The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Lithium-ion Battery Recycling Market.
It was estimated prior to this unanticipated outbreak Lithium-ion Battery Recycling Market will reach CAGR of 8.1% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Lithium-ion Battery Recycling Market Insights
Lithium-ion Battery Recycling Market is likely to witness an impressive CAGR of 8.1% during the forecast period. It has been observed that the investments in the growth and development of electric vehicles are increasing, providing substantial growth opportunities for the lithium-ion battery recycling market. The low accessibility of some raw materials such as cobalt and lithium have become an important factor for most of the companies, so they have started the recycling process of lithium-ion batteries.
Market Share Analysis
Lithium-ion Battery Recycling Market Share: By End-Use Type
Based on the end-use type, the market is segmented as automotive and non-automotive. Automotive is estimated to be the dominant segment of the lithium-ion battery market, in terms of both value and volume, during the forecast period. The non-automotive segment is further segmented as power, industrial, and marine. Automotive is expected to be the larger segment of the lithium-ion battery recycling market globally, and in the industrial and power segments as well. Lithium-ion batteries are being heavily used for propulsion of automotive and offer excellent features such as high energy and power density. The demand for these batteries is growing which is fueling the market growth during the forecast period.
Lithium-ion Battery Recycling Market Share: By Battery Chemistry Type
Based on the battery chemistry type, the lithium-ion battery recycling market is segmented as lithium-nickel manganese cobalt, lithium-iron phosphate, lithium-manganese oxide, lithium-titanate oxide, and lithium-nickel cobalt aluminum oxide. Lithium-nickel manganese cobalt is estimated to be the leading segment of the market, in terms of volume, during the forecast period. On the other hand, lithium-ion manganese oxide is projected to be the highest-recycled battery type, and has increasing number of implementation for the manufacturing of power tools, medical devices, and electric powertrains which is one of the major factors fueling the market growth across the world.
Lithium-ion Battery Recycling Market Share: By Region
In terms of regions, North-America is estimated to be the leading region in the lithium-ion battery recycling market during the forecast period, with the US and Canada being the major countries with lucrative growth opportunities. The Environment Protection Agency has implemented strict rules and regulations about air emission standards in the region, which in turn, is increasing the demand for lithium-ion battery recycling market in North America during the forecast period. Asia-Pacific and Europe are also expected to offer substantial growth opportunities during the forecast period.