According to a report by Fortune Business Insights, titled, “Lithium-Ion Battery Recycling Market Size, Share and Global Trend by Source (Automotive, Mining, Marine, Defence, Industrial), By Type (Lithium Cobalt Oxide, Lithium Manganese Oxide, Lithium Nickel Manganese Cobalt Oxide, Lithium Iron Phosphate, Lithium Titanate, Lithium Nickel Cobalt Aluminium Oxide), By Process (Hydrometallurgy, Combined Pyrometallurgical and Hydrometallurgical Process) and Geography Forecast till 2026,” ongoing revolution in the energy storage system is anticipated to increase demand for lithium-ion batteries. This, in turn, is expected to increase lithium-ion battery recycling market sales.
The Global Lithium-Ion Battery Recycling Market is likely to gain momentum from a rise in the consumers of portable electronic equipment and electric vehicles. Volkswagen Group, American Manganese Inc., and Other Key Players Aim to Strengthen Position Through Strategic Investments
List of Top Players covered in the Lithium-ion Battery Recycling Market Research Report
o Glencore Recupyl SAS
o Australian Battery Recycling Initiative
o Redux Smart Battery Recycling
o Retrieve Technologies
o Battery Recycling Made Easy
o Nippon Recycle Center Corporation
o Raw Material Company Inc.
o The International Metals Reclamation Company Li-Cycle(TM)
o American Manganese Inc.
o Global Battery Solution
o SAR Recycle
o Nippon Recycle Center Corporation
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Key Industry Developments
o In March 2019, Volkswagen Group plans to launch a factory in Salzgitter, Germany for a pilot recycling project that will accept 1,200 tons of used automotive LIB pack every year.
o In March 2019, American Manganese Inc. signed an MoU with Ames Laboratory for sharing an interest in the exploration of EV battery material recycling option
o In January 2019, The United States Department of Energy committed to investing $20.5 million for a lithium-ion battery recycling
Presence of the Largest Pool of Electronics Consumers to Favor Growth of Lithium-ion Battery Recycling Market in Asia Pacific
The global lithium-ion battery recycling market is geographically segmented into Europe, the Middle East and Africa, North America, Latin America, and the Asia Pacific. Amongst these, North America accounts for a notably high lithium-ion battery recycling market share. This is because of a rise in pilot projects in the field of electric vehicles. The region is also witnessing an increasing demand for lithium-ion batteries due to the presence of numerous tech giants, techno3.logical revolutions, huge data centres, and telecommunication companies.
These sectors often produce a lot of waste materials which can be very harmful for the environment if not treated well. This is further stimulating growth opportunities for the lithium-ion battery recycling market in North America. Europe, on the other hand, is very cautious regarding the region’s environment. This is why, the region uses battery-operated public transportation vehicles and this makes the region one of the top consumers of lithium-ion batteries.
Europe has started Battery Directive, an act that regulates the disposal and manufacture of batteries in the region to prevent hazardous effects is anticipated to encourage in the rapid adoption of lithium-ion batteries, which will lead to rise in the sales. Numerous companies have also started investing huge sums in this industry.
Asia Pacific possesses the biggest lithium-ion battery recycling market share because of the ongoing e-mobility promotion as well as presence of the largest consumer of electronics. Emerging countries, namely, China and India have currently holds a major portion of the market in terms of electronic equipment consumption. The report predicts that Asia Pacific will witness significant growth of market during the forecast period.
By Source: Automotive, Mining, Marine, Defence, Industrial, Others.
By Type: Lithium Cobalt Oxide, Lithium Manganese Oxide, Lithium Nickel Manganese Cobalt Oxide, Lithium Iron Phosphate, Lithium Titanate, Lithium Nickel Cobalt Aluminium Oxide.
By Process: Hydrometallurgy, Leaching, Purification, Separation, Combined Pyrometallurgical and Hydrometallurgical Process, Smelting.
By Geography: North America (USA and Canada), Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe), Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific), Latin America (Brazil, Mexico and Rest of Latin America), Middle East and Africa (South Africa, GCC and Rest of Middle East and Africa).
Volkswagen Group announced in March 2019 that it has entered into battery cell production. The company is all set to invest one billion euros for the same. It also wants to set up production in Germany at the Salzgitter site in Lower Saxony depending on the political circumstances. Volkswagen will be accepting 1,200 tons of used automotive lithium-ion batteries per year.
American Manganese Inc., a diversified exploration and development company, based in Canada, announced in March 2019 that it has signed an MoU with Ames Laboratory, a national laboratory for new research in various domains. This will aid in sharing an interest in the exploration of an EV battery material recycling option. The U.S. Department of Energy announced in January 2019 that it will be investing $20.5 million for lithium-ion battery recycling.
Gain More Insights into the Lithium Ion Battery Recycling Market Research Report: https://www.fortunebusinessinsights.com/industry-reports/lithium-ion-battery-recycling-market-100244
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