The lithium-ion battery recycling market in North America is expected to grow from US$ 35. 90 million in 2019 to US$ 139. 56 million by 2027; it is estimated to grow at a CAGR of 21. 4% from 2020 to 2027.
New York, March 10, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Lithium-ion Battery Recycling Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Battery Chemistry and Industry" - https://www.reportlinker.com/p06027840/?utm_source=GNW
The use of rechargeable lithium-ion batteries has become dominant in several applications, including consumer electronic products, electric vehicles, military, and industrial applications owing to advantages related to energy density and product durability. However, the high rate of consumer product disposal, their small battery size in these products, and the absence of uniform disposal regulatory policy are significantly resulting in environmental pollution due to potentially toxic materials in these batteries. As per the Environmental Protection Agency (EPA), over three billion batteries are thrown each year in the US alone. Most of the lithium-ion batteries are disposed as landfills. Lithium is not a heavy toxic metal; thus, the pressure on the disposal of these batteries is not too intense. However, in a few instances, copper, cobalt, and nickel metals occur in substantial quantities. With the rising concern for environment pollution, government and battery manufacturers are now more focused on considering the recycling of these batteries; thereby, bolstering the growth of North America lithium-ion battery recycling market. Furthermore, growing demand for electric vehicles (EVs) is among the other factors expected to fuel the growth of the North America lithium-ion battery recycling market during the forecast period.
Based on industry, consumer electronics segment led the North America lithium-ion battery recycling market in 2019.The demand for consumer electronic devices such as tablets, smartphones, digital cameras, laptops, and home devices is increasing; and the most challenging issue faced by aforesaid consumer electronics includes upgrading, enhancing, and improving existing lithium-ion batteries.
The inclination with respect to using smart electronic devices is experiencing a snowball effect owing to growing middle-class population and their changing lifestyle.Also, the government bodies are putting efforts on digitization and encouraging use of different electronic devices among individuals.
With rising demand for battery power for different wireless devices, the focus toward developing portable battery power for power tools, tablets, laptops, and smart phones is increasing.In addition, with booming sales of tablet PCs and smartphones, the adoption of batteries such as lithium-ion is expanding.
This aspect will assist in influencing the market growth.
The ongoing COVID-19 pandemic is having a very devastating impact over North America.Presently, the US is the worst affected country in the North America due to the COVID-19 outbreak.
The US is one of the largest markets for lithium-ion battery recycling, especially in space, military, and aerospace sectors.The continuous growth of infected individuals has led the government to impose lockdown across the nation’s borders.
Therefore, majority of the manufacturing plants are shut down, municipalities are functioning slowly as compared to the past, and the industries are at a halt.This scenario is hindering the lithium-ion battery recycling market in North America.
The automakers in the US have agreed to evaluate and implement the rotating partial shutdown of factories, extensive deep cleaning of surroundings, stretched periods between shifts, as well as comprehensive plans to maintain social distancing. In March 2020, several automakers closed their facilities for extensive cleaning. These include GM, Ford, and Honda Motors. Hence, any hindrance on the growth of these automotive sectors hampers the economic growth of the region.
The overall North America lithium-ion battery recycling market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the North America lithium-ion battery recycling market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the North America lithium-ion battery recycling market. American Manganese Inc., Eco-Bat Technologies, International Metals Reclamation Company (INMETCO), Li-Cycle Corp., Retriev Technologies, and TES are a few players operating in the market.
Read the full report: https://www.reportlinker.com/p06027840/?utm_source=GNW
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