Canada Lithium-ion Battery Recycling Market

The Canada lithium-ion battery recycling market is witnessing accelerated growth driven by its commitment to sustainability and carbon neutrality goals. The surge in demand for electric vehicles and renewable energy storage solutions has heightened the need for efficient battery recycling to ensure resource conservation and waste management.

Canada benefits from its extensive natural resources and advanced technological capabilities in materials recovery. Government programs, such as those led by Natural Resources Canada, are actively funding recycling projects to enhance domestic supply chains and reduce dependence on imported raw materials. Moreover, partnerships between industry players and research institutions are fostering innovation in recycling techniques, such as direct cathode recycling, which retains material quality and reduces energy consumption.

The provincial regulations, including those in British Columbia and Ontario, mandate recycling programs and foster collaboration between manufacturers, recyclers, and policymakers. These initiatives aim to create a robust ecosystem for lithium-ion battery recycling. Canada's position as a leader in green technologies, coupled with its resource-driven approach, positions it to play a pivotal role in the global battery recycling landscape.

The study documents by MRFR state that the Lithium-ion Battery Recycling Market Research Report Information by Source, Chemistry, and Region - Forecast Till 2032, the Lithium-ion Battery Recycling market is predicted to expand substantially during the evaluation era from 2022 to 2032 at a sizable CAGR of closely 20.46%.

According to study documents, the global market is expected to reach a market size of USD 41.27 billion by the end of 2032, based on increasing revenue statistics. Reports state that in 2022, the market was valued at almost USD 2 billion.

The market for recycled lithium-ion batteries has grown significantly. The growing use of electric vehicles is the primary factor driving up market performance. In the upcoming years, smart portable gadgets should also positively influence the expansion of the worldwide market.

Competitive Analysis

• Umicore
• American Manganese Inc.
• Glencore International AG
• Sitrasa, Li-Cycle Corp.
• Retriev Technologies Inc.
• Neometals Ltd
• Raw Materials Company Inc. (RMC)
• Recupyl Sas
• International Metals Reclamation Company LLC (INMETCO)

Market Drivers

The Lithium-ion Battery Recycling market has recently advanced. The main feature causing a rise in market performance is the increased use of electric vehicles. Furthermore, smart portable electronics are also likely to have a positive impact on the growth of the global market over the coming years.

Market Restraints

On the contrary, various aspects may harm expanding the global market for Lithium-ion Battery Recycling. One of the main restraints in advancing the market's growth is the elevated prices allied with raw materials.

Segment Analysis

The global market for lithium-ion battery recycling has been fragmented into various segments based on source, chemistry, and region.

Based on the chemistry, the global market for lithium-ion battery recycling is divided into Lithium Nickel Manganese Cobalt Oxide (NMC), lithium cobalt oxide (LCO), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Manganese Oxide (LMO), and Lithium Iron Phosphate (LFP).

Based on the source, the global market for lithium-ion battery recycling is divided into power tools, electric vehicles, electronics, and others.

Regional Analysis

The study offers market data by region for North America, Asia-Pacific, Europe, and the Rest of the World.

The study documents by MRFR entail that The North American Region ensured the prime position across the Lithium-ion Battery Recycling market in 2022. The regional market is anticipated to Register a CAGR of nearly 30.2% during the assessment period. The area is recognized for dynamic development contributors such as Mexico, Canada, and the US. The primary aspect boosting the development of the regional Lithium-ion Battery Recycling market is the lower lithium-ion battery prices. Furthermore, the rapid penetration of electric vehicles is also considered to be one of the vital parameters enhancing the growth of the regional market. Moreover, factors such as higher consumer electronics consumption, rising renewable sector, growing use in the aerospace sector, rising consumer expenditure, Rising urbanization, and rapidly growing automotive industry are also likely to boost the development of the regional market over the assessment era.

The European Region will grow substantially across the Lithium-ion Battery Recycling market from 2023 to 2032. The area is recognized for dynamic development contributors such as Germany, France, and the UK. The primary aspect boosting the development of the regional Lithium-ion Battery Recycling market is the government support for renewable energy and electric vehicle infrastructure projects. Furthermore, the increased use of electric vehicles is also considered to be one of the vital aspects causing a surge in the growth of the regional market.

The Asia-Pacific region is estimated to grow at the highest pace across the Recycling of lithium-ion batteries market over the assessment era. The area is recognized for dynamic development contributors such as China, India, and Indonesia. The primary aspect boosting the development of the regional Lithium-ion Battery Recycling market is the growing grid storage industry. Furthermore, significant investments in lithium-ion battery manufacturing plants/projects are also considered to be one of the vital aspects causing a surge in the growth of the regional market.

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