Lithium and Cobalt Recycling Market Scope
Lithium and Cobalt Recycling uses a chemical and hydrometallurgical process in which lithium-ion is shredded into a powder that is followed by pyro-metallurgy or hydrometallurgy for the extraction of individual elements for resale. This ensures a reduction in environmental footprint and advances raw material interdependency while bringing down new battery expenditures. This market is anticipated to expand exponentially in the forecast years owing to improved recycling infrastructure, robust government policies, process sustainability, and mounting demand for electric vehicles.
|Unit||Value (USD Million)|
|Key Companies Profiled||Snam (France), Umicore (Belgium), Lithion Recycling Inc. (Canada), American Zinc Recycling Corp (United States), Li-Cycle Corp (Canada), Neometals Ltd. (Australia), Accurec Recycling GmBH (Germany), Redux GmBH (Germany), Duesenfield GmBH (Germany) and Akkuser OY (Finland)|
Various large and small industry players participate extensively in li-ion battery value chain phases. By upgrading their recycling capabilities and environmentally sustainable approaches, major companies are cultivating their position in the market. For instance, Umicure delivers products pertaining to chemical treatment, battery recycling as well as battery and catalyst productions to establish a robust market presence and expansion. Research Analyst at AMA estimates that European Manufacturers will contribute to the maximum growth of Global Lithium and Cobalt Recycling market throughout the predicted period.
Snam (France), Umicore (Belgium), Lithion Recycling Inc. (Canada), American Zinc Recycling Corp (United States), Li-Cycle Corp (Canada), Neometals Ltd. (Australia), Accurec Recycling GmBH (Germany), Redux GmBH (Germany), Duesenfield GmBH (Germany) and Akkuser OY (Finland) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are American Battery Source Corporation (United States), Fortum Corporation (Finland) and Retreiv Technologies Inc. (United States).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Lithium and Cobalt Recycling market by Type and Region with country level break-up.
On the basis of geography, the market of Lithium and Cobalt Recycling has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2021.
Market Leaders and their expansionary development strategiesCertain market players employ merger and acquisition measures to expand and strengthen their competitive edge. On 9th March 2022, Retriev Technologies acquired Battery Solutions to build a comprehensive battery management solution in North America. It will offer an end-of-life reuse solution for batteries involving critical materials recycling at scale.
Companies are undergoing intensive research and piloting activities to elevate their recycling performance by significantly improving the metallurgical extraction process. On 11th February 2022, Umicure partnered with Automotive Cells Company (ACC) to cater to the needs of the ACC pilot plant for battery recycling services. Umicure introduced its latest generation of proprietary recycling technology with minimized waste and environmental impact.
Influencing Trend:Emergence of Novel Techniques that Reduces Expenses
Market Growth Drivers:Escalated Adoption of Battery Powered Electric Vehicles and Favourable Government Initiatives Boosting Utilization of Low-Carbon Technologies
Challenges:Increasing Recycling and Advocacy of Lead-Acid Batteries
Restraints:High Investment in Manufacturing Facility Establishment and Lack of Stringent Regulatory Policies in Developing Nations
Opportunities:Wide Scale Adoption of Electric Transportation
Key Target AudienceLithium and Cobalt Manufacturers and Suppliers, Government Agencies, Regulatory Bodies, Potential Investors, Research and Development Institutes, End Users and Others