North America Lithium-ion Battery Recycling Market is expected to reach US$ 139.56 million by 2027

Consumer Electronics Segment to Dominate North America Lithium-ion Battery Recycling Market during 2019–2027

According to a new market research study on “North America Lithium-ion Battery Recycling Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Battery Chemistry and Industry” is expected to reach US$ 139.56 million by 2027 from US$ 35.90 million in 2019. The market is estimated to grow at a CAGR of 21.4% from 2020 to 2027. The report provides trends prevailing in the North America lithium-ion battery recycling market along with the drivers and restraints pertaining to the market growth. Growing demand of electric vehicles (EVs) is the major factor driving the growth of the North America lithium-ion battery recycling market. However, issues associated with swing in raw battery materials cost is expected to hinder the growth of North America lithium-ion battery recycling market.    

The North America lithium-ion battery recycling market is segmented into industry, battery chemistry, and country. Based on industry, the North America lithium-ion battery recycling market is segmented as automotive, mining, consumer electronics, and industrial, and power. Consumer electronics segment held the largest share of North America lithium-ion battery recycling market throughout the forecast period. Based on battery chemistry, the North America lithium-ion battery recycling market is segmented as lithium-nickel manganese cobalt, lithium-iron phosphate, lithium-manganese oxide, lithium-titanate oxide, and lithium-nickel cobalt Aluminum oxide. Lithium-nickel manganese cobalt is a major battery chemistry that contributed a substantial share in the North America lithium-ion battery recycling market in 2019. 

Also the ongoing COVID-19 pandemic is having a very devastating impact over the North America region. Presently, the US is the worst affected country due to COVID-19 outbreak. The US is one of the largest markets for lithium-ion battery recycling especially in space, military, and aerospace sectors. The US is the worst-hit country in North America. The continuous growth of infected individuals has led the government to impose lockdown across the nation’s borders. The majority of the manufacturing plants are shut down, municipalities are functioning slowly as compared to the past, and the industries industries are at a halt, which is negatively impacting the market. The automakers in the country 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 avoid member contact. In March, several automakers closed their facilities for extensive cleaning. These include GM, Ford, and Honda Motors. Hence, any impact on the growth of these automotive sectors is expected to affect the economic growth of the region in a negative manner.

American Manganese Inc., Eco-Bat Technologies, International Metals Reclamation Company (INMETCO), Li-Cycle Corp., Retriev Technologies, TES are among the leading companies in the North America lithium-ion battery recycling market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, American Manganese Inc. announced that Company’s contract research lab, Kemetco Research, has deployed and prepared the recently received focused equipment for continued optimization on the Company’s lithium-ion battery recycling pilot plant project.

The report segments the North America Lithium-ion Battery Recycling Market follows:

North America Lithium-ion Battery Recycling Market – By Battery Chemistry

• Lithium-Nickel Manganese Cobalt
• Lithium-Iron Phosphate
• Lithium-Manganese Oxide
• Lithium-Titanate Oxide
• Lithium-Nickel Cobalt Aluminum Oxide

North America Lithium-ion Battery Recycling Market – By Industry

• Automotive
• Mining
• Consumer Electronics
• Industrial
• Power

North America Lithium-ion Battery Recycling Market – By Country

• US
• Canada
• Mexico