December 6, 2021 01:24 EST | Source: Market Research Future Market Research Future
New York, December 6, 2021 (GLOBE NEWSWIRE) - Lithium-ion battery recycling market overview: According to a comprehensive research report by Market Research Future (MRFR), "End-use (automotive) lithium-ion battery recycling market information report" and non-automotive [Industry, power and marine]), through battery chemistry (lithium nickel cobalt manganese (Li-NMC), lithium iron phosphate (LFP), lithium manganese oxide (LMO), lithium titanate (LTO) and lithium nickel cobalt aluminum oxide (NCA)) and by region (North America, Europe, Asia Pacific, Middle East and Africa, and South America)-forecast to 2030"
Market Research Future's review of the lithium-ion battery recycling market
The latest Market Research Future (MRFR) report points out that by 2030, the global lithium-ion battery recycling market will reach USD 24.31 billion, with a compound annual growth rate of 21.43%.
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The well-known industry players introduced in the global lithium-ion battery recycling market report include
The automotive industry is facing the consequences of the COVID-19 outbreak due to a total ban on all modes of transportation without proper supervision. As the battery industry is mainly concentrated in China, it faces major setbacks. The reduction in the import and export of raw materials has led to a rapid shift in demand and supply. China is one of the largest manufacturers of batteries, BYD products and CATL, but the epidemic has delayed the production of products used by different end users. Due to raw material and battery supply issues, OEMs are most vulnerable to market disruptions, as most raw materials usually come from China. Original equipment manufacturers in various regions have been able to obtain lithium battery materials from alternative sources in Taiwan, South Korea and Japan at soaring prices, resulting in a decline in financial structure and revenue. In addition, through alternative sources of production, manufacturers can meet the short-term needs of different end users in developing countries.
View the in-depth market research report on lithium-ion battery recycling (188 pages) https://www.marketresearchfuture.com/reports/li-ion-battery-recycling-market-10583
Growing demand for battery-powered electric vehicles to drive market growth
During the forecast period, the growing demand for battery-powered electric vehicles will drive market growth. Different developed and emerging economies have all undergone a paradigm shift to low-carbon power generation transportation fleets to reduce their carbon footprint and help the industry develop. Over the years, different types of electric vehicles have been increasingly used, such as battery electric vehicles, hybrid electric vehicles and plug-in electric vehicles, resulting in a large number of batteries reaching their end of life.
The growing demand for clean energy is a strong opportunity
During the forecast period, the growing demand for clean energy will become a strong market opportunity. Today, people are rapidly turning to clean energy because they can provide effective input for different applications. Companies around the world have added multiple battery installations for different electric vehicles and energy storage. This will promote the replacement of long-term inefficient batteries, thereby generating waste.
High recovery costs as market constraints
The high costs associated with recycling coupled with the scarcity of technology to extract lithium from the recycling of spent lithium-ion batteries may become market limiting factors during the forecast period.
Security issues become market challenges
During the forecast period, safety issues related to the transportation and storage of waste batteries may become market challenges. In addition, improper separation, improper disassembly, and improper shredding of hazardous substances in batteries may also hinder market growth.
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The lithium-ion battery recycling market is divided into end-use and battery chemistry.
In terms of end use, the automotive segment will lead the market with a high compound annual growth rate during the forecast period due to the increasing popularity of electric vehicles and government regulations supporting electric vehicles.
In terms of battery chemistry, the lithium manganese oxide market segment will dominate the market during the forecast period due to increased demand for such batteries in applications such as safety equipment, fire and smoke alarms, gas and water meters, electricity and other energy storage applications In addition, it has the advantages of high temperature processing capability, long life and long-term reliability, which may promote the growth of market segments.
North America will lead the lithium-ion battery recycling market
During the forecast period, North America will lead the lithium-ion battery recycling market. Increasing adoption in Canada and the United States. The region’s innovation, cutting-edge R&D, and technological advancements in electric vehicles have provided impetus to the existence of major commercial vehicle manufacturers such as General Motors, Ford Motor Company and Tesla. The demand for lithium-ion batteries continues to grow. Recycling, through strict regulations implemented by the EPA, is increasingly adopted in various industries such as automobiles, mining, consumer electronics, and marine. Continuous technological development has made it difficult for nickel cadmium, lead acid and other chemicals. Increasing demand for recycled materials and the next generation of electric vehicles that are booming in the United States are driving the growth of the global lithium-ion battery recycling market in the region.
Market segments covered by the research:
Lithium-ion battery recycling market information report by end use (automotive and non-automotive [industrial, power and marine]), battery chemistry (lithium nickel manganese cobalt (Li-NMC), lithium iron phosphate (LFP)), lithium manganese oxide (LMO), Lithium Titanate (LTO) and Lithium Nickel Cobalt Aluminum Oxide (NCA)), and by region (North America, Europe, Asia Pacific, Middle East and Africa, and South America)-forecast to 2030
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Lithium-ion battery recycling market information report by end use (automotive and non-automotive [industrial, power and marine]), battery chemistry (lithium nickel manganese cobalt (Li-NMC), lithium iron phosphate (LFP)), lithium manganese oxide (LMO), Lithium Titanate (LTO) and Lithium Nickel Cobalt Aluminum Oxide (NCA)), and by region (North America, Europe, Asia Pacific, Middle East and Africa, and South America)-forecast to 2030