The latest market report published by Credence Research, Inc. “Global Hydrometallurgical Recycling Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global hydrometallurgical recycling market generated revenue of around USD 543.6 million in 2020 and anticipated to grow at a CAGR of over 12.8% during the forecast period from 2021 to 2027 to reach around USD 1,251.1 million in 2027.
Global Hydrometallurgical Recycling Market, 2020 – 2027 (USD Million)
Browse the full report at https://www.credenceresearch.com/report/hydrometallurgical-recycling-market
Renewable energy has the potential to end the fossil fuel era. Electrochemical storage systems, especially lithium-ion batteries (LIB), are an important technology to successfully achieve this transition. This is due to the sum of their positive characteristics, such as high energy density and low self-discharge. At the production site, the growing application of LIB has led to high investment in research and development, focusing on issues such as optimized cell production or optimization of active materials. Thus, recycling of end-of-life batteries play an important role in the development. The hydrometallurgical process is considered to be the most suitable method for the recycling of spent lithium-ion batteries.
Key Trends in Global Hydrometallurgical Recycling Market
Growing Demand for Battery Materials in Electric Vehicles
Increasing demand for hydrometallurgical recycling process owing to recover the other components of spent lithium-ion batteries including electrolyte and anode materials along with the cathode active materials is important as they are harmful if released in the environment. This is a key factor expected to proliferate growth of the target market. Increasing government initiatives and funding to promote the recycling of batteries owing to fulfill the demand of renewable energy is expected to support growth of the target market. Investments by prominent players and new developments in technologies has created potential opportunities for major players.
Impact of COVID 19 on Hydrometallurgical Recycling Market
Driven by the global pandemic, the hydrometallurgical recycling market will show significant growth. Due to the pandemic, the businesses have been shut down globally or partially which has a negative impact on the supply chain and product demand. The industry is facing unprecedented economic losses due to the disruption of supply chain of the major players operating in the target market. Availability of employees has been decreased radically due to restrictions, while key players have to stop operations in response to global lockdown.
Global Hydrometallurgical Recycling Market by Battery Chemistry Insights
Lithium-nickel manganese cobalt (Li-NMC), lithium-iron phosphate (LFP), lithium-manganese oxide (LMO), lithium-titanate oxide (LTO), and lithium-nickel cobalt aluminum oxide (NCA) are the battery chemistry types of hydrometallurgical recycling market. In 2020, Lithium-nickel manganese cobalt (Li-NMC) segment accounted for the largest share of global hydrometallurgical recycling market.
Lithium-nickel Manganese Cobalt (Li-NMC) Segment to Dominate the Global Hydrometallurgical Recycling Market
Global Hydrometallurgical Recycling Market by End-Use Insights
Automotive, industrial, power, and marine are the end-use of hydrometallurgical recycling market. In 2020, automotive segment accounted for the largest share of global hydrometallurgical recycling market.
Automotive Segment to Dominate the Global Hydrometallurgical Recycling Market
Global Hydrometallurgical Recycling Market by Regional Insights
The Asia Pacific market is accounted for the highest revenue share and is expected to dominate the global hydrometallurgical recycling market over the forecast period. This is attributed to recycling of batteries and the increasing collaboration of major players for market penetration. North America hydrometallurgical recycling market is projected to register the considerable growth rate in the global market.
Global Hydrometallurgical Recycling Market Competitive Landscape
Most prominent players in the global hydrometallurgical recycling market include Umicore, Glencore International AG, Retriev Technologies Inc., International Metals Reclamation Company, LLC (INMETCO), American Manganese Inc., Li-Cycle Corp., Neometals Ltd., Recupyl SAS, Tes-Amm Singapore Pte. Ltd., Fortum OYJ, Lithion Recycling Inc., Ecobat Technologies Ltd., Urecycle Group Oy, and Others. The report covers very detailed profiles of these key players.
Global Hydrometallurgical Recycling Market by Battery Chemistry, 2015 – 2027
· Lithium-nickel Manganese Cobalt (Li-NMC)
· Lithium-iron Phosphate (LFP)
· Lithium-manganese Oxide (LMO)
· Lithium-titanate Oxide (LTO)
· Lithium-nickel Cobalt Aluminum Oxide (NCA)
Global Hydrometallurgical Recycling Market by End-Use, 2015 – 2027
Global Hydrometallurgical Recycling Market by Region, 2015 – 2027
· North America
· Asia Pacific
· Latin America
· Middle East and Africa
Global Hydrometallurgical Recycling Market: Key Players
· Glencore International AG
· Retriev Technologies Inc.
· International Metals Reclamation Company, LLC (INMETCO)
· American Manganese Inc.
· Li-Cycle Corp.
· Neometals Ltd
· Recupyl SAS
· Tes-Amm Singapore Pte. Ltd.
· Fortum OYJ
· Lithion Recycling Inc.
· Ecobat Technologies Ltd.
· Urecycle Group Oy