North America Lithium-ion Battery Recycling Market

North America Lithium-ion Battery Recycling Market Size-(2023-2028)

The North America Lithium-ion Battery Recycling Market is estimated to raise a noteworthy compound annual growth rate throughout the foreseen period.

Lithium-ion battery recycling is known to be the less toxic batteries that are easy to recycle and reuse. With the rising employment of lithium-ion batteries in different customer products, the problem of explosion and their disposal has become very hard. In order to avoid such disasters, it is crucial to recycle lithium-ion batteries. Recycling of these lithium-ion batteries can be done through different technological processes like hydrometallurgical process, pyro-metallurgy process, and other mechanical procedures. The rising applications of lithium-ion batteries in end-use businesses like power generation, automotive, marine, etc. are fuelling the market for lithium-ion battery recycling in developed regions like North America.

Resources for lithium-ion battery production are restricted when compared to its call from various end-use businesses. The commercialization of recyclable lithium-ion batteries is taking place, particularly for its applications in the automobile business for hybrid vehicles. Recycling of these lithium-ion batteries can result in better and long-term use, controlling the manufacturing procedure and leading to lower carbon-dioxide emissions. Recycling of used materials further assists in the preservation of natural resources and reduces carbon footprint. All these factors are supporting the rise in the North American lithium-ion battery recycling market.

Recent Developments and Trends

• MG Motor Pvt Ltd, one of the latest entrants in the Indian automobile market declared its partnership with Umicore, a lithium battery recycling solutions provider, for effective life cycle management of lithium-ion batteries to be employed in its e-ZS electric vehicle. 

• Kemetco Research has started testing third-party lithium-ion battery materials, following the successful testing of the pilot plant project’s fifth and final round, declared on September 17, 2019. It stated that the third-party content would unveil all five stages of the company’s patented lithium-ion battery recycling procedure. 

Market Segmentation:

North America Lithium-ion Battery Recycling Market By Chemistry:

• Lithium-Cobalt Oxide (LI-CO)

• Lithium-Iron Phosphate (LFP)

• Lithium-Nickel Cobalt Aluminium Oxide (NCA)

• Lithium-Nickel Manganese Cobalt (NMC)

• Lithium-Manganese Oxide Spinal (LMO)

• Lithium-Titanate Oxide (LI-TO)

Lithium Iron Phosphate (LFP) battery kind is foreseen to rise with the highest CAGR of 27.2% throughout the predicted period in North America. These batteries have a high call in high-power devices, including the transportation of electric vehicles and lightweight marine batteries, therefore, driving the North American market for lithium-ion battery recycling.

North America Lithium-ion Battery Recycling Market-By Technology:

• Hydrometallurgical process
• Pyrometallurgy process
• Mechanical process
• Others

The hydrometallurgical process sector held the most significant share of 42.1% in the North American lithium-ion battery recycling market in 2018. This procedure is known to be the most suitable procedure for the recycling of spent lithium-ion batteries owing to its low capital price and a more eco-friendly nature than the pyrometallurgy process.

North America Lithium-ion Battery Recycling Market-By End-User:

• Automotive

• Power

• Industrial

• Marine

• Others

The automotive sector held the leading share of 39.3% in the North American market for lithium-ion battery recycling in 2018. Lithium-ion batteries have a significant call in electric automobiles owing to their high power density and handy size. The increasing demand for hybrid vehicles to reduce carbon footprint and other harmful emissions is driving the automobile industry, which indirectly supports the lithium-ion battery recycling market in North America.

North America Lithium-ion Battery Recycling Drivers and Restraints:

Rising application of Lithium-Ion batteries in cell phones & laptops and the automotive businesses are the driving factors, which have propelled the expansion of the North America Lithium-Ion battery recycling market. The call for Li-ion batteries has escalated owing to the escalated adoption of the electric vehicle and deployment in energy storage systems. The North American market for lithium-ion battery recycling is influenced by the increasing call for electric as well as hybrid electric vehicles where lithium-ion batteries are employed extensively. Adoption of these vehicles leads to a price hike of battery materials like cobalt and lithium, therefore making the recycling of lithium-ion battery businesses more profitable. The factors mentioned above collectively make opportunities for market expansion in this region while factors like safety issues while storage and transportation of spent batteries pose limitations in the business. Nevertheless, each element would have a definite impact on the market throughout the foreseen period. Consistent developments in the lithium-ion battery recycling market due to innovative efforts have improved the efficiency of the recycling procedure.

North America Lithium-ion Battery Recycling Market Regional Analysis:

North America is a major region for the Lithium-Ion battery recycling market and is probable to showcase a constant expansion during the foreseen period. Limited availability of raw materials in the region is forcing the makers to adopt the approach of recycling, therefore, driving the market majorly. Therefore, development in technologies that are being developed across the region is further driving the expansion of the market for Lithium-Ion battery recycling.

By Country - United States and Canada.

North America Lithium-ion Battery Recycling Key Players:

Some of the key players operating in North America lithium-ion battery recycling market include Tesla, Snam SPA, Umicore, Tes - Amm India Pvt. Ltd., Recupyl, Global Technology Systems, Inc., ACCUREC Recycling GmbH, AKKUSER OY & DIGITOIMISTO ROI, American Manganese Inc., Battery Recycling Made Easy, Ganfeng Lithium Co., Ltd., Interstate Batteries, LI-CYCLE CORP., Lithion Recycling, Neometals Ltd, OnTo Technology, LLC., Retriev Technologies, SITRASA, Storage Battery Systems, LLC among others.