Lithium-Ion Battery Recycling Market Trends 2023, Global Industry Share, Growth Drives, Demand, Revenue, Challenges, Business Opportunities and Forecast Analysis till 2033: SPER Market Research
Lithium-Ion Battery Recycling Market Trends 2023, Global Industry Share, Growth Drives, Demand, Revenue, Challenges, Business Opportunities and Forecast Analysis till 2033: SPER Market Research
Lithium-ion battery recycling is an industry that gathers, processes, and repurposes spent or end-of-life lithium-ion batteries. Lithium-ion batteries are extensively utilised in a wide range of applications, such as electric vehicles, consumer electronics, renewable energy storage systems, and more. When these batteries age or become obsolete, it’s important to dispose of them correctly to reduce the negative environmental effects and recover valuable materials for future use.
According to SPER market research, ‘Lithium-Ion Battery Recycling Market Size- By Battery Chemistry, By Source, By Recycling Process, By End Use- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the Global Lithium-Ion Battery Recycling Market is predicted to reach USD 39.06 billion by 2033 with a CAGR of 25%.
The factors that will expand the lithium-ion battery recycling market are the rising demand for lithium-ion batteries, environmental regulations and sustainability initiatives, growing concerns about resource scarcity, business opportunities and economic incentives, technological advancements in recycling, growing government funding, corporate social responsibility, and an expanding market for electric vehicles. The lithium-ion battery recycling market will benefit from opportunities presented by the expansion of recycling infrastructure and the growing cooperation and collaborations among industry participants during the forecast period.
However, during the projected period, poor disassembly, inappropriate shredding, and improper separation of hazardous elements from batteries are anticipated to impede the growth of the lithium-ion battery recycling market. While recycling comes at a considerable expense, the raw ingredients needed to manufacture lithium-ion batteries are inexpensive. The high cost of battery recycling, along with a weak supply chain and low yield, is probably going to limit the market’s expansion throughout the projected period.
Impact of COVID-19 on Global Lithium-Ion Battery Recycling Market
Furthermore, lockdowns prompted by the COVID-19 pandemic resulted in a temporary ban on import and export, as well as on manufacturing and processing operations in several industries. This decreased the need for lithium batteries among end users, both automotive and non-automotive. Consequently, market growth declined in the second, third, and fourth quarters of 2020. However, the market ought to be back on track by the first quarter of 2021 since COVID-19 immunisation has started in several nations, which should strengthen the global economy.
Since the Asia-Pacific area produces a large amount of lithium-ion batteries, it is anticipated to dominate the market. Major makers of lithium-ion batteries, including China, Japan, and South Korea, also produce a sizable amount of waste from these batteries.
Because of the significant expansion of the automotive sector, which is driving up demand for lithium-ion batteries, Europe is the region with the fastest rate of development in the global market for recycled lithium-ion batteries. In addition, the rising demand for lithium-ion batteries, which are used in electric vehicles (EVs), and the region’s growing environmental consciousness, which is encouraging recycling, are the other factors driving the growth of the lithium-ion battery recycling market in Europe.
Lithium-Ion Battery Recycling Market Key Players:
Additionally, some of the market key players are Accurec Recycling GmbH, American Manganese Inc., Battery Recycling Made Easy, Umicore N.V., Others.
Global Lithium-Ion Battery Recycling Market Segmentation:
By Battery Chemistry: Based on the Battery Chemistry, Global Lithium-Ion Battery Recycling Market is segmented as; Lithium-Iron Phosphate, Lithium-Manganese Oxide, Lithium-Nickel-Cobalt-Aluminum Oxide, Lithium-Nickel-Manganese Cobalt, Lithium-Titanate Oxide.
By Source: Based on the Source, Global Lithium-Ion Battery Recycling Market is segmented as; Electric Vehicles, Electronics, Power Tools, Others.
By Recycling Process: Based on the Recycling Process, Global Lithium-Ion Battery Recycling Market is segmented as; Hydrometallurgical Process, Physical/Mechanical Process, Pyrometallurgy Process.
By End Use: Based on the End Use, Global Lithium-Ion Battery Recycling Market is segmented as; Automotive, Consumer Electronics, Industrial, Non-Automotive.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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