Environmental pollution through disposal of battery and increase in demand for electrical vehicles/hybrid electric vehicles/plug-in hybrid vehicles (EV/HEV/PHV) drive the growth of the global Lithium-ion battery recycling market.
PORTLAND, Ore., July 19, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Lithium-Ion Battery Recycling Market by Battery chemistry (Lithium-Iron Phosphate, Lithium-Manganese Oxide, Lithium-Nickel-Cobalt-Aluminum Oxide, Lithium-Nickel-Manganese-Cobalt, and Lithium-Titanate Oxide), Source (Electric Vehicles, Electronics, Power Tools, and Others), Recycling Process (Hydrometallurgical Process, Physical/Mechanical Process, and Pyrometallurgy Process), and EndUse (Automotive and Non-Automotive): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global Lithium-ion battery recycling industry was estimated at $1.33 billion in 2020, and is anticipated to hit $38.21 billion by 2030, registering a CAGR of 36.0% from 2021 to 2030.
Drivers, restraints, and opportunities-
Environmental pollution through disposal of battery, increase in demand for electrical vehicles/hybrid electric vehicles/plug-in hybrid vehicles (EV/HEV/PHV), and rise in craze for smartphones, tablets, and other electronic devices fuel the growth of the global lithium-ion battery recycling market. On the other hand, increasing focus on lowering cost of lithium-ion battery rather than its recyclability impedes the growth to some extent. Nevertheless, higher energy efficiency requirements in technologically updated consumer gadgets and high adoption of electric vehicles are anticipated to create lucrative opportunities in the future.
The outbreak of COVID-19 led to temporary ban on export & import which gave way to disrupted processing & manufacturing activities across the world. This, in turn, declined the demand for lithium batteries from several industry verticals, thereby affecting the global lithium-ion battery recycling market.
Nevertheless, the global situation is being ameliorated gradually and the market is expected to recoup soon.
The electronics segment to dominate by 2030-
By source, the electronics segment held more than two-thirds of the lithium-ion battery recycling market revenue in 2020 and is expected to rule the roost by the end of 2030, due to rise in dependence on highly efficient power sources in smartphones, laptops, digital cameras, and other electronics devices. The electric vehicles segment, on the other hand, would cite the fastest CAGR of 45.5% during the forecast period. Adoption of electric vehicles from the automotive consumers and transition of conventional fuel vehicles to electric vehicles/hybrid electric vehicles/battery electric vehicles are expected to fuel the demand for lithium-ion batteries, which in turn is anticipated to rise the demand for battery recycling.
The non-automotive segment to maintain the dominant share-
By end-use, the non-automotive segment garnered the major share in 2020, holding nearly four-fifths of the lithium-ion battery recycling market. Rise in demand for second life application of lithium-ion batteries in consumer electronics devices such as laptops, digital cameras, smartphones, and others fuels the segment growth. However, the automotive segment would garner the fastest CAGR of 41.9% from 2021 to 2030, due to rise in reutilization of second life lithium-ion batteries in electric bikes and other smaller electric vehicles.
Europe, followed by North America, garnered the highest share by 2020-
By region, Europe held the highest share in 2020, garnering more than one-third of the lithium-ion battery recycling market. This is owing to numerous factors such as presence of huge consumer base and existence of key players in the region. Simultaneously, the market across Asia-Pacific would manifest the fastest CAGR of 40.8% from 2021 to 2030, owing to rise in demand for consumer electronics devices in the province.
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