North America Lithium-ion Battery Recycling Market to Grow at a CAGR of 21.4% to reach US$ 139.56 million from 2020 to 2027

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.

The US, Canada, and Mexico are major economies in North America. Growing demand of electric vehicles (EVs) is driving the North America lithium-ion battery recycling market in a positive way. With the rising growth of the EVs industry, the adoption of lithium-ion batteries is growing exponentially. The rising use of lithium-ion batteries in EVs creates an opportunity for its recycling. A huge number of these batteries contain significant valuable metals as well as other materials, which can be processed and reused. However, in the current scenario, a very insignificant amount of these batteries is recycled. Hitherto, the majority of the effort to enhance lithium-ion battery recycling was carried out by a limited number of academic groups, usually functioning independently. However, the scenario has started to change with a number of research institutions, governments, and EV manufacturers focusing on the recycling of these batteries. Several start-ups are now commercializing innovative battery recycling technologies. Also, several EV battery manufacturers and recycling companies have started collaborating to handle the forthcoming issue. The growing focus of EV manufacturers for lithium-ion battery recycling would further result in increased partnerships among EV manufacturers and recycling companies, thereby offering lucrative opportunities to the players operating in the North America lithium-ion battery recycling market.

Further, 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 sectors is expected to affect the economic growth of the region in a negative manner.  

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America lithium-ion battery recycling market. The North America lithium-ion battery recycling market is expected to grow at a good CAGR during the forecast period.

North America Lithium-ion Battery Recycling Market Segmentation  

North America Lithium-ion Battery Recycling Market – By Product

• 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 End-User

• Automotive
• Mining
• Consumer Electronics
• Industrial
• Power

North America Lithium-ion Battery Recycling Market, by Country

• US
• Canada
• Mexico

North America Lithium-ion Battery Recycling Market - Companies Mentioned

• American Manganese Inc.
• Eco-Bat Technologies
• International Metals Reclamation Company (INMETCO)
• Li-Cycle Corp. 
• Retriev Technologies
• TES

North America Lithium-ion Battery Recycling Report Scope