According to the new research report titled “Lithium-Ion Battery Recycling Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the global lithium-ion battery recycling market is expected to reach US$ 1,392.84 million by 2027, registering a CAGR of 19.6% during 2020–2027, the forecast period considered in the report. The scope of study involves understanding the factors contributing to the growth of the lithium-ion battery recycling market; it also includes estimation and forecast of the revenues as well as market size analysis, along with spotting significant market players and their key developments

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Key Findings of Study:     

With the growth of the EV industry, the adoption of lithium-ion batteries is growing exponentially. It is estimated that ~500,000 metric tons of used lithium-ion batteries would be generated by 2020 in China alone. The number is further expected to increase to 2 million worldwide by 2030. Rising use of lithium-ion batteries in EVs creates an opportunity for its recycling. A large number of these batteries contains significant valuable metals as well as other materials, which can be processed and reused. However, in the current scenario, a very insignificant amount of these batteries is recycled. For instance, as per the Commonwealth Scientific and Industrial Research Organisation in Australia, ~2–3% of these batteries are sent for recycling. Also, the recycling rates in the US and the European Union are below 5%.

Previously, the majority of the effort to enhance lithium-ion battery recycling was carried out by a limited number of academic groups, usually functioning independently. However, the scenario has started to change with a number of research institutions, governments, and EV manufacturers focusing on the recycling of these batteries. Several start-ups are now commercializing innovative battery recycling technologies. Also, several EV battery manufacturers and recycling companies have started collaborating to handle the forthcoming issue.

For instance, in September 2020, Solvay and Veolia partnered to deliver innovative solutions, which offer improved resource efficacy for critical metals used in lithium-ion batteries in EVs. In November 2020, EMR Metals Recycling launched a project named RECOVAS for commercializing lithium-ion battery reuse in the UK. Under the project, EMR partnered with three automakers, including BMW, Jaguar Land Rover, Bentley Motors, as well as several UK bodies, including the Health and Safety Executive, the University of Warwick, Autocraft Solutions Group, the UK Battery Industrialization Centre, and Connected Energy. In December 2020, MG Motor partnered with TES-AMM to safeguard the eco-friendly and secure recycling of MG ZS' lithium-ion batteries. Growing focus of EV manufacturers on lithium-ion battery recycling would further result in increased partnerships among EV manufacturers and recycling companies, thereby offering lucrative opportunities to the players operating in the lithium-ion battery recycling market.  

American Manganese Inc., Ecobat Technologies Ltd., Fortum, Li-Cycle Corp, Recupyl. The above listing of key players is derived by considering multiple factors such as overall revenue, current lithium-ion battery recycling solution portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. There are various other notable players in the global lithium-ion battery recycling market ecosystem, such as Gem Co., Ltd., International Metals Reclamation Company, LLC, Neometals Ltd, Retriev Technologies Inc., TES (Singapore) PTE Ltd.

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