USD 3.22 billion
Lithium-Ion Battery Recycling Market Size, Share, Growth Analysis, By Source (Automotive, Non-Automotive), By Battery Chemistry (LFP, NMC), By Battery Component, By Recycling Process, By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2413 |
Region:
Global |
Published Date: March, 2024
Pages:
157
|Tables:
93
|Figures:
71
Lithium-Ion Battery Recycling Market Insights
Global Lithium-Ion Battery Recycling Market size was valued at USD 3.22 billion in 2022 and is poised to grow from USD 3.79 billion in 2023 to USD 14.95 billion by 2031, growing at a CAGR of 21.6% in the forecast period (2024-2031).
Among various rechargeable technologies, the lithium-ion battery recycling is likely to dominate the market in the latter half of the forecast period close it, mainly because of the demand for lithium-ion batteries and its potential as such a better power-to-load ratio. Additionally, growing concerns about battery dumping and tighter government policies have been exacerbated as lithium-ion battery adoption has increased due to falling lithium-ion battery prices and electric vehicles with increasing acceptance, drive the Lithium-Ion Battery Recycling market during the forecast period.
However, materials for lithium-ion batteries are available at low cost, while the cost of recycling is high cost, lack of strong supply chain takes of recycled batteries, and limited production may restrain the growth of recycled batteries during the forecast period.
The market has witnessed various public and private players implementing significant expansion strategies to expand the Lithium-Ion Battery Recycling industry scenario to increase their recycling capacity. The establishment of a new recycling program is expected to significantly increase the sales volume of reusable lithium-ion batteries. It is also expected to meet the high-technology requirements for rechargeable lithium-ion batteries in the coming decades. For example, in December 2020, Canadian Li Cycle, a Li-ion battery recycling company, announced the opening of its new recycling plant in Rochester, New York They developed waste generation of the product so that the recovery rate is about 95%
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Lithium Cobalt Oxide (LCO)
Fastest Growth
lithium nickel cobalt aluminum oxide (NCA)
Growth Rate
21.6% CAGR
Global Lithium-Ion Battery Recycling Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Lithium-Ion Battery Recycling Market Segmental Analysis
Global Lithium-Ion Battery Recycling Market is segmented by Source, Battery Chemistry, Battery Component, Recycling Process and region. Based on Source, the market is segmented into Automotive, Non-Automotive. Based on Battery Chemistry, the market is segmented into Lithium-Nickel Manganese Cobalt (Li-NMC), Lithium-Ion Phosphate (LFP), Lithium-Manganese Oxide (LMO), Lithium-Titanate Oxide (LTO), Lithium-Nickel Cobalt Aluminum Oxide (NCA). Based on Battery Component, the market is segmented into Active Material, Non-Active Material. Based on Recycling Process, the market is segmented into Hydrometallurgical Process, Pyrometallurgy Process, Physical/ Mechanical Process. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Chemistry
The Lithium Cobalt Oxide (LCO) segment is expected to dominate the industry in terms of volume as well as revenue owing to the large installed base of these batteries Besides the availability of recoverable and affordable cobalt materials the greater presence will boost the industry.
The lithium nickel cobalt aluminum oxide (NCA) segment is also set to witness substantial growth due to availability of many older electric vehicle batteries at the end of life and, batteries, such as lithium-manganese-oxide (LMO) and lithium-nickel -manganese-cobalt-oxide (NMC). It is helped by the availability of widely interchangeable consumer electronics and electric car batteries.
Analysis by Source
The electric vehicle segment is dominating the market and set to account for a significant share of the lithium-ion battery recycling market share. The use of battery packs for electric vehicles is projected to increase dramatically due to the availability of a wide variety of vehicles such as cars, buses, bicycles, and much more.
Besides, a large share is also expected to come from the electronics segment owing to various factors such as benefits in recycling, dismantling of large equipment and replacement of long-lasting batteries.
Global Lithium-Ion Battery Recycling Market By Chemistry
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Lithium-Ion Battery Recycling Market Regional Insights
Asia Pacific will dominate the market as the region is a major hub for lithium-ion batteries. China, Japan and South Korea are all producers of lithium-ion batteries and generate significant amounts of waste from these batteries. Lithium-ion batteries have been used primarily in consumer electronics, such as mobile phones, notebooks and PCs, but are now increasingly being redeveloped for use as the power source of choice in hybrid and of all electric vehicles (EVs), due to factors such as lower environmental footprint, or other greenhouse gases. Another attractive market such as electric vehicle energy storage systems (ESS); emerging applications both Commercial and residential, is driving demand for LIBs. In addition, ESS and renewable energy sources, such as wind, solar, or hydro, are technically and commercially necessary to stabilize the grid and sustain the LIB phase.
North America is the fastest growing region in the global lithium-ion battery recycling market, as the demand for lithium-ion batteries is increasing due to the rapidly growing automotive industry. Furthermore, electric vehicles (EV) using lithium-ion batteries) Increased popularity, and growing environmental awareness in the region, which increasingly controls recycling, are factors the lithium- ion battery recycling market continues in the European region.
Global Lithium-Ion Battery Recycling Market By Region
- Largest
- Fastest
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Lithium-Ion Battery Recycling Market Dynamics
Drivers
- Growing Demand for Electric Vehicles to Unlock New Growth Potential
- The increasing popularity of electric vehicles is one of the main drivers of lithium-ion battery recycling. As more electric cars were developed and sold, the need for end-of-life recharge became more apparent. As environmental issues and the impact of greenhouse gases grew, there was a global push to adopt cleaner and more sustainable modes of transport for electric cars emerged as vehicle types suitable for replacing conventional internal combustion engines due to the lack of exhaust emissions. Continuous advances in battery technology and electric vehicle design have enabled EVs to have longer driving ranges, faster charging times and overall better efficiency. This has made electric vehicles both practical and many listeners are interested, which has increased the demand.
Rising Aid Conservation and Cloth Healing
- Lithium-ion battery recycling enables the recuperation of treasured materials like lithium metals. As this fabric is finite and pricey to extract from number one sources, recycling turns into an attractive strategy to preserve resources and reduce dependence on mining. The monetary price of this recovered material acts as a riding thing for the global lithium-ion battery recycling marketplace.
Restraints
Lack of Robust Policies in Some Countries may Hinder Market Growth
- Building new recycling centers requires significant capital expenditure and dedication to assembly & supply chains, the lack of which can restrain the growth of this market. Furthermore, lack of proper regulations for disposal of battery products in various developing countries could be a hindrance to market growth as alternative batteries such as lead batteries are increasingly used for recycling.
Lack of Adequate Recycling Infrastructure
- One of the full-size demanding situations for the lithium-ion battery recycling market is the insufficient infrastructure for amassing, sorting, and processing quit-of-lifestyles batteries. The restrained range of recycling centers and the lack of standardized approaches and regulations in a few regions pose a widespread barrier to efficient and considerable battery recycling.
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Lithium-Ion Battery Recycling Market Competitive Landscape
The competitive environment of the global Lithium-Ion Battery Recycling market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. The global market competitive landscape provides detailed information from competitors. Detailed information includes company overview, company financials, earnings, market potential, investment in research and development, new market strategy, global presence, manufacturing regions and locations of production, manufacturing capacity, company strengths and weaknesses, product launches, product expansion and expansion, application authority.
Top Player’s Company Profiles
- Glencore (Switzerland)
- Umicore (Belgium)
- Cirba Solutions (US)
- Contemporary Amperex Technology Co., Ltd. (China)
- RecycLiCo Battery Materials Inc. (Canada)
- Accurec Recycling GmbH (Germany)
- American Battery Technology Company (US)
- Ecobat (US)
- Fortum (Finland)
- Gem Co., Ltd (China)
- Aqua Metals, Inc. (US)
- Li-Cycle Corp (Canada)
- Neometals Ltd (Australia)
- Redwood Materials Inc (US)
- Stena Recycling (Sweden)
- SK Tes (Singapore)
- Velio (France)
- ENVIROSTREAM AUSTRALIA PTY LTD.
- BATTERY RECYCLING MADE EASY
- DUESENFELD GMBH
Recent Developments
- March 2023 - Fortum Battery Recycling launched its EV battery recycling program in Kirchardt, Germany to offer its services to store and recycle spent end-of-life batteries near central European customers The German center produces 3,000 units per year. It can pre-treat more than 000 tonnes of batteries and connect them to the Harjavalta site where the hydrometallurgy process takes place.
- February 2023 - Lee-Cycle announces U.S. The Department of Energy has provided a $375 million loan for lithium-ion batteries to create a recycling center for primary battery components near Rochester, New York Most of the attention has been focused on drilling because while the US has an abundance of lithium, It is then expensive to extract from the ground, and projects like this often face local opposition.
- April 2023 - Glencore, FCC Embito and Iberdrola jointly announce a partnership to provide large-scale lithium-ion battery recycling solutions to Spain and Portugal aiming to overcome one of the biggest medium- to long-term challenges handle in the region, lithium- ion batteries.
Lithium-Ion Battery Recycling Key Market Trends
Rise In the Technological Demand for Rechargeable Lithium-ion Batteries
- The market has witnessed various public and private players implementing significant expansion strategies to expand the Lithium-Ion Battery Recycling industry scenario to increase their recycling capacity. The establishment of a new recycling program is expected to significantly increase the sales volume of reusable lithium-ion batteries. It is also expected to lead to greater technological demand for rechargeable lithium-ion batteries in the coming decades.
Lithium-Ion Battery Recycling Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Accumulators and batteries play an important role in providing a reliable power source to facilitate daily operation in a wide range of applications. Governments and organizations around the world are enforcing stricter standards and standards for the chemistry of recyclable lithium-ion batteries. This material is likely to supply the global lithium-ion battery recycling market that has grown. The main activities in this market are collection and sorting of batteries, disassembly and disassembly, recovery of valuable materials using various recycling methods (such as hydrometallurgy pyrotechnics), recycled materials thoroughly cleaned, and subsequently sold or reused in battery manufacturing or other industries. The global lithium-ion battery recycling market is driven by factors such as increasing adoption of electric vehicles, the need for proper waste management and conservation, and regulatory frameworks mandating practices as it encourages and fulfills sustainability Provides opportunities for technological development, collaboration and sharing among industry stakeholders.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 3.22 billion |
| Market size value in 2031 | USD 14.95 billion |
| Growth Rate | 21.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Lithium-Ion Battery Recycling Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Lithium-Ion Battery Recycling Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Lithium-Ion Battery Recycling Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Lithium-Ion Battery Recycling Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Lithium-Ion Battery Recycling Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Lithium-Ion Battery Recycling Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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