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, and from the perspective of environmental protection and resource conservation, it is necessary and urgent to develop a recycling method for waste lithium-ion batteries. The hydrometallurgical process is considered to be the most suitable method for recycling spent lithium-ion batteries. Also, technological advancement in recycling process and high investments by government authorities have boosted growth of 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. Due to the COVID-19 outbreak, global or partial shutdown have a negative impact on the supply chain and product demand. In addition, decrease in work employees in this pandemic has impacted the market growth negatively and hampered its growth.
Asia Pacific to Dominate the global hydrometallurgical recycling market
The global hydrometallurgical recycling market covers the six regions, namely Europe, North America, Asia Pacific, Latin America (LATAM), Middle East and Africa, including all the key economies in these regions. Asia Pacific market is dominated the global market and accounted for more than 34.3% of the target market. This is attributed to increasing demand for hydrometallurgical recycling process and presence of major players in the region.
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 hydrometallurgical recycling market. In 2020, Lithium-nickel manganese cobalt (Li-NMC) segment accounted for the largest share of 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-use
Automotive, industrial, power, and marine are the end-uses of hydrometallurgical recycling market. In 2020, automotive segment accounted for the largest share of global hydrometallurgical recycling market.
Frequently asked questions about global hydrometallurgical recycling market
What are the consequences of COVID 19 on global hydrometallurgical recycling market? Ans: Disruption of supply chain and shutdown of production lines caused by the current pandemic
Which is the key battery chemistry through hydrometallurgical recycling market? Ans: Lithium-nickel manganese cobalt (Li-NMC) is the most frequently through hydrometallurgical recycling market
Which is the key end-use through which hydrometallurgical recycling market occurs? Ans: Automotive is the main end-use segment in hydrometallurgical recycling market
Who are the key players in the global hydrometallurgical recycling market? Ans: 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 are key players operating in this market
Which is the leading regional market for global hydrometallurgical recycling market? Ans: Asia Pacific has the largest share owing to local presence of market players and increasing demand in electric vehicles
What will be the CAGR (2021-2027) of in global hydrometallurgical recycling market? Ans: The market is anticipated to grow at a CAGR of 12.8% throughout the forecast period
Which are the major factors driving the growth of global hydrometallurgical recycling market? Ans: Recycling of used batteries is a key driving factors propelling the growth of this market
