According to the latest research by Fact.MR, The “Global Pyrometallurgical Lithium-ion Battery Recycling Market Analysis to 2028″ is a specialized and in-depth study of the chemical and material industry with a special focus on the market trend analysis. The report aims to provide an overview of the market with detailed market segmentation by type, application, end use and geography. The global market is expected to witness high growth during the forecast period.
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Segmentation Analysis of Pyrometallurgical Lithium-ion Battery recycling Market
The global Lithium-ion batteries recycling market is bifurcated into three major segments: Recycling type, Battery type and region.
Based on Recycling type, Lithium-ion battery recycling market is segmented as follows:
- Hydrometallurgical
- Pyrometallurgical
Based on Battery chemistry, Lithium-ion battery recycling market is segmented as follows:
- Lithium Manganese Oxide – LMO
- Lithium Cobalt Oxide – LCO
- Lithium Nickel Manganese Cobalt Oxide -NMC
- Lithium Iron Phosphate – LFP
- Lithium Nickel Cobalt Aluminum Oxide – NCA
- Others
On the basis of region, Lithium-ion battery recycling market has been segmented as follows:
- North America
- Europe
- Latin America
- East Asia
- South Asia and Oceania
- Middle East & Africa
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Pyrometallurgical Lithium-ion Battery Recycling Market: Regional Outlook
Commenting on the regional perspective under Lithium-ion batteries recycling, European countries stand first place due to strong growth in the automobile market and they are finding the best way to recycle the batteries with innovative and eco-friendly techniques. European nations are jointly developing the new process for Lithium-ion batteries recycling.
The United States in February 2019, in order to solve the issue of recycling lithium-ion batteries in the United States, Department of Energy launched the ReCell Center, the advanced R&D battery recycling center. ReCell is an association formed by Argonne’s National Laboratory, Oak Ridge National Laboratory, California University of San Diego, Michigan University of Technology, and Worcester Polytechnic Institute.
Since its launch, ReCell’s scientists have made key findings in direct cathode recycling, recovery of other materials, recycling design, modeling and analysis. Similar initiatives by numerous governments towards recycling the lithium-ion battery, along with increased adoption of electric vehicles around the world is expected to boost the market of Lithium-ion battery recycling market.
Many firms are developing their revenues in retaining of physical and chemical properties after recycling of Lithium-ion batteries. Recycling is always a closed-loop process in contrast to more conventional processes. According to Fact.MR, the Europe and North America market will sustain dominance throughout the forecast period.
The presence of limited lithium resource, damaged Lithium-ion batteries are being recycled to produce alternatives like Lithium polymer batteries from their raw materials. Battery recycling industry is globally expanding and exporting sustainable products to the needful markets. Owing to these factors, Lithium-ion battery recycling market is expected to rise at an increasing CAGR over the coming forecast period.
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If we take the Lithium reserves into consideration, Chile accounts for almost 55% of the world’s Lithium reserves, followed by Australia which holds almost 18% of the world’s lithium reserves. Not only does Australia and Chile have the largest lithium reserves but also produce about 70% of the world’s total produce and are expected to remain the top producers of Lithium in the coming years.
However, China dominates the world’s Lithium-ion battery production. On one hand, various technological innovation are occurring leading to increased usage of Lithium-ion batteries but the Lithium reserves are available in limited capacity and is estimated to last around 200 years more and thereby with the advent of electric vehicles, companies are looking to recycle whatever lithium they could obtain and this in turn provides impetus to the development of Lithium-ion battery recycling market.
Pyrometallurgical Lithium-ion Battery recycling Market: Key Players
Being a moderately consolidated market, players have dominant presence across regions through streamlined distribution networks. Lithium-ion battery recycling is predominantly increasing through rapid collaborations in some markets. Market players are adopting various strategies to gain a competitive edge. Many of them are dependent on damaged products and waste material logistics to recycle.
The global lithium-ion battery recycling firms acts as one of the driving members for the solid waste collector industries. For instance, Fortum, the battery recycling firm coming with the radical strategy with the collaborations of other regional firms to improve the cutting edge technologies in recycling.
Some of the global players in this market report is given below are Accurec Recycling, Eramet, Exide Technologies, Aqua Metals Inc., Recupyl, Recylex SA, Battery Recycling Made Easy, Battery Solutions LLC, Call2Recycle Inc, Fortum, Eco-Bat Technologies Ltd, and others.
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