global Lithium-Ion Battery Market Demand, Insight Forecast 2028 – The Insight Partners.
Posted by niket gore on July 26th, 2022
The global Lithium-Ion Battery Recycling market was valued at US$ 403.8 million in 2019 and is anticipated to reach US$ 1,392.8 million by 2028; it is expected to grow at a CAGR of 19.6% during 2022–2028. The COVID-19 outbreak hindered the growth of the global market in 2020, and thus, there is a decline in the y-o-y growth. However, the growth is expected to normalize from 2021 onward and the market is projected to grow at a steady pace.
Presently, many large pyro metallurgy facilities are engaged in the recycling of lithium-ion batteries. These facilities usually operate at ~1,500 °C to recover various metals—such as cobalt, nickel, lithium, aluminum, and copper—or any other organic compounds. These facilities are usually capital intensive owing to the requirement for treating the emission of toxic fluorine compounds, which are released while smelting. However, hydrometallurgy-processing techniques, commercially practiced in China, offer a less energy-consuming alternative at lower costs. Moreover, several researchers are studying various cost-effective methods, and some companies are conducting these recycling tests at a pilot-plant scale. Thus, in the near future, cost-effective methods of recycling lithium-ion batteries would come into action.
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The overall Lithium-Ion Battery Recycling market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the rugged phones market with respect to all the segments. It also provides the overview and forecast for the global rugged phones market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the global rugged phones market.
The use of rechargeable lithium-ion batteries has become dominant in several applications, including consumer electronic products, electric vehicles, military, and industrial applications attributed to advantages related to energy density and product durability.
Several governments across the world are taking initiatives to find innovative ways of lithium-ion battery recycling. For instance, in 2017, the UK government announced to spend ~US$ 315 million for supporting the development of new battery technologies over the next four years through Faraday Challenge for battery research. Under this, the University of Birmingham is seeking innovative ways to recycle lithium-ion batteries. The US Department of Energy (DoE) has also taken initiatives to support the recycling of lithium-ion batteries. The DoE has announced the ‘Lithium-Ion Battery Recycling Prize,’ which emphasizes the identification of new ways to recycle lithium-ion batteries fused in various applications. Many other countries have already mandated legislation for the recycling of batteries. The regulation and bodies involved in the recycling of lithium-ion batteries include European Union Batteries Directive, GRS Batterien Foundation (Germany), The Japan Battery Recycling Centre (JBRC), and NEV battery recycling regulations (China).
Such initiatives taken by governments across the world to reduce the impact of lithium-ion battery disposal on the environment are expected to boost the lithium-ion battery recycling market. Also, with the rising concern for environment pollution, government and battery manufacturers are now more focused on considering the recycling of these batteries. Thereby, bolstering the growth of lithium-ion battery recycling market.
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About the Authorniket gore
Joined: July 6th, 2022
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