New York, United States , July 04, 2023 (GLOBE NEWSWIRE) -- The Global Lithium-Ion Battery Recycling Market Size is to grow from USD 5.25 billion in 2022 to USD 26.56 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 17.6% during the forecast period.
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Lithium-ion battery recycling is a crucial process that aims to recover valuable materials from used batteries, minimize environmental impact, and conserve resources. With the increasing use of lithium-ion batteries in electric vehicles, portable electronics, and renewable energy storage systems, recycling has become essential. The process typically involves collection, disassembly, sorting, and treatment, utilizing advanced technologies to extract valuable components like lithium, cobalt, and nickel. These materials can be reused in the production of new batteries or other applications, reducing the need for mining raw materials. By recycling lithium-ion batteries, we not only mitigate environmental hazards but also contribute to a circular economy and sustainable development.
Report Coverage
This research report categorizes the market for lithium-ion battery recycling market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Lithium-ion battery recycling market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the lithium-ion battery recycling market.
Browse key industry insights spread across 200 pages with 100 Market data tables and figures & charts from the report on, "Global Lithium-Ion Battery Recycling Market Size, Share, and COVID-19 Impact Analysis, By Source (Automotive and Non-automotive), By Component (Active Material and Non-active Material), By Recycling Process (Hydrometallurgical Process, Pyrometallurgical Process, and Physical/Mechanical), By Battery-Chemistry (Lithium-nickel Manganese Cobalt, Lithium-iron Phosphate, Lithium-manganese Oxide, Lithium-titanate Oxide, and Lithium-nickel Cobalt Aluminum Oxide), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032". Get Detailed Report Description Here:
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The lithium-nickel manganese cobalt segment is expected to grow at a CAGR of around 18.3% during the forecast period.
Based on battery chemistry, the global lithium-ion battery recycling market is segmented into lithium-nickel manganese cobalt, lithium-iron phosphate, lithium-manganese oxide, lithium-titanate oxide, and lithium-nickel cobalt aluminum oxide. The lithium-nickel manganese cobalt (NMC) segment is anticipated to witness significant growth during the forecast period in the lithium-ion battery recycling market. This growth can be attributed to several factors due to NMC batteries being widely used in various applications, including electric vehicles and energy storage systems, due to their high energy density and performance. As the demand for electric vehicles and renewable energy storage continues to rise, the volume of used NMC batteries requiring recycling is expected to increase. Additionally, NMC batteries contain valuable metals like lithium, nickel, manganese, and cobalt, making their recycling economically viable and environmentally beneficial.
The active material segment held the largest market share with more than 49.4% in 2022.
Based on component, the global lithium-ion battery recycling market is segmented into active material and non-active material. The active material segment is anticipated to have the largest market share in the global lithium-ion battery recycling market. Active materials, including lithium, cobalt, nickel, and manganese, are crucial components responsible for energy storage in batteries. As the demand for these materials continues to rise in industries such as electric vehicles and renewable energy storage, the recycling of active materials from used batteries becomes essential. Recycling these valuable materials helps reduce the reliance on mining for raw materials and supports resource conservation.
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Asia-Pacific is predicted to grow at a highest CAGR of around 19.5% over the projected period.
Based on region, Asia-Pacific is predicted to experience the highest growth in the lithium-ion battery recycling market during the forecast period. Several factors contribute to this projection because the region is a significant hub for battery manufacturing, with countries like China, Japan, and South Korea leading the industry. This concentration of battery production creates a substantial volume of used batteries that need recycling. The growing adoption of electric vehicles and renewable energy systems in countries like China and India is driving the demand for battery recycling infrastructure. Additionally, governments in the region are implementing policies and incentives to promote sustainable practices, including battery recycling. As a result, Asia-Pacific is expected to witness significant growth in the lithium-ion battery recycling market, reflecting its expanding industrial and environmental priorities.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global lithium-ion battery recycling market include American Battery Technology Company, ACCUREC Recycling GmbH, Cirba Solutions, Contemporary Amperex Technology Co., Limited, Ecobat, Fortum, GEM Co., Ltd., Glencore, Li-Cycle Corp., Neometals Ltd., Redwood Materials Inc., RecycLiCo Battery Materials Inc., Stena Recycling, TES, The International Metals Reclamation Company, and Umicore.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global lithium-ion battery recycling market based on the below-mentioned segments:
Lithium-Ion Battery Recycling Market, By Source
- Automotive
- Non-automotive
Lithium-Ion Battery Recycling Market, By Component
- Active Material
- Non-active Material
Lithium-Ion Battery Recycling Market, By Recycling Process
- Hydrometallurgical Process
- Pyrometallurgical Process
- Physical/Mechanical
Lithium-Ion Battery Recycling Market, By Battery Chemistry
- Lithium-nickel Manganese Cobalt
- Lithium-iron Phosphate
- Lithium-manganese Oxide
- Lithium-titanate Oxide
- Lithium-nickel Cobalt Aluminum Oxide
Lithium-Ion Battery Recycling Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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