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InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Lithium-ion Battery Recycling Market Size, Share & Trends Analysis Report 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), Recycling Process (Hydrometallurgical Process, Physical/Mechanical Process And Pyrometallurgy Process) And End-Use (Automotive, Non-Automotive)- Market Outlook And Industry Analysis 2031″
The global lithium-ion battery recycling market is estimated to reach over USD 25.87 billion by 2031, exhibiting a CAGR of 18.20% during the forecast period.
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When a lithium-ion battery is being charged, lithium ions proceed from the negative electrode to the positive electrode and back through the electrolyte. These rechargeable batteries are frequently found in consumer electronics and vehicles. It has four parts: an anode, a separator, and an electrolyte. Lithium ions from the cathode are stored and released by the anode, allowing current to flow through an external circuit. Governmental regulations, environmental safety, and more public awareness are some of the factors that will likely cause the worldwide lithium-ion battery recycling market to grow. It is anticipated that new growth potential in the global market will be created by the availability of protective layers to lower the risk of fire and short-circuiting, as well as the appealing design of batteries. Furthermore, due to advancements in battery technologies that lead to the development of technologically advanced batteries being developed by manufacturers, battery recycling businesses will probably have a tremendous opportunity to invest in and refocus their resources to build a breakthrough battery recycling technology.
List of Prominent Players in the Lithium-ion Battery Recycling Market:
Market Dynamics:
Drivers-
The global lithium-ion battery recycling market is anticipated to develop more quickly due to a favorable trend toward deploying clean power sources to supply effective input to various applications. The installation of multiple batteries for various large-scale energy storage systems and electric cars has been preferred by organizations. In order to take advantage of recycling prospects, older batteries with low efficiency will need to be replaced as a result of growing deployment. For instance, the Delhi government in India officially opened a new grid-scale 150 kWh/ 528 kWh lithium-ion battery storage facility in the city’s capital in March 2021. The administration wants to strengthen the nation’s base of renewable energy sources and increase the electrical grid’s resilience.
Challenges:
Li-ion batteries still have a lot of drawbacks, notably in terms of safety, despite their technological promise. High voltages can harm lithium-ion batteries because of their propensity to overheat, and this occasionally results in thermal runaway and combustion. These batteries need safety systems to regulate internal pressure and voltage, which can sometimes add weight and reduce efficiency. Li-ion batteries can age, which means they can lose capacity and frequently stop working after a while. Their price, which is about 40% more than Ni-Cd, is another obstacle to their general adoption.
Regional Trends:
The Asia Pacific lithium-ion battery recycling market is anticipated to register a significant market share in revenue and is projected to expand at a high CAGR shortly. The existence of several recycling businesses, various battery manufacturers, a sizable installed base of batteries, and advantageous battery energy storage policies are driving the Asia Pacific market size. Besides, the North American region had a substantial share of the market. This is mostly because the United States is one of the largest global markets for these energy storage devices. In the coming years, this domain is anticipated to be driven by the increase in EV adoption in the region, together with government incentives and other measures.
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Recent Developments:
Segmentation of Lithium-ion Battery Recycling Market-
By Battery Chemistry
By Source
By Recycling Process
By EndUse
By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
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