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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.
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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:
Significant Industry Development-
Further Report Findings-
The global market can be segmented in the following way:
Volume (Tonnes) and Value (USD Billion)
By Chemistry; By Source; By Recycling Process; and By Region
By Recycling Process