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Lithium Ion Battery Recycling Market to Exhibit 18.5% CAGR during 2021-2028; Lithion Recycling Inc. Receives Fund from Government of Quebec to Develop Innovative Technology

October 04, 2021 | Energy & Power

The global Lithium Ion Battery Recycling market size is projected to reach USD 6.55 billion by 2028. Several companies are persistently striving to set up their recycling infrastructures. It would help in the commercialization of multiple Lithium Ion type of Battery Recycling processes. Fortune Business Insights™ published this information in a study, titled, “Lithium Ion Battery Recycling Market Size, Share & COVID-19 Impact Analysis, By Chemistry (Lithium Cobalt Oxide, Lithium Iron Phosphate, Lithium Manganese Oxide, Lithium Nickel Cobalt Aluminum Oxide, and Lithium Nickel Manganese Cobalt Oxide), By Source (Electronics, Electric Vehicles, Power Tools, and Others), By Process (Physical/Mechanical, Hydrometallurgical, and Pyrometallurgical), and Regional Forecast, 2021-2028.” The study further says that the market stood at USD 1.70 billion in 2020. It will exhibit a CAGR of 18.5% during the forecast period between 2021-2028.


Lohum Cleantech to Boost its Production and Recycling Capacities


In July 2021, Lohum Cleantech, a lithium-ion battery manufacturer and recycling solutions provider announced to boost its production and recycling capacities. The company aims to expand the LIB output from 300 MWh to 1 GWh along with a ten-fold increase in recycling capabilities from 1,000 tonnes per annum (TPA) to 10,000 TPA over the next two years.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/lithium-ion-battery-recycling-market-100244


Increasing Shift towards Low-carbon Generation Transportation Fleets to Surge Demand


People in developed and emerging nations are nowadays trying to reduce carbon emissions by rapidly shifting towards low-carbon generation transportation fleets. Besides, the increasing adoption of plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), and battery electric vehicles (BEVs) since the last few years has resulted in the surging number of end-of-life batteries globally. In December 2020, Japan’s government planned to ban the sales of gasoline-only cars by the end of 2030. However, the rising recycling of lead-acid batteries may obstruct the Lithium Ion Battery Recycling market growth in the upcoming years.


Key Players Aim to Invest in Developing New Plants to Cater to High Demand


The global market houses a large number of large, small, and medium companies. Most of them are aiming to enhance their positions by using environmentally friendly processes and recycling capacities. Umicore, for instance, is a leading provider of Lithium Ion Battery Recycling, chemical treatments, and battery & catalysts production services.


Fortune Business Insights™ lists out the names of all the renowned players operating in the global market. They are as follows:



  • SNAM (France)

  • Umicore (Belgium)

  • Sumitomo Metal Mining Co., Ltd. (Japan)

  • Lithion Recycling Inc. (Canada)

  • BATREC INDUSTRIE AG (Switzerland)

  • American Zinc Recycling Corp (U.S.)

  • Fortum (Finland)

  • DOWA ECO-SYSTEM Co., Ltd. (Japan)

  • Li-Cycle Corp. (Canada)

  • Neometals Ltd (Australia)

  • ACCUREC Recycling GmbH (Germany)

  • AkkuSer (Finland)

  • San Lan Technologies Co., Ltd (China)

  • Duesenfeld (Germany)

  • Glencore (Switzerland)

  • Redux GmbH (Germany)

  • uRecycle Group (Finland)

  • Retriev Technologies Inc. (Canada)


Significant Industry Development-



  • June 2021: The research scientists from the University of Leicester discovered a new method to recycle batteries from electric vehicles. The advanced solution includes the utilization of ultrasonic waves for the isolation of useful materials from electrodes for efficient recovery.


Further Report Findings-



  • In 2020, Asia Pacific held USD 1.53 billion in terms of revenue. The rising construction of new battery installation and recycling bases would propel growth in the region. GS Engineering & Construction Corp., for instance, developed a brand-new facility for Lithium Ion Battery Recycling by investing around USD 86 million in January 2020.

  • In North America, the encouraging regulatory framework outlook and investments by numerous organizations and administrations would accelerate growth. For instance, the U.S. Department of Energy (DOE) is planning to enhance the national battery capture potential to 90% from about 5% over the years.

  • Based on the source, the electric vehicles segment held a significant share in terms of the market share in 2020. The abundant availability of numerous automobiles, such as bikes, buses, and cars worldwide, would aid the segment's growth.


The global market can be segmented in the following way:


















































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Volume (Tonnes) and Value (USD Billion)



Segmentation



  By Chemistry;  By Source; By Recycling Process; and By Region



By Chemistry




  • Lithium Cobalt Oxide (LCO)

  • Lithium Iron Phosphate (LFP)

  • Lithium Manganese Oxide (LMO)

  • Lithium Nickel Cobalt Aluminum Oxide (NCA)

  • Lithium Nickel Manganese Cobalt Oxide (NMC)



By Source




  • Electronics

  • Electric Vehicles

  • Power Tools

  • Others



By Recycling Process




  • Physical/Mechanical

  • Hydrometallurgical

  • Pyrometallurgical



By Geography




  • North America (By Chemistry, By Source, By Recycling Process, By Country)

    • U.S. (By Recycling Process)

    • Canada (By Recycling Process)



  • Europe (By Chemistry, By Source, By Recycling Process, By Country)

    • U.K. (By Recycling Process)

    • Germany (By Recycling Process)

    • France (By Recycling Process)

    • Belgium (By Recycling Process)

    • Rest of Europe (By Recycling Process)



  • Asia Pacific (By Chemistry, By Source, By Recycling Process, By Country)

    • China (By Recycling Process)

    • Japan (By Recycling Process)

    • South Korea (By Recycling Process)

    • Rest of Asia Pacific (By Recycling Process)




Global Lithium-Ion Battery Recycling Market
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  • 2020
  • 2017-2019
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