Li-Ion Battery Recycling Market: Current Analysis and Forecast (2022-2028)
$3999 – $6999
Emphasis on Battery Chemistry (Lithium-Nickel-Cobalt-Aluminum Oxide, Lithium-Nickel-Manganese-Cobalt, Lithium-Titanate Oxide, Lithium-Manganese Oxide, and Lithium-Iron-Phosphate); Recycling Process (Pyrometallurgy Process, Hydrometallurgical Process, And Physical/Mechanical Process); End-Users (Automotive and Non-Automotive); and Region/Country
Global Li-ion Battery Recycling Market is expected to grow at a significant rate of around 20% during the forecast period. The growing demand for electric vehicles across the world due to the environmental concern such as global warming, carbon emission, etc. along with the use of lithium-ion in other electronics such as laptops, phones, and watches with other propels the demand for the lithium-ion battery which in turn increase the demand for the li-ion battery recycling. The decrease in the price of the li-ion batteries since 1990 also added the advantages for the manufacturer to increase the adoption of the li-ion batteries on a larger scale. With the increasing use of li-ion batteries in different applications such as automotive, electronics, and industrial with other staggering demand for li-ion batteries across the globe. The developed economies of Europe and North America are likely to see a surge in demand for electric vehicles because of technological and infrastructural advancements. It is expected that the decrease in the battery price of the li-ion would make it more feasible for the recycler by lowering the overall cost of recycling and reproduction.
Ganfeng Lithium Co. Ltd., American Battery Technology Company, Accurec Recycling GmbH, Akkuser Oy, Duesenfeld GmbH, Fortum Corporation, Retriev Technologies Inc., Li-Cycle Corp., Neometals Ltd, and Umicore are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst battery chemistry, lithium-nickel-manganese-cobalt category to witness higher CAGR during the forecast period”
Based on battery chemistry, the market is segmented into lithium-nickel-cobalt-aluminum oxide, lithium-nickel-manganese-cobalt, lithium-titanate oxide, lithium-manganese oxide, and lithium-iron-phosphate. The lithium-nickel-manganese-cobalt segment is expected to show higher market growth in the forecasted period owing to higher energy retention time compared to the other segment. The LNMC batteries have a longer life span than the other four types. In lithium-nickel-manganese-cobalt batteries, nickel hydroxide is used as the active material for the cathode which is mainly used for the hybrid electric vehicle. In these batteries the cathode combination ratio of the nickel is 60%, for manganese, it is 20% and for cobalt, it is 20% respectively which significantly lowers the overall cost of the batteries.
“Amongst recycling process, the hydrometallurgical to hold a significant share in the market in 2020”
Based on the recycling process, the market is segmented into the pyrometallurgy process, hydrometallurgical process, and physical/mechanical process. The hydrometallurgical process shows a significant market share for the year 2020 and is expected to remain the same during the forecast period due to the higher recovery percentage. The hydrometallurgical process primarily involves three steps which are leaching, solution concentration & purification, and metal recovery. The leaching method is further divided into four different techniques such as in-situ, heap leaching, vat leaching, and agitation leaching. Moreover, different acids are used for the leaching in most of scenario nitric acid are used due to its ability to leach metals as well as the base.
“North America to hold a significant share in the market”
In 2020, North America held a significant share of the global li-ion battery recycling market. This is mainly due to the increasing demand for electric vehicles coupled with the increasing demand for li-ion batteries in the second life application and government support and regulation in the region. Additionally, it is anticipated that the presence of important recyclers such as Call2Recycle, Aqua Metals, Enersys, and Battery Solutions, Inc. will fuel demand during the forecast period along with the rising demand for UPS systems in commercial infrastructure and the rising popularity of electric vehicles. Due to an increase in foreign investment, Central and South America is predicted to experience significant market expansion. For instance, the Cochrane Coal-fired Power Plant in Chile had a sizable lithium-ion battery storage system installed by GS Yuasa Corporation in 2017. During the projected period, large-scale passenger and commercial vehicle production in Latin America is anticipated to fuel lithium battery demand. The U.S has registered significant growth in the demand for electric vehicles in the year 2021 which in turn increases the overall market size for li-ion battery recycling in the near future.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|2.1.||Research Process of the Li-ion Battery Recycling Market|
|2.2.||Research Methodology of the Li-ion Battery Recycling Market|
|5||IMPACT OF COVID-19 ON THE LITHIUM-ION BATTERY RECYCLING MARKET|
|6||GLOBAL LITHIUM-ION BATTERY RECYCLING MARKET REVENUE (USD BN), 2020-2028F|
|10.1||NORTH AMERICA LITHIUM-ION BATTERY RECYCLING MARKET|
|10.1.1.||The United States|
|10.1.3.||Rest of North America|
|10.2||EUROPE LITHIUM-ION BATTERY RECYCLING MARKET|
|10.2.2.||The United Kingdom|
|10.2.6.||Rest of Europe|
|10.3||ASIA PACIFIC LITHIUM-ION BATTERY RECYCLING MARKET|
|10.3.4||Rest of Asia Pacific|
|10.4||REST OF THE WORLD|
|12||LITHIUM-ION BATTERY RECYCLING MARKET OPPORTUNITIES|
|13||LITHIUM-ION BATTERY RECYCLING MARKET TRENDS & INSIGHTS|
|14.1||Demand Side Analysis|
|14.2||Supply Side Analysis|
|15||VALUE CHAIN ANALYSIS|
|16.1.1||Porter’s Five forces analysis|
|17.1.||Ganfeng Lithium Co. Ltd.|
|17.2.||American Battery Technology Company|
|17.3.||Accurec Recycling GmbH|
|17.7.||Retriev Technologies Inc.|
Research Methodology for the Li-ion Battery Recycling Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global li-ion battery recycling market were the three major steps undertaken to create and analyze the adoption of li-ion battery recycling in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global li-ion battery recycling market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the li-ion battery recycling market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the li-ion battery recycling market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as battery chemistry, recycling process, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Li-ion Battery Recycling market. Further, we conducted factor analysis using dependent and independent variables such as various battery chemistry, recycling process and end-users of li-ion battery recycling. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the li-ion battery recycling market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global li-ion battery recycling market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the li-ion battery recycling market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global li-ion battery recycling market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global li-ion battery recycling market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of battery chemistry, recycling process, and end-users in the global li-ion battery recycling market.
The main objective of the Global Li-ion Battery Recycling Market Study
The current & future market trends of the global li-ion battery recycling market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the li-ion battery recycling market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of battery chemistry, recycling process, and end-users.
- Define and analysis of the regulatory framework for the li-ion battery recycling
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the li-ion battery recycling market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the li-ion battery recycling market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry