Global Lithium-Ion Battery Recycling Market Size By End-Use (Automotive, Non-Automotive), By Battery Chemistry (Lithium-nickel Manganese Cobalt (Li-NMC), Lithium-iron Phosphate (LFP)), By Geographic Scope And Forecast

Lithium-Ion Battery Recycling Market Size And Forecast

Lithium-Ion Battery Recycling Market size was valued at USD 4.6 Billion in 2021 and is projected to reach USD 23.03 Billion by 2030, growing at a CAGR of 19.6% from 2023 to 2030.

Increasing usage of batteries across varied industries, and low accessibility to raw materials are some of the factors anticipated to foster market growth during the forecast period. The Global Lithium-Ion Battery Recycling Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Lithium-Ion Battery Recycling Market Definition

Lithium-ion battery recycling is a process of recycling and reusing different metals and materials used in a lithium-ion battery. An increase in the disposable income of consumers coupled with rapid industrialization has led to an increase in the demand for gadgets and vehicles. As a result, there is a constant increase in the number of gadgets and vehicles in use as well as in the demand for newer gadgets and technology. The metals used in the batteries of these gadgets are rare, expensive, and recyclable.

Therefore, industries have started recycling these batteries. This process aims to reduce the number of batteries disposed of as solid waste. These batteries, if not recycled or treated well, can cause harmful radiation, harming the planet as well as the constituents of the battery in the process. However, the process is expensive and uneconomical. It is estimated that the process of recycling these metals is almost 5 times more expensive than mining these metals.

Moreover, the batteries are subjected to melting, extraction, and smelting process which is very energy-intensive. The machinery required is extremely expensive and sophisticated as well. These factors make the process a little difficult. Based on Chemistry, the market is bifurcated into Lithium-nickel Manganese Cobalt (Li-NMC), Lithium-iron Phosphate (LFP), Lithium-manganese Oxide (LMO), Lithium-titanate Oxide (LTO), Lithium-nickel Cobalt Aluminum Oxide (NCA) segments.

Global Lithium-Ion Battery Recycling Market Overview

Increasing usage of batteries across varied industries, and low accessibility to raw materials are some of the major factors driving the market. Lithium-Ion Battery Recycling Market is facing an increase in application from several industries-automotive, electronics, industrial, and marines-to name a few. This has been increased by lithium-ion batteries. However, the metals used in these batteries are getting depleted. Consequently, very few players have access to an abundant source of raw materials. Therefore, low accessibility to raw materials as well as depletion of metals is a primary growth factor.

The metals and other materials contained in these batteries can be recycled, processed, and used. The increase in demand for Electric Vehicles has led to an increase in Lithium-Ion batteries as it is used for propulsion. Recycling is an efficient way to produce more batteries without depleting resources. There has been an increase in consciousness about the environment and the consumption patterns of consumers. As a result, consumers have become more interested in buying and using recycled products in an attempt to save the environment and lower consumption.

In addition, stringent regulations by governments and regulatory bodies about the usage and disposal of the metals used in these batteries are expected to drive the market further. However, the lack of infrastructure to carry out the process, economical constraints, and environmental impacts are anticipated to restrain the market growth. There exist very few infrastructures or factories that can carry out the process of recycling batteries efficiently. There exists a lot of literature however, carrying out the process in practice is still difficult.

Moreover, the process of recycling by itself is not very economical. In addition, most of the batteries that do go under the process of recycling, are subjected to melting at a high temperature, extractions, smelting, etc. These activities are energy-intensive and if not carried out properly, can affect the environment. The machines and instruments required to build these plants and extremely expensive.

Global Lithium-Ion Battery Recycling MarketSegmentation Analysis

The Global Lithium-Ion Battery Recycling Market is segmented on the basis of End-Use, Battery Chemistry, and Geography.

Lithium-Ion Battery Recycling Market, By End-Use

• Automotive
• Non-Automotive

Based on End-Use, the market is segmented into Automotive and Non-Automotive. The Non-Automotive segment is further bifurcated into multiple sub-segments such as marine, industrial, electronics, etc. The automotive segment is expected to account for the highest market share. This can be attributed to an increased usage of these batteries in electric cars for propulsion. It is anticipated that the market for vehicle recycling will grow since these batteries have high energy density and are made of metals that are becoming increasingly rare in nature.

Lithium-Ion Battery Recycling Market, By Battery Chemistry

• Lithium-nickel Manganese Cobalt (Li-NMC)
• Lithium-iron Phosphate (LFP)
• Lithium-manganese Oxide (LMO)
• Lithium-titanate Oxide (LTO)
• Lithium-nickel Cobalt Aluminum Oxide (NCA)

Based on Battery Chemistry, the market is segmented into 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). The Lithium-nickel Manganese Cobalt (Li-NMC) segment is anticipated to account for the highest market share. This can be attributed to the increasing usage of these batteries for a varied numb

Lithium-Ion Battery Recycling Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, the Global Lithium-Ion Battery Recycling Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America holds the largest market share owing to the stringent regulations of regulatory bodies. In addition, early adoption of the latest technologies and methods of recycling is prevalent in North America. This can also be attributed to the market share of North America.

Key Players

The “Global Lithium-Ion Battery Recycling Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Umicore, Recupyl Sas, Glencore International AG, Neometals Ltd., Retriev Technologies Inc., Li-Cycle Corp, Raw Materials Company Inc, Sitrasa, International Metals Reclamation Company LLC, and American Manganese Inc. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In March 2022, Battery Solutions, one of the leading eco-friendly, end-to-end management solutions for battery and consumer electronics end-of-life in North America, was acquired by Retriev Technologies in March 2022. The two complimentary industry experts that came together to form the combined offering produced North America’s first and only complete battery management solution. Battery recycling and sorting facilities are part of Retriev’s activities in Trail, British Columbia, Lancaster and Baltimore, Ohio, and Brea, California. Battery Solutions’ 95,000-square-foot facility in Wixom, Michigan, and a 60,000-square-foot facility in Mesa, Arizona, adding processing, sorting, fulfillment, logistics, and storage solutions.
• In an effort to close the raw materials gap the automotive industry is experiencing, Fortum established Fortum Batteries Recycling GmbH in Germany in September 2022. The company’s goal is to deliver safe and sustainable electric vehicle (EV) battery recycling in central Europe. According to the battery recycling technology company, their recently founded company in Germany seeks to fulfil the increased demand for battery raw materials from the European automotive and battery manufacturing industries. By the end of 2022, the industrial cluster in Baden-Wurttenberg, southern Germany, is planned to be home to the new recycling hub for “end-of-life” lithium-ion (li-ion) batteries and wastes from battery manufacture.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Lithium-Ion Battery Recycling Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Lithium-Ion Battery Recycling Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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