A comprehensive overview of the Lithium-Ion Battery Recycling market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the regional Lithium-Ion Battery Recycling market. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the APAC Lithium-Ion Battery Recycling market at the country levels. The regional Lithium-Ion Battery Recycling market is likely to showcase double digit growth during the forecast period (2021-2027).
On an average, life of lithium-ion battery is around 10 years therefore due to a limited life of lithium-ion batteries many economies in the APAC region (excluding China and India) are taking various steps to properly utilize the batteries after its end life. For instance, South Korea launched four-year lithium-ion battery technology development project to ensure used batteries are either recycled or used in second-life applications. The country’s Ministry of Trade, Industry and Energy said the USD 11.7 million (WON 13 billion) project would develop battery management systems (BMSs) with increased stability, mobile battery packs, and demonstrate megawatt-hour scale energy storage systems (ESSs) using second-life batteries. Also, region has the largest stock of electric vehicles, which consists of lithium-ion batteries. This battery has a life span of around 10 years, therefore, with proper recycling a larger portion of demand can be met though by recycling of lithium-ion batteries
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Similar to most of the industry, COVID-19 had the negative impact on the battery recycling market. Since, recycling of batteries requires a fully efficient supply chain which had been disrupted in the light of COVID-19. Further, in order to curtail the spread of disease, government across the globe, had taken several stringent measures like lockdown which has resulted in the factory shutdown or operating with reduced number of manpower thus resulted in the low productivity. Further, collection of battery is the first step of battery recycling process, however, due to the agitation of disease, consumers are not willing to go outside, which has affected the collection of batteries as well.
APAC Lithium-Ion Battery Recycling market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By battery chemistry, the market is primarily divided into:
· Lithium-Nickel Manganese Cobalt (Li-NMC)
· Lithium-Iron Phosphate (LFP)
· Lithium-Manganese Oxide (LMO)
· Lithium- Titanate Oxide (LTO)
· Lithium-Nickel Cobalt Aluminum Oxide (NCA)
Based on battery chemistry, recycling of Li-NMC held the significant share in the market owing to its large adoption in regional electric vehicle market. Further, increasing investment in electric vehicle sector and government supportive policies to promote the adoption of electric vehicles is likely to increase the penetration of electric vehicle in regional automotive sector. For instance, Government of India is planning to install 6,000 charging stations for electric vehicles across nine expressways in the country. With increase in adoption of these vehicle, demand of lithium-ion batteries will eventually increase therefore with recycling of Li-NMC batteries industry can mitigate the supply demand gap in the foreseeable future.
By industry, the market is mainly categorized into:
Based on industry, automotive industry is likely to showcase robust growth in the regional lithium-ion battery recycling market owing to increasing adoption of electric vehicle. Since, as per a study, the average life of electric vehicle is around 8 years whereas average life of lithium-ion battery is 10 years, therefore after the end life of electric vehicle, these batteries can be reuse or recycled. Further, since these materials are limited in number therefore increasing adoption of electric vehicle will require a large amount of lithium therefore with proper recycling of batteries industry can mitigate or reduce the reliance of new lithium production.
APAC Lithium-Ion Battery Recycling Market Geographical Segmentation Includes:
· South Korea
· Rest of APAC
China is the largest producer and seller of automobiles. For instance, in 2020, country produced around 25 million of vehicles including both passenger and commercial vehicles. Further, the country has the largest users of smartphones. In addition, lower recycling cost, less stringent environment regulations compared to western economies, and large and growing number of recycling plant in the country are some of the key attributable factors of growing battery recycling market in the country. Further, the country is the largest consumer of electric vehicles, which is also creating a huge growth opportunity for the companies engaged in the recycling services, as these batteries have limited average life and after that these batteries can be recycled which also have commercial values as it contains several rare metals.
· Nippon Recycle Center Corporation
· Tata Chemicals Ltd.
· SK Innovation Co. Ltd.
· Umicore S.A.
· CATL Co. Ltd.
· ENAX Inc.
· Envipro Holdings Inc.
· Neometals Ltd.
· SungEel HiTech Co. Ltd.
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the region. The specialist team of research analysts sheds light on various traits such as regional market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the APAC Lithium-Ion Battery Recycling market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the APAC Lithium-Ion Battery Recycling market?
· Which factors are influencing the regional Lithium-Ion Battery Recycling market over the forecast period?
· What are the regional challenges, threats, and risks in the regional Lithium-Ion Battery Recycling market?
· Which factors are propelling and restraining the regional Lithium-Ion Battery Recycling market?
· What are the demanding regional countries of the Lithium-Ion Battery Recycling market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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