The hydrometallurgical recycling market is expected to cross-market value of USD 1,251.1 million in 2027 from USD 543.6 million in 2020. It is expected to grow at a CAGR of over 12.8% during the forecast period.
Key Market Drivers and Restraints
In recent years, the number of used lithium-ion batteries has increased dramatically. From the perspective of environmental protection and resource conservation, developing a recycling method for waste lithium-ion batteries is necessary and urgent. The hydrometallurgical process is considered to be the most suitable method for recycling spent lithium-ion batteries. Also, technological advancements in the recycling process and high investments by government authorities have boosted the growth of the global hydrometallurgical recycling market over the forecast period.
However, due to the large difference and diversity between the high energy density, high safety, and low price of lithium-ion batteries, it is difficult to recycle used lithium-ion batteries, which is a factor expected to hamper the global hydrometallurgical recycling market.
Impact of COVID 19
The hydrometallurgical recycling market will show considerable growth on the back of the global pandemic. However, due to the COVID-19 outbreak, a global or partial shutdown has had a negative impact on the supply chain and product demand. In addition, a decrease in work employees in this pandemic has impacted the market growth negatively and hampered its growth.
The Asia Pacific to Dominate the global hydrometallurgical recycling market
The global hydrometallurgical recycling market covers six regions: Europe, North America, Asia Pacific, Latin America (LATAM), Middle East, and Africa, including all the key economies in these regions. Asia Pacific is dominated by the global market and accounts for more than 34.3% of the target market. This is attributed to the increasing demand for the hydrometallurgical recycling process and the presence of major regional players.
Lithium-nickel Manganese Cobalt (Li-NMC) would continue to dominate the global hydrometallurgical recycling market in terms of battery chemistry.
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 the hydrometallurgical recycling market. In 2020, the Lithium-nickel manganese cobalt (Li-NMC) segment accounted for the largest share of the global hydrometallurgical recycling market, owing to growing demand in commercial and residential sectors.
Automotive is the major segment in the global hydrometallurgical recycling market in terms of end-user
Automotive, industrial, power, and marine are the end-uses of the hydrometallurgical recycling market. In 2020, the automotive segment accounted for the largest share of the global hydrometallurgical recycling market.
Frequently asked questions about the global hydrometallurgical recycling market.
Disruption of supply chain and shutdown of production lines caused by the current pandemic
Lithium-nickel manganese cobalt (Li-NMC) is the most frequently through the hydrometallurgical recycling market
Automotive is the leading end-use segment in the hydrometallurgical recycling market
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., Recycle Group Oy, and Others are key players operating in this market
The Asia Pacific has the largest share owing to the local presence of market players and increasing demand for electric vehicles
