Jersey City, NJ, Jan. 29, 2024 (GLOBE NEWSWIRE) -- “Lithium-ion Battery Recycling Market” in terms of revenue was estimated to be worth $6.9 billion in 2023 and is poised to reach $26.7 billion by 2031, growing at a CAGR of 18.65% from 2024 to 2031 according to a new report by InsightAce Analytic.
Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Lithium-ion Battery Recycling Market are:
- Increasing Use of Lithium-ion Batteries in several industries
- Ongoing advancements in recycling technologies
- Rising Circular Economy Initiatives
The following are the primary obstacles to the Lithium-ion Battery Recycling Market's expansion:
- Economic feasibility of lithium-ion battery recycling
- Lack of Standardization
- Limited Recycling Infrastructure
Future expansion opportunities for the global Lithium-ion Battery Recycling Market include:
- Rising Demand for Electric Vehicles (EVs)
- Government Incentives and Policies
- Strategic Partnerships and Collaborations
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Market Analysis:
The lithium-ion battery recycling industry offers numerous prospects for growth and innovation, spurred by rising demand for sustainable practices and the need to address environmental concerns. Accumulators and batteries play an important role in providing a consistent power supply for everyday operations in a variety of applications. Various governments and organizations throughout the world have established severe criteria and requirements for treating the materials used in lithium-ion battery recycling chemistry. This aspect is expected to boost the growth of the worldwide lithium-ion battery recycling market.
List of Prominent Players in the Lithium-ion Battery Recycling Market:
- 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
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 | By Battery Chemistry, Source, Recycling Process And End-Use |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Recent Developments:
- In April 2023, Fortum Battery Recycling launched EV battery recycling operations in Kirchardt, Germany. Fortum's location in Germany allows them to provide services for collecting and processing end-of-life batteries and production scrap in close proximity to central European customers.
- March 2023, Fortum Battery Recycling established its EV battery recycling facilities in Kirchardt, Germany, to provide services for the collecting and processing of end-of-life batteries and manufacturing scrap near central European customers. The German hub can pre-treat approximately 3,000 tonnes of batteries per year and is connected to the Harjavalta location, where the hydrometallurgical process takes place.
- In February 2023, The US Department of Energy awarded Li-Cycle a USD 375 million loan to establish a recycling facility for critical battery materials near Rochester, New York, for lithium-ion batteries. Much of the attention has been focused on mining since, while the United States has an excess of lithium, extracting it from the ground is costly, and such projects typically face local opposition.
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Lithium-ion Battery Recycling Market Dynamics:
Market Drivers: Increasing Use of Lithium-ion Batteries in Several Industries
The electricity industry is expanding rapidly due to the demand for energy storage solutions as a result of policy-level initiatives to boost renewable power generation and the widespread deployment of electric vehicles. Furthermore, advances in battery technologies, which lead to the development of technologically advanced batteries by manufacturers, are likely to create a massive opportunity for battery recycling companies to invest and redirect their resources to develop a breakthrough battery recycling technology. This is expected to drive the market in the coming years.
Challenges: Economic Feasibility of Lithium-ion Battery Recycling
The lithium-ion battery recycling market has various problems that may impede its growth and development. Building new recycling facilities necessitates significant capital investment as well as dedicated collection and supply lines, both of which might hinder industry expansion. Furthermore, the lack of an appropriate legislative framework in certain developing countries to extract battery materials, combined with the increased recycling of other batteries, such as lead-acid batteries, may provide a challenge to market expansion.
Asia Pacific Is Expected To Grow With The Highest CAGR During The Forecast Period
Asia Pacific Lithium-ion Battery Recycling Market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. The advent of new and exciting sectors, including electric vehicles and energy storage systems (ESS) for both commercial and residential applications, is increasing demand for LIB. Furthermore, ESS combined with renewables such as wind, solar, or hydro is technically and commercially required to provide grid stability, hence promoting the LIB market. China is the largest market for electric vehicles, accounting for over 40% of global sales. China is making efforts to minimize air pollution in the country, and electric car sales are likely to expand rapidly, resulting in a high demand for LIB.
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Segmentation of Lithium-ion Battery Recycling Market-
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-Use-
- Automotive
- Non-Automotive
- Industrial
- Power
- Marine
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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