Lithium-Ion Battery Recycling Market Revenue to Cross US$ 1,392.8 Million by 2027: The Insight Partners

December 02 03:30 2021
Lithium-Ion Battery Recycling Market Revenue to Cross US$ 1,392.8 Million by 2027: The Insight Partners
The Insight Partners
The consumer electronics segment led the Lithium-Ion Battery Recycling market with a decent market share in 2027

According to our latest market study on “Lithium-Ion Battery Recycling Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Technology (Lithium-Nickel Manganese Cobalt, Lithium-Iron Phosphate, Lithium-Manganese Oxide, Lithium-Titanate Oxide, and Lithium-Nickel Cobalt Aluminum Oxide) and Application (Automotive, Mining, Consumer Electronics, Industrial, and Power),” the market was valued at US$ 403.77 million in 2019 and it is projected to reach US$ 1,392.84 million by 2027; it is expected to grow at a CAGR of 19.6% from 2020 to 2027.  

Strategic Insights        

Report Coverage

Details

Market Size Value in

US$ 403.8 Million in 2019

Market Size Value by

US$ 1,392.8 Million by 2027

Growth rate

CAGR of 19.6% from 2020-2027

Forecast Period

2020-2027

Base Year

2020

No. of Pages

143

No. Tables

56

No. of Charts & Figures

75

Historical data available

Yes

Segments covered

Technology, and Application

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

 

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North America is flourished with the footprints of lithium-ion battery recycling providers, which cater to a wide range of industries, from automotive to mining to consumer electronics to marine. The US in known for making continuous technological developments. Hence, it is adopting advanced technologies at an impressive rate. The scope of next-gen electric vehicles is booming in the US, which is anticipated to contribute toward the adoption of lithium-ion batteries.

Europe is another crucial market for the growth of lithium-ion battery recycling market over the forecast period. As the region houses major automotive manufacturers, the scope of developing electric vehicles is high in the region. Germany, France, and the UK are prominent countries having presence of key automotive manufacturers. This aspect is anticipated to contribute toward the production cycle of electric vehicles, thereby boosting the use of lithium-ion batteries.

The MEA and SAM are other regions where energy and mining sector is growing at an exponential rate. This, in turn, is expected to boost the market growth.

Impact of COVID-19 Pandemic on Lithium-Ion Battery Recycling Market

Several countries worldwide have declared a state of emergency as COVID-19 continues to spread. Besides the urgent “cities closure” in European, American, and Asian countries, key manufacturing industries in India, Malaysia, Philippines, and other Southeast Asian nations have announced closures in succession, which is expected to bring challenges to the supply side of several industries such as automotive, marine, industrial, and electric and electronics, among others. The long-term impact of COVID-19 is still unknown. However, the shutdown of the critical material supply chain has affected the battery manufacturing industry. The declining price of oil has attracted several consumers to buy gasoline-powered automobiles. 

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Improper Disposal of Lithium-Ion Battery

The use of rechargeable lithium-ion batteries has become dominant in several applications, including consumer electronic products, electric vehicles, military, and industrial applications owing to advantages related to energy density and product durability. However, high rate of consumer product disposal, small battery size, and absence of uniform disposal regulatory policy are significantly resulting in environmental pollution due to potentially toxic materials in these batteries. As per the Environmental Protection Agency, over three billion batteries are thrown each year in the US alone. Most of the lithium-ion batteries are disposed as landfills. Lithium is not a heavy toxic metal; thus, the pressure on the disposal of these batteries is not too intense. However, in some instances, copper, cobalt, and nickel occur in substantial quantities. Also, in case of disposal of these batteries in large quantities in a limited area, many trace elements can possibly reach toxic levels. Unprofessional disposal of lithium-ion batteries can result in affecting the environment. With the rising concerns for environment pollution, government and battery manufacturers are now more focused on considering the recycling of these batteries. This, in turn, is bolstering the growth of Lithium-Ion Battery Recycling market.

Lithium-Ion Battery Recycling Market: Technology

Based on technology, the Lithium-Ion Battery Recycling market is segmented into lithium-nickel manganese cobalt, lithium-iron phosphate, lithium-manganese oxide, lithium titanate oxide, and lithium-nickel cobalt aluminum oxide. The lithium-nickel manganese cobalt segment led the Lithium-Ion Battery Recycling market with a decent market share in 2019.

Lithium-Ion Battery Recycling Market: Competitive Landscape and Key Developments

American Manganese Inc., Ecobat Technologies Ltd., Fortum, Gem Co., Ltd, International Metals Reclamation Company, LLC, Li-Cycle Corp., Neometals Ltd, Retriev Technologies Inc., Recupyl, andTES (Singapore) PTE Ltd are among the key players in the global Lithium-Ion Battery Recycling market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

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In 2020, American Manganese Inc. announced that the company’s contract research lab, Kemetco Research, has deployed and prepared the recently received focused equipment for continued optimization on the company’s Lithium-Ion Battery Recycling pilot plant project.

In 2020, Fortum introduced a new patented technology to recover lithium from rechargeable batteries. Fortum, chemical giant BASF and mining group nickel established a battery-recycling network to serve the electric vehicle market.

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