The launch of various subsidies for electric vehicles will surge the demand for lithium-ion battery as it is a leading battery type use in electric vehicles. Hence, this is increasing the concern for recycling of lithium-ion (Li-ion) as according to International Energy Agency estimates, there would be 140m electric cars by 2030 globally. The Global Lithium Ion Battery (Li-Ion) Recycling market is anticipated to grow at a high rate in the forecast period. The growth of the market is attributed to considerable investment by the developing and developed countries on electric vehicles, snowballing demand for recycled batteries, and strict government regulations and EPA (Environmental Protection Agency) guidelines in order to reduce carbon emission. The boom in the demand for electric vehicles is projected to promulgate the growth of the market in the forthcoming period .
Moreover, escalating companies’ inclination to engage in recycling and surging investment by the government for setting up of lithium-ion recycling plants are some of the factors driving the growth of the market.
According to MarkNtel Advisors’ research report “Global Lithium Ion Battery (Li-Ion) Recycling Market Analysis, 2020”, the Global Lithium Ion Battery (Li-Ion) Recycling market is anticipated to grow at a CAGR of around 16.5% during 2020-25. Based on Technology, Hydrometallurgy technology acquired the majority market share in 2019. Hydrometallurgy technology is used in the recycling process in order to achieve high recycling rate of 80% with a low CO2. Moreover, it is also use to recover scarce minerals, which is further delivered to battery manufacturers for reuse the minerals in the production of new batteries.
“Global Lithium Ion Battery (Li-Ion) Recycling Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Lithium Ion Battery (Li-Ion) Recycling providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Asia-Pacific Registered Fastest Growth
Asia-Pacific is anticipated to register fastest growth in the Global lithium ion battery recycling market during 2020-25. China is leading the market on account of rising number of recycling batteries in the country, introduction of battery recycling regulations, and increasing government subsidy for the purchase of electric cars. In 2019, China recycled 100,000 tons of batteries.
Apart from this, India is also growing at a steady rate owing to the factors such as launch of National Electric Mobility Mission Plan 2020 in which government aims to bring 6-7 million electric vehicles on Indian roads by 2020, rising inclination toward renewable energy, and bolstering investment toward the development of lithium-ion recycling plants in India. Thus, this is projected to boost the growth of the Lithium Ion Battery (Li-Ion) Recycling Market in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Lithium Ion Battery (Li-Ion) Recycling Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the Global Lithium Ion Battery (Li-Ion) Recycling market are Accurec Recycling GmBH, Akkuser Oy, Batrec Industrie AG, Chemetall GmBH, DOWA Eco-System Co. Ltd, Fortum Oyj, GEM Co. Ltd, Glencore PLC, Hunan Brunp Recycling, JX Nippon Mining & Metals Co., Recupyl, Redux GmBH, Retriev Technologies, SungEel HiTech Co. Ltd, and Umicore NV.
Key questions answered in the study: