Product and Service Offerings
12.8.3 Key Financial Summary
12.9 Hunan Brunp Recycling Technology Co. Ltd.
12.9.1 Business Overview
12.9.2 Product and Service Offerings
12.10 Ganfeng Lithium Co. Ltd.
12.10.1 Business Overview
12.10.2 Product and Service Offerings
12.10.3 Key Financial Summary
Chapter 13. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/xtr3co
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager firstname.lastname@example.org For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900