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The Global Lithium-ion Battery Recycling Market Size is valued at 6.9 billion in 2022 and is predicted to reach 26.7 billion by the year 2031 at a 18.65% CAGR during the forecast period for 2024-2031.
Lithium-ion battery recycling refers to gathering lithium-ion batteries from various sources, such as automobiles, industrial equipment, consumer goods, and electronic devices, as well as the recovery of metals through recycling procedures. The global lithium-ion battery recycling market is anticipated to expand due to governmental laws, environmental safety, and public awareness.
Key Industry Insights & Findings from the Report:
- The rise in popularity of electric vehicles is one of the main driving factors for the lithium-ion battery recycling industry.
- Incentives and policies that promote the recycling of lithium-ion batteries encourage businesses and consumers to engage in recycling programs, boosting product demand.
- Asia Pacific dominated the market and accounted for a revenue share of global revenue in 2023.
- One of the significant concerns restraining industry growth is the absence of standardized procedures for collecting, transporting, and recycling lithium-ion batteries.
The availability of protective layers to reduce the risk of fire and short-circuiting, as well as the attractive design of batteries, are predicted to open up new growth potential in the global market. Furthermore, the battery recycling businesses will likely have a huge opportunity to invest in and refocus their resources to develop a breakthrough battery recycling technology due to advancements in battery technologies that result in the development of technologically advanced batteries being developed by manufacturers.
However, the market for lithium-ion battery recycling is constrained by the high capital costs associated with building new recycling facilities and the specialization of supply and collecting chains. Additionally, the increased recycling of other chemistries like lead-acid batteries and the lack of an appropriate legislative framework in many developing countries to remove battery materials may hinder the Lithium-ion Battery Recycling market expansion.
Recent Developments:
- In Feb 2022, Glencore and Britishvolt agreed to a strategic agreement to create a world-class battery recycling ecosystem in the UK.
- In July 2021, an announcement regarding plans to increase production and recycling capacities was made by Lohum Cleantech, a maker of lithium-ion batteries and a provider of recycling solutions. Over the next two years, the company intends to raise recycling capacity from 1,000 tonnes per annum (TPA) to 10,000 TPA and increase LIB output from 300 MWh to 1 GWh.
Competitive Landscape:
Some major the lithium-ion battery recycling market players are:
- Accurec Recycling Gmbh
- Akkuser Oy
- American Battery Technology Company
- American Manganese Inc.
- American Zinc Recycling
- Batrec Industrie Ag
- Battery Recycling Made Easy (Brme)
- Contemporary Amperex Technology Co., Limited
- Duesenfeld Gmbh
- Ecobat
- Envirostream Australia Pty Ltd
- Euro Dieuze Industrie (E.D.I.)
- Fortum Corporation
- Ganfeng Lithium Co., Ltd
- Gem Co., Ltd
- Glencore International Ag
- Li-Cycle Corp
- Lithion Recycling Inc.
- Metal Conversion Technologies (Mct)
- Neometals Ltd
- Onto Technology Llc
- Raw Materials Company (Rmc)
- Redwood Materials, Inc.
- Retriev Technologies Inc
- Sitrasa
- Smc Recycling
- Tata Chemicals Limited
- Tes
- Umicore
- Urecycle Group Oy
Market Segmentation:
The lithium-ion battery recycling market is segregated on the battery chemistry, source, recycling process and end-use. Based on battery chemistry, the market is segmented into lithium-iron phosphate, lithium-manganese oxide, lithium-nickel-cobalt-aluminum oxide, lithium-nickel-manganese cobalt and lithium-titanate oxide. Based on source, the market is segregated into electric vehicles, electronics, power tools and others. Based on the recycling process, lithium-ion battery recycling market is segmented into hydrometallurgical process, physical/mechanical process and pyrometallurgy process. Based on end-use, lithium-ion battery recycling market is segmented into automotive, non-automotive, industrial and consumer electronics.
Based On Source, The Electronics Segment Is Accounted As A Major Contributor To The Lithium-ion Battery Recycling Market
The powder category grabbed the highest revenue share, and it is anticipated that they will continue to hold that position during the anticipated time. This is a result of the increasing demand for cutting-edge consumer electronics products and the quick uptake of technology like cell phones and laptops. There are now lithium-ion batteries in almost all portable electronic devices. The consumer demand for applications with more computer power and smaller, thinner packages is also a factor in this segment's revenue growth. Additionally, in order to satisfy consumer demands, design engineers and component producers are increasingly looking for and putting into practise novel solutions.
The Automotive Segment Witnessed Growth At A Rapid Rate
The automotive category is anticipated to grow at a significant rate over the forecast period. This segment's market revenue growth is primarily driven by significant investments made by automakers in enhancing vehicle performance and efficiency. By 2035, major automakers like General Motors and others plan to market solely electric vehicles. Groups like the International Energy Association also prioritize electric vehicles to achieve net zero emissions by 2050. This is yet another crucial factor driving this sector's expansion of market revenue.
The Asia Pacific Lithium-ion Battery Recycling Market Holds A Significant Revenue Share In The Region
The Asia Pacific lithium-ion battery recycling market is expected to register the largest market share in revenue in the near future. The two main factors propelling market revenue growth in this area are the high adoption of photovoltaic systems in homes and commercial buildings and the growing demand for electric vehicles. In several of the nations in this area, the automobile industry is a significant consumer of lithium-ion batteries, which helps drive market revenue growth. In addition, North America is projected to grow at a rapid rate in the global lithium-ion battery recycling market due to the growing popularity of EVs. In essence, the region's developing economies' growing consumer understanding of EVs' environmental advantages is expected to spur industry growth. Manufacturers focus on recycling spent batteries to meet autos' demand for Li-ion batteries.
Lithium-ion Battery Recycling Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 6.9 Bn |
|
Revenue forecast in 2031 |
USD 26.7 Bn |
|
Growth rate CAGR |
CAGR of 18.65% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, Volume (Unit), and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Battery Chemistry, Source, Recycling Process And End-Use |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Ganfeng Lithium Co., Ltd., American Battery Technology Company, Accurec Recycling GmbH, Akkuser Oy, Duesenfeld GmbH, Li-Cycle Corp., Fortum Corporation, Retriev Technologies, Inc., Lithion Recycling, Inc., and Umicore |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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