[ad_2]
DUBLIN, Jan. 21, 2022 /PRNewswire/ — The “Lithium-Ion Battery Recycling – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Lithium-Ion Battery Recycling Market to Reach US$10.7 Billion by the Year 2026
The ubiquitous and continuously expanding applications for lithium ion battery technology is poised to exert pressure on recycling commitments and need and encourage evolution of technology & infrastructure needed for recycling lithium ion batteries.
In short, as the Li-ion battery market continues to grow and adoption increases in various industries, there are growing concerns over waste management necessitating focus onto Li-ion recycling management. Strict government policies globally are also supporting recycling market, in view of the potential implications of Li-ion batteries on human health and the environment.
In order to address concerns over the potential impact of waste Li-ion batteries, China and European countries have adopted regulations on Recycling of Motive Lithium Ion Batteries. A key focus of Li-ion battery recycling is to recover cobalt owing to its high economic value. Besides the EU, the recycling initiatives are gathering pace in China due to the large EV industry and the rapid rise in spent Li-ion batteries. Battery recycling companies are benefiting tremendously from the rising demand for hybrid and e-vehicles, which use LI-ion batteries.
Global market for Lithium-Ion Battery Recycling estimated at US$3.6 Billion in the year 2020, is projected to reach a revised size of US$10.7 Billion by 2026, growing at a CAGR of 19.4% over the analysis period. Lithium-Nickel Manganese Cobalt (Li-NMC), one of the segments analyzed in the report, is projected to grow at a 20.6% CAGR to reach US$7.7 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lithium-iron Phosphate (LFP) segment is readjusted to a revised 17.9% CAGR for the next 7-year period. This segment currently accounts for a 26.3% share of the global Lithium-Ion Battery Recycling market.
NMC technology is expected to be used as a replacement material for NCA and LCO batteries in mobile phones, tablets and notebooks, due to its lighter weight and slimmer form. Lithium Iron Phosphate (LiFePO4) or LFP is the choice of Li-ion battery chemistry for electric buses in China.
Despite the issue of slow charge rates, LFP technology is preferred due to the higher safety offered that is of high significance for larger-sized batteries. Recycling of lithium batteries is gaining importance as means for preventing future shortage and enabling the sustainable management of lithium, nickel, and cobalt.
Lithium-Manganese Oxide (LMO) Segment to Reach $1.3 Billion by 2026
In the global Lithium-Manganese Oxide (LMO) segment, USA, Canada, Japan, China and Europe will drive the 15.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$443.4 Million in the year 2020 will reach a projected size of US$1.3 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$89.7 Million by the year 2026, while Latin America will expand at a 15.3% CAGR through the analysis period.
The U.S. Market is Estimated at $903.2 Million in 2021, While China is Forecast to Reach $3 Billion by 2026
The Lithium-Ion Battery Recycling market in the U.S. is estimated at US$903.2 Million in the year 2021. The country currently accounts for a 21.1% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$3 Billion in the year 2026 trailing a CAGR of 23% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 16.8% and 17.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 19.1% CAGR while Rest of European market (as defined in the study) will reach US$655.8 Million by the end of the analysis period.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS (Total 57 Featured)
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/nx6yyy
Media Contact:
Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Source link
[ad_2]
The content is by PR Newswire. Headlines of Today Media is not responsible for the content provided or any links related to this content. Headlines of Today Media is not responsible for the correctness, topicality or the quality of the content.
[ad_2]
[ad_1] Nørresundby, 26 April 2024Announcement no. 23/2024 The Board of Directors of RTX has, cf. company announcement no. 20/2023 dated…
[ad_1] Gyroscope Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033 The Business Research Company's Gyroscope Global…
[ad_1] ODISHA, India, and LOS ANGELES, Calif., April 25, 2024 (SEND2PRESS NEWSWIRE) — In the 1880s, to call attention to…
In support of Hong Kong's new mega tourism and commerce drive, Alipay+ now enables users of 14 leading overseas mobile…
[ad_2] TOKYO, April 26, 2024 /PRNewswire/ -- KLab Inc. announced that its hit 3D action game Bleach: Brave Souls has…
[ad_1] CALGARY, Alberta, April 24, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of TransAlta Corporation (TSX: TA) (NYSE: TAC)…