Global Lithium-Ion Battery Recycling Market Overview
The global Lithium-Ion Battery Recycling Market was valued at USD 1.9 BN in 2023 and is expected to reach USD 18 BN by 2032 with a CAGR of 35% between 2024 - 2032. By Volume, the market was stood 5,595 Tons in 2023 and is expected to grow at a CAGR of 32% during the forecast period. The use of Lithium-Ion Battery is inescapable in most battery-powered electronic gadgets like telephones, tablets, workstations. However, the environmental impact of these batteries is a significant concern as they have reactive alkali metal. Most used Lithium-Ion Battery end up in landfills. Thus, the importance of battery recycling has been aroused.
The recycling process recovers cobalt, nickel, copper, and aluminum from spent battery cells and a significant share of lithium. Recycling processes can recover approximately 25% to 96% of a lithium-ion battery cell's materials, depending on the separation technology. Energy-saving and recycling solutions for lithium-ion batteries can reduce the carbon footprint significantly.
Electric vehicles (EVs) are gaining huge demand in recent times. Electric vehicles are driven by one or more electric motors powered by rechargeable battery packs. EVs possess numerous advantages over conventional vehicles, such as energy efficiency, eco-friendliness, and cost around USD 360 a year to operate compared to USD 3600 for gasoline. The demand for electric vehicles is majorly fueled by a rapidly rising demand for fuel-efficient, high-performance, and low-emission vehicles. Moreover, increasing drift towards a reduction in vehicular emission due to stringent rules & regulations in numerous countries and the growth of public charging infrastructure in China, France, Norway, and other developed economies is likely to propel the growth of electric vehicles in the forecast period. From the EVs sold globally in 2017 alone, the waste from the spent lithium-ion batteries could be about 250,000 tons or half a million cubic meters. As more batteries are manufactured to keep up with the increasing demand for EVs, the recovery of the critical materials in these batteries will be vital to create a circular, sustainable industry and to manage waste. This, in turn, is expected to drive the growth of the lithium-ion battery recycling industry.
When lithium-ion batteries used in electric vehicles come to its active life, it still possesses 80% of its charge. Although its active life ended for EV, it can be used in many other applications such as energy storage. This way, second-life batteries could be used for an extended period of around ten years. Reuse of batteries is less costly than to recycle it. It can hamper the growth of the recycling industry to some extent. However, changes in regulation worldwide to increase the recovery of valuable materials from the recycling of lithium-ion batteries could present new growth opportunities for the industry participants.
SNAM (France), Umicore (Belgium), Sumitomo Metal Mining Co. Ltd. (Japan), Lithion Recycling Inc. (Canada), BATREC INDUSTRIE AG (Switzerland), American Zinc Recycling Corp (U.S.), Fortum (Finland), DOWA ECO-SYSTEM Co. Ltd. (Japan), Li-Cycle Corp. (Canada), Neometals Ltd (Australia), ACCUREC Recycling GmbH (Germany), AkkuSer (Finland), San Lan Technologies Co. Ltd (China), Duesenfeld (Germany), Glencore (Switzerland), Redux GmbH (Germany), uRecycle Group (Finland), Retriev Technologies Inc. (Canada) are few of the companies functioning in the global lithium-ion battery recycling market. The Li-ion battery recycling market is growing and attracting more and more players.
In this market research report, the market is segmented by end use, battery chemistry and region.
Analysis by End-Use
Based on end-user, the market is bifurcated into automotive and non-automotive. The automotive segment leads the battery recycling market in 2019 and is likely to witness substantial growth during the forecast period. This growth is mainly attributed to the rising use of automobiles and the growing number of government regulations related to battery recycling. Additionally, there is an increasing demand for automotive batteries in emerging regions, such as the Asia Pacific, thus enhancing the growth of the automotive batteries segment.
Analysis by Battery Chemistry
Based on battery chemistry, the market has been 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 lead-acid segment is likely to lead the market in terms of volume and value during the forecast period. Rising usage of lead-acid batteries in many applications and factors like simplicity, cost-effectiveness, and energy efficiency, are driving the growth of this segment.
Analysis by Region
Based on the region, the global Lithium-Ion battery recycling market has been categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific is leading the market, accounting for more than 35% market share in terms of both volume and revenue in 2019 and is expected to maintain its position over the forecast period. The Asia Pacific region covers China, Japan, India, and other countries. China and India are one of the fastest-growing countries globally. The rising demand for lithium-ion batteries, due to the rising population and its need for industrial applications. In addition, the increasing adoption of electric vehicles in China and Japan is also boosting demand during the forecast period.
Market Segmentation covered in the Report
By Chemistry
By Source
By Process
By Region
1 . PREFACE
1.1. Report Description
1.1.1. Objective
1.1.2. Target Audience
1.1.3. Unique Selling Proposition (USP) & offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Market Research Process
1.3.2. Market Research Methodology
2 . EXECUTIVE SUMMARY
2.1. Highlights of Market
2.2. Global Market Snapshot
3 . LITHIUM-ION BATTERY RECYCLING – INDUSTRY ANALYSIS
3.1. Introduction - Market Dynamics
3.2. Market Drivers
3.3. Market Restraints
3.4. Opportunities
3.5. Industry Trends
3.6. Porter’s Five Force Analysis
3.7. Market Attractiveness Analysis
3.7.1 Market Attractiveness Analysis By Chemistry
3.7.2 Market Attractiveness Analysis By Source
3.7.3 Market Attractiveness Analysis By Process
3.7.4 Market Attractiveness Analysis By Region
4 . VALUE CHAIN ANALYSIS
4.1. Value Chain Analysis
4.2. Raw Material Analysis
4.2.1. List of Raw Materials
4.2.2. Raw Material Manufactures List
4.2.3. Price Trend of Key Raw Materials
4.3. List of Potential Buyers
4.4. Marketing Channel
4.4.1. Direct Marketing
4.4.2. Indirect Marketing
4.4.3. Marketing Channel Development Trend
5 . GLOBAL LITHIUM-ION BATTERY RECYCLING MARKET ANALYSIS BY CHEMISTRY
5.1 Overview by Chemistry
5.2 Historical and Forecast Data
5.3 Analysis by Chemistry
5.4 Lithium Cobalt Oxide Historic and Forecast Sales by Regions
5.5 Lithium Iron Phosphate Historic and Forecast Sales by Regions
5.6 Lithium Manganese Oxide Historic and Forecast Sales by Regions
5.7 Lithium Nickel Cobalt Aluminum Oxide Historic and Forecast Sales by Regions
5.8 Lithium Nickel Manganese Cobalt Oxide Historic and Forecast Sales by Regions
6 . GLOBAL LITHIUM-ION BATTERY RECYCLING MARKET ANALYSIS BY SOURCE
6.1 Overview by Source
6.2 Historical and Forecast Data
6.3 Analysis by Source
6.4 Electronic ...
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