New York, United States, June 20, 2023 (GLOBE NEWSWIRE) -- Lithium-ion batteries have a high energy density and are rechargeable in nature. These batteries are used in portable electronic gadgets, electric cars, and other industrial energy storage applications. Most lithium-ion batteries are disposed of in landfills after their life cycle. It is critical to recycle them to reduce the pollution caused by these dangerous batteries. However, while battery recycling was once thought to be a legislative activity, it is now a more profitable way to recover metals by recycling various batteries, including lead-acid, lithium-ion, and nickel-metal hydride.
The global lithium-ion battery market is expected to proliferate in the coming years because of the increased use of various automobiles, such as electric and hybrid vehicles. This, in turn, is expected to fuel the growth of the lithium-ion battery recycling market.
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Environmental Pollution Through the Disposal of Batteries to Drive the Global Lithium-Ion Battery Recycling Market
Batteries are made up of metals and other toxic materials that are incredibly harmful to the environment. As a result, battery recycling is no longer just about repurposing metals; it is also necessary. Since batteries emit hazardous chemicals, they pose a potential toxic risk to aquatic ecosystems. Corrosive liquids and dissolved metals are released due to improper handling and careless battery waste management, posing a severe threat to plants and animals. As a result, battery recycling is a way to eliminate these negative consequences, but it also has the added benefit of repurposing recycled metal. As a result, the high risk of battery disposal is a primary factor driving the demand for battery recycling, which causes the market's growth.
Higher Energy Efficiency Requirements and Widescale Adoption of Electric Vehicles to Create New Opportunities for the Global Lithium-Ion Battery Recycling Market
Technological advancements have added new features to these devices in today's business environment, increasing battery consumption. Due to increased processor utilization, various applications and additional features such as games, cameras, music players, and video players require more energy. As a result, the energy requirements of these devices are higher, and they need a high-capacity battery that can last longer, driving up demand for lithium-ion batteries. Furthermore, during the forecast period, an increase in consumer gadget applications is expected to create numerous opportunities for the lithium-ion battery recycling market.
Impact of COVID-19
COVID-19 had a negative influence on various businesses and governments around the world. A decline in the growth rate of companies such as construction and building, transportation, oil and gas, and energy has been observed globally due to the imposed lockdown. As a result, the demand for various critical equipment and appliances with energy storage sections has decreased, which is projected to slow the growth of the lithium-ion battery recycling market in the coming year. To prevent the spread of coronavirus, European economies such as Germany, France, Spain, and Italy have implemented strict measures to establish social distance and limit travel, resulting in the closure of production and recycling facilities. Moreover, consumer expenditure on electronics and electrical appliances, and automobiles fell throughout the epidemic. As a result of these reasons, the global lithium-ion battery recycling market grew slowly in 2020.
Report Scope
Report Metric | Details |
Market Size | USD 38 billion by 2030 |
CAGR | 36% |
Historical Data | 2019-2020 |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Battery Chemistry, By Source, By Recycling Process, By End-User |
Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
Key Companies Profiled/Vendors | Ganfeng Lithium Co., Ltd., American Battery Technology Company, Accuracy Recycling GmbH, Akkuser Oy, Duesenfeld GmbH, Li-Cycle Corp., Fortum Corporation, Retriev Technologies, Inc., Lithion Recycling, Inc., Umicore. |
Key Market Opportunities |
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Key Market Drivers |
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Regional Insights
Europe garnered a dominant market share in 2021 and is anticipated to maintain this trend during the forecast period. It is estimated to grow at a CAGR of 39.9%. This is due to many reasons, like a large consumer base and the presence of key players in the region. Furthermore, environmental regulations and the rapid growth of the electric vehicle industry in the region are expected to boost the lithium-ion battery recycling market in Europe.
Asia-Pacific grows at the highest rate in revenue in the lithium-ion battery recycling market. It is estimated to grow at a CAGR of 40.8% during the lithium-ion battery recycling forecast period. The major contributors to this region's market growth are China, Japan, India, South Korea, and Australia. Furthermore, the rapid growth of the Asia-population Pacific and its economy propels the lithium-ion battery industry, which will increase demand for battery recycling in the region.
Key Highlights
- The global lithium-ion battery recycling market size is estimated to reach an expected value of USD 38 billion by 2030, growing at a CAGR of 36% during the forecast period (2022–2030).
- Depending on battery chemistry, the market is categorized into lithium-iron-phosphate, lithium-manganese oxide, lithium-nickel-cobalt-aluminum oxide, lithium-nickel-manganese-cobalt, and lithium-titanate oxide. The lithium-manganese oxide segment dominates the market. It is estimated to grow at a CAGR of 40%.
- By source, the market is classified into electric vehicles, electronics, power tools, and others. The electronics segment dominated the market. It is estimated to grow at a CAGR of 38.8%. The growing popularity of portable devices is a significant driver of lithium-ion battery adoption in consumer electronics devices.
- Based on the recycling process, the market is fragmented into the hydrometallurgical process, physical/mechanical process, and pyrometallurgy process. The hydrometallurgical process segment dominated the market. It is estimated to grow at a CAGR of 39.7%. Advantages associated with the hydrometallurgical recycling process compared to other methods, such as low-cost, low temperatures, high energy efficiency, and less environmental pollution, are anticipated to fuel the growth of the lithium-ion battery recycling market during the forecast period.
- Based on end-user, the market is bifurcated into automotive and non-automotive. The non-automotive fired segment held the largest share. It is estimated to grow at a CAGR of 39.7%. A rise in demand for lithium-ion batteries in consumer electronics applications as their second life use, owing to retained high purity associated with lithium metal after recycling, is expected to fuel the growth of the lithium-ion battery recycling market during the forecast period.
Top Key Players of Lithium-Ion Battery Recycling Market
- Ganfeng Lithium Co. Ltd.
- American Battery Technology Company
- Accuracy Recycling GmbH
- Akkuser Oy
- Duesenfeld GmbH
- Li-Cycle Corp.
- Fortum Corporation
- Retriev Technologies Inc.
- Lithion Recycling Inc.
- Umicore
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Global Lithium-Ion Battery Recycling Market: Segmentation
By Battery Chemistry
- Lithium-Iron Phosphate
- Lithium-Manganese Oxide
- Lithium-Nickel-Cobalt-Aluminum Oxide
- Lithium-Nickel-Manganese Cobalt
- Lithium-Titanate Oxide
By Source
- Electric Vehicles
- Electronics
- Power Tools
- Others
By Recycling Process
- Hydrometallurgical Process
- Physical/Mechanical Process
- Pyrometallurgy Process
By End-User
- Automotive
- Non-Automotive
- Industrial
- Consumer Electronics
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
TABLE OF CONTENT
- EXECUTIVE SUMMARY
- RESEARCH SCOPE & SEGMENTATION
- Research Objectives
- Market Definition
- Limitations & Assumptions
- Market Scope & Segmentation
- Currency & Pricing Considered
- MARKET OPPORTUNITY ASSESSMENT
- Emerging Regions / Countries
- Emerging Companies
- Emerging Applications / End Use
- Investment Landscape
- New Business Models / Revenue Streams
- TAM
- MARKET TRENDS
- Drivers
- Market Warning Factors
- Latest Macro Economic Indicators
- Geopolitical Impact
- Human Factors
- Technology Factors
- MARKET ASSESSMENT
- Porters Five Forces Analysis
- Value Chain Analysis
- Raw Material Analysis
- Sales And Distribution Channel Analysis
- Trade Analysis
- Patent Analysis
- M & A Agreements & Collabration Analysis
- Export Import Analysis
- Cost Structure Analysis
- ESG TRENDS
- GLOBAL LITHIUM-ION BATTERY RECYCLING MARKET SIZE ANALYSIS
- Global Lithium-Ion Battery Recycling Market Introduction
- By Battery Chemistry
- Introduction
- Battery Chemistry By Value
- Lithium-Iron Phosphate
- By Value
- Lithium-Manganese Oxide
- By Value
- Lithium-Nickel-Cobalt-Aluminum Oxide
- By Value
- Lithium-Nickel-Manganese Cobalt
- By Value
- Lithium-Titanate Oxide
- By Value
- Introduction
- By Source
- Introduction
- Source By Value
- Electric Vehicles
- By Value
- Electronics
- By Value
- Power Tools
- By Value
- Others
- By Value
- Introduction
- By Recycling Process
- Introduction
- Recycling Process By Value
- Hydrometallurgical Process
- By Value
- Physical/Mechanical Process
- By Value
- Pyrometallurgy Process
- By Value
- Introduction
- By End-User
- Introduction
- End-User By Value
- Automotive
- By Value
- Non-Automotive
- By Value
- Industrial
- By Value
- Consumer Electronics
- By Value
- Introduction
- NORTH AMERICA MARKET ANALYSIS
- Introduction
- By Battery Chemistry
- Introduction
- Battery Chemistry By Value
- Lithium-Iron Phosphate
- By Value
- Lithium-Manganese Oxide
- By Value
- Lithium-Nickel-Cobalt-Aluminum Oxide
- By Value
- Lithium-Nickel-Manganese Cobalt
- By Value
- Lithium-Titanate Oxide
- By Value
- Introduction
- By Source
- Introduction
- Source By Value
- Electric Vehicles
- By Value
- Electronics
- By Value
- Power Tools
- By Value
- Others
- By Value
- Introduction
- By Recycling Process
- Introduction
- Recycling Process By Value
- Hydrometallurgical Process
- By Value
- Physical/Mechanical Process
- By Value
- Pyrometallurgy Process
- By Value
- Introduction
- By End-User
- Introduction
- End-User By Value
- Automotive
- By Value
- Non-Automotive
- By Value
- Industrial
- By Value
- Consumer Electronics
- By Value
- Introduction
- U.S.
- By Battery Chemistry
- Introduction
- Battery Chemistry By Value
- Lithium-Iron Phosphate
- By Value
- Lithium-Manganese Oxide
- By Value
- Lithium-Nickel-Cobalt-Aluminum Oxide
- By Value
- Lithium-Nickel-Manganese Cobalt
- By Value
- Lithium-Titanate Oxide
- By Value
- Introduction
- By Source
- Introduction
- Source By Value
- Electric Vehicles
- By Value
- Electronics
- By Value
- Power Tools
- By Value
- Others
- By Value
- Introduction
- By Recycling Process
- Introduction
- Recycling Process By Value
- Hydrometallurgical Process
- By Value
- Physical/Mechanical Process
- By Value
- Pyrometallurgy Process
- By Value
- Introduction
- By End-User
- Introduction
- End-User By Value
- Automotive
- By Value
- Non-Automotive
- By Value
- Industrial
- By Value
- Consumer Electronics
- By Value
- Introduction
- By Battery Chemistry
- Canada
- EUROPE MARKET ANALYSIS
- Introduction
- By Battery Chemistry
- Introduction
- Battery Chemistry By Value
- Lithium-Iron Phosphate
- By Value
- Lithium-Manganese Oxide
- By Value
- Lithium-Nickel-Cobalt-Aluminum Oxide
- By Value
- Lithium-Nickel-Manganese Cobalt
- By Value
- Lithium-Titanate Oxide
- By Value
- Introduction
- By Source
- Introduction
- Source By Value
- Electric Vehicles
- By Value
- Electronics
- By Value
- Power Tools
- By Value
- Others
- By Value
- Introduction
- By Recycling Process
- Introduction
- Recycling Process By Value
- Hydrometallurgical Process
- By Value
- Physical/Mechanical Process
- By Value
- Pyrometallurgy Process
- By Value
- Introduction
- By End-User
- Introduction
- End-User By Value
- Automotive
- By Value
- Non-Automotive
- By Value
- Industrial
- By Value
- Consumer Electronics
- By Value
- Introduction
- U.K.
- By Battery Chemistry
- Introduction
- Battery Chemistry By Value
- Lithium-Iron Phosphate
- By Value
- Lithium-Manganese Oxide
- By Value
- Lithium-Nickel-Cobalt-Aluminum Oxide
- By Value
- Lithium-Nickel-Manganese Cobalt
- By Value
- Lithium-Titanate Oxide
- By Value
- Introduction
- By Source
- Introduction
- Source By Value
- Electric Vehicles
- By Value
- Electronics
- By Value
- Power Tools
- By Value
- Others
- By Value
- Introduction
- By Recycling Process
- Introduction
- Recycling Process By Value
- Hydrometallurgical Process
- By Value
- Physical/Mechanical Process
- By Value
- Pyrometallurgy Process
- By Value
- Introduction
- By End-User
- Introduction
- End-User By Value
- Automotive
- By Value
- Non-Automotive
- By Value
- Industrial
- By Value
- Consumer Electronics
- By Value
- Introduction
- By Battery Chemistry
- Germany
- France
- Spain
- Italy
- Russia
- Nordic
- Benelux
- Rest Of Europe
- APAC MARKET ANALYSIS
- Introduction
- By Battery Chemistry
- Introduction
- Battery Chemistry By Value
- Lithium-Iron Phosphate
- By Value
- Lithium-Manganese Oxide
- By Value
- Lithium-Nickel-Cobalt-Aluminum Oxide
- By Value
- Lithium-Nickel-Manganese Cobalt
- By Value
- Lithium-Titanate Oxide
- By Value
- Introduction
- By Source
- Introduction
- Source By Value
- Electric Vehicles
- By Value
- Electronics
- By Value
- Power Tools
- By Value
- Others
- By Value
- Introduction
- By Recycling Process
- Introduction
- Recycling Process By Value
- Hydrometallurgical Process
- By Value
- Physical/Mechanical Process
- By Value
- Pyrometallurgy Process
- By Value
- Introduction
- By End-User
- Introduction
- End-User By Value
- Automotive
- By Value
- Non-Automotive
- By Value
- Industrial
- By Value
- Consumer Electronics
- By Value
- Introduction
- China
- By Battery Chemistry
- Introduction
- Battery Chemistry By Value
- Lithium-Iron Phosphate
- By Value
- Lithium-Manganese Oxide
- By Value
- Lithium-Nickel-Cobalt-Aluminum Oxide
- By Value
- Lithium-Nickel-Manganese Cobalt
- By Value
- Lithium-Titanate Oxide
- By Value
- Introduction
- By Source
- Introduction
- Source By Value
- Electric Vehicles
- By Value
- Electronics
- By Value
- Power Tools
- By Value
- Others
- By Value
- Introduction
- By Recycling Process
- Introduction
- Recycling Process By Value
- Hydrometallurgical Process
- By Value
- Physical/Mechanical Process
- By Value
- Pyrometallurgy Process
- By Value
- Introduction
- By End-User
- Introduction
- End-User By Value
- Automotive
- By Value
- Non-Automotive
- By Value
- Industrial
- By Value
- Consumer Electronics
- By Value
- Introduction
- By Battery Chemistry
- Korea
- Japan
- India
- Australia
- Taiwan
- South East Asia
- Rest Of Asia-Pacific
- MIDDLE EAST AND AFRICA MARKET ANALYSIS
- Introduction
- By Battery Chemistry
- Introduction
- Battery Chemistry By Value
- Lithium-Iron Phosphate
- By Value
- Lithium-Manganese Oxide
- By Value
- Lithium-Nickel-Cobalt-Aluminum Oxide
- By Value
- Lithium-Nickel-Manganese Cobalt
- By Value
- Lithium-Titanate Oxide
- By Value
- Introduction
- By Source
- Introduction
- Source By Value
- Electric Vehicles
- By Value
- Electronics
- By Value
- Power Tools
- By Value
- Others
- By Value
- Introduction
- By Recycling Process
- Introduction
- Recycling Process By Value
- Hydrometallurgical Process
- By Value
- Physical/Mechanical Process
- By Value
- Pyrometallurgy Process
- By Value
- Introduction
- By End-User
- Introduction
- End-User By Value
- Automotive
- By Value
- Non-Automotive
- By Value
- Industrial
- By Value
- Consumer Electronics
- By Value
- Introduction
- UAE
- By Battery Chemistry
- Introduction
- Battery Chemistry By Value
- Lithium-Iron Phosphate
- By Value
- Lithium-Manganese Oxide
- By Value
- Lithium-Nickel-Cobalt-Aluminum Oxide
- By Value
- Lithium-Nickel-Manganese Cobalt
- By Value
- Lithium-Titanate Oxide
- By Value
- Introduction
- By Source
- Introduction
- Source By Value
- Electric Vehicles
- By Value
- Electronics
- By Value
- Power Tools
- By Value
- Others
- By Value
- Introduction
- By Recycling Process
- Introduction
- Recycling Process By Value
- Hydrometallurgical Process
- By Value
- Physical/Mechanical Process
- By Value
- Pyrometallurgy Process
- By Value
- Introduction
- By End-User
- Introduction
- End-User By Value
- Automotive
- By Value
- Non-Automotive
- By Value
- Industrial
- By Value
- Consumer Electronics
- By Value
- Introduction
- By Battery Chemistry
- Turkey
- Saudi Arabia
- South Africa
- Egypt
- Nigeria
- Rest Of MEA
- LATAM MARKET ANALYSIS
- Introduction
- By Battery Chemistry
- Introduction
- Battery Chemistry By Value
- Lithium-Iron Phosphate
- By Value
- Lithium-Manganese Oxide
- By Value
- Lithium-Nickel-Cobalt-Aluminum Oxide
- By Value
- Lithium-Nickel-Manganese Cobalt
- By Value
- Lithium-Titanate Oxide
- By Value
- Introduction
- By Source
- Introduction
- Source By Value
- Electric Vehicles
- By Value
- Electronics
- By Value
- Power Tools
- By Value
- Others
- By Value
- Introduction
- By Recycling Process
- Introduction
- Recycling Process By Value
- Hydrometallurgical Process
- By Value
- Physical/Mechanical Process
- By Value
- Pyrometallurgy Process
- By Value
- Introduction
- By End-User
- Introduction
- End-User By Value
- Automotive
- By Value
- Non-Automotive
- By Value
- Industrial
- By Value
- Consumer Electronics
- By Value
- Introduction
- Brazil
- By Battery Chemistry
- Introduction
- Battery Chemistry By Value
- Lithium-Iron Phosphate
- By Value
- Lithium-Manganese Oxide
- By Value
- Lithium-Nickel-Cobalt-Aluminum Oxide
- By Value
- Lithium-Nickel-Manganese Cobalt
- By Value
- Lithium-Titanate Oxide
- By Value
- Introduction
- By Source
- Introduction
- Source By Value
- Electric Vehicles
- By Value
- Electronics
- By Value
- Power Tools
- By Value
- Others
- By Value
- Introduction
- By Recycling Process
- Introduction
- Recycling Process By Value
- Hydrometallurgical Process
- By Value
- Physical/Mechanical Process
- By Value
- Pyrometallurgy Process
- By Value
- Introduction
- By End-User
- Introduction
- End-User By Value
- Automotive
- By Value
- Non-Automotive
- By Value
- Industrial
- By Value
- Consumer Electronics
- By Value
- Introduction
- By Battery Chemistry
- Mexico
- Argentina
- Chile
- Colombia
- Rest Of LATAM
- COMPETITIVE ASSESSMENT
- Adoption Matrix
- Lithium-Ion Battery Recycling Market Share By Manufacturers
- Lithium-Ion Battery Recycling Market Ranking By Revenue For Manufacturers
- Average Price By Manufacturers
- Vendor Footprint Analysis
- MARKET PLAYERS ASSESSMENT
- Ganfeng Lithium Co., Ltd.
- Overview
- Business Information
- Revenue
- ASP
- Gross Margin
- Swot Analysis
- Recent Developmments
- American Battery Technology Company
- Accuracy Recycling GmbH
- Akkuser Oy
- Duesenfeld GmbH
- Li-Cycle Corp.
- Fortum Corporation
- Retriev Technologies, Inc.
- Lithion Recycling, Inc.
- Umicore.
- Ganfeng Lithium Co., Ltd.
- RESEARCH METHODOLOGY
- Research Data
- Secondary Data
- Major Secondary Sources
- Key Data From Secondary Sources
- Primary Data
- Key Data From Primary Sources
- Breakdown Of Primaries
- Secondary And Primary Research
- Key Industry Insights
- Secondary Data
- Market Size Estimation
- Bottom-Up Approach
- Top-Down Approach
- Market Projection
- Research Assumptions
- Assumptions
- Limitations
- Risk Assessment
- Research Data
- APPENDIX
- Discussion Guide
- Customization Options
- Related Reports
- DISCLAIMER
Table of Content and Figure @ https://straitsresearch.com/report/lithium-ion-battery-recycling-market/toc
Market News
- In June 2021, Li-Cycle Corp. partnered with Renewance to expand services for the energy storage market. This will strengthen the position of the company in the energy storage market.
- In May 2021, Li-Cycle Corp. signed an agreement with Ultium Cells LLC (a joint venture of General Motors and LG Energy Solution). This agreement aimed at recycling up to 100% of the scrap generated by battery cell manufacturing at Ultium's Lordstown, Ohio mega-factory
- In March 2021, Lithion Recycling, Inc. signed an agreement with Hyundai Canada. This agreement aimed to recycle hybrid, plug-in hybrid, and electric vehicle batteries made up of lithium-ion by implementing a newly developed Lithion process.
News Media
Global Battery Recycling Market Worth USD 18.96 Billion With a CAGR of 7.12%
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