Dublin, April 03, 2024 (GLOBE NEWSWIRE) -- The "Global Li-ion Battery Recycling Market: Analysis By Battery Chemistry, By Recycling Process, By End User, By Region, Size, Trends and Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The soaring demand for lithium-ion batteries across industries highlights the pressing need for effective battery disposal and recycling. Since 2010, the lithium-ion battery market has boomed, fueled by electric vehicles (EVs) and renewable energy storage. Sustainable management of these batteries is paramount due to their valuable components like lithium, cobalt, nickel, and graphite. Recycling these batteries not only reduces environmental impact but also conserves resources and decreases dependence on new materials. This process salvages critical materials, fostering a greener battery supply chain and mitigating manufacturing and disposal footprints.
The global li-ion battery recycling market was valued at US$4.97 billion in 2023, and is expected to be worth US$17.67 billion in 2029. The market is expected to grow at a CAGR of 23.54% over the years 2024-2029.
In the rapidly evolving landscape of battery recycling, several trends are poised to shape the market. Additionally, technological advancements in recycling processes, such as advanced sorting techniques and innovative metallurgical methods, are improving the efficiency and viability of battery recycling. Furthermore, the emergence of new business models, such as battery leasing and remanufacturing, presents opportunities for further integration of recycling practices into the battery value chain. With set targets to reduce the carbon footprint and greenhouse gas emissions, governments are continuously making efforts to combat extreme climatic conditions.
Market Segmentation Analysis:
By Battery Chemistry: Lithium-Manganese Oxide (LMO) batteries dominated the market in 2023. LMO batteries are known for their high discharge rates, making them ideal for applications requiring quick bursts of power, such as power tools, medical devices, and drones. The growing demand for high-powered cordless tools and the potential for second-life applications in stationary energy storage systems are expected to drive the future growth of LMO battery recycling. Lithium-iron phosphate battery recycling segment is anticipated to grow at the fastest CAGR during the forecasted period.
By Recycling Process: The Hydrometallurgical process accounted for the highest share in the li-ion battery recycling market. This recycling method involves the use of aqueous solutions to extract valuable metals from lithium-ion batteries. The process typically includes leaching, solvent extraction, precipitation, and purification steps to separate and recover metals such as lithium, cobalt, nickel, and copper. The hydrometallurgical process is known for its high metal recovery rates and ability to produce high-purity materials suitable for reuse in battery manufacturing. Simultaneously, physical/mechanical process segment is anticipated to exhibit the fastest CAGR during the forecasted period.
By End User: The non-automotive sector encompasses diverse fields like consumer electronics, energy storage, and industrial tools. Lithium-ion batteries power various devices, and their demand rises with global electronic consumption and renewable energy initiatives, fueling recycling needs and sustainability efforts. Simultaneously, automotive segment is anticipated to exhibit the fastest CAGR during the forecasted period.
By Region: In 2023, the Asia Pacific region led the li-ion battery recycling market, spurred by factors like consumer preference for NEV makers amid high gasoline prices, increasing launches of lower-priced plug-in hybrid electric vehicles, and intense competition. Governments in the region have implemented favorable policies for electric vehicles, enhancing demand. Rising consumer awareness of electric vehicle benefits also fuels market growth. With China, Japan, and India adopting more electric vehicles, and urbanization driving demand, lithium-ion battery use is projected to surge, propelling li-ion battery recycling demand. Favorable policies and technological advancements, especially in China and India, are bolstering the commercial and industrial sector, further driving demand for lithium-ion-based energy storage systems.
China dominates the electric vehicle market with 40% global sales, driven by efforts to combat air pollution. This surge fuels demand for lithium-ion batteries (LIB). China leads LIB production, with lithium output rising from 6,800 to 8,000 metric tons in 2018. Government policies promote recycling, fostering growth in the LIB recycling market amid rising demand.
Market Dynamics:
Growth Drivers: The market has been growing over the past few years, due to factors such as growing li-ion battery demand, increasing demand for electric vehicles, growing demand for energy storage, increasing environmental awareness, favorable government policies and incentives and favorable government policies and incentives. The surge in demand for lithium-ion batteries propels the Li-ion battery recycling market. These batteries are vital for energy storage in diverse fields, including renewables, grid storage, and aerospace. With the escalating use of solar and wind power, the necessity for reliable energy storage grows, driving lithium-ion battery demand. Recycling addresses resource scarcity concerns, recovering valuable materials and minimizing environmental impact to sustain battery supply chains amid rising demand.
Challenges: However, some challenges are also impeding the growth of the market such as high cost of recycling and dearth of technologies and safety issues related to the storage and transportation of spent batteries. The high cost of recycling and the dearth of advanced technologies pose significant challenges to the Li-ion battery recycling market. Recycling lithium-ion batteries involves complex processes such as dismantling, sorting, shredding, and chemical treatment to recover valuable materials like lithium, cobalt, and nickel. These processes require substantial investment in equipment, infrastructure, and skilled labor, contributing to the high cost of recycling. Additionally, the limited availability of cost-effective and efficient recycling technologies further exacerbates this challenge.
Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as growing demand for clean energy, technological advancements and higher energy efficiency requirements in technologically updated consumer gadgets. The surging demand for clean energy is reshaping the Li-ion battery recycling market. With the global shift towards a low-carbon economy, emphasis on renewable sources like solar and wind power grows. Li-ion batteries are pivotal in enabling widespread adoption of clean energy tech, storing energy from intermittent sources and providing reliable power. As clean energy demand rises, so does the need for large-scale energy storage, with Li-ion batteries favored for their efficiency and density. Recycling becomes crucial to sustainably manage materials and support the circular economy, reducing environmental impact and promoting clean energy growth.
Competitive Landscape:
The competitive landscape of the Li-ion battery recycling market is characterized by the presence of several key players operating across different regions globally. These players are engaged in various strategic initiatives such as partnerships, collaborations, acquisitions, and investments to strengthen their market position and expand their recycling capabilities. Furthermore, competition in the Li-ion battery recycling market is intensified by the increasing focus on technological innovation and process optimization to improve the efficiency and sustainability of recycling operations. Companies are investing in research and development to develop advanced recycling technologies, including hydrometallurgical and pyrometallurgical processes, as well as exploring novel approaches such as direct battery-to-battery recycling.
The key players of the global li-ion battery recycling market are:
- Umicore
- Fortum
- Li-Cycle Holdings
- Ganfeng Lithium Group
- American Battery Technology
- Redwood Materials
- RecycLiCo Battery Materials
- Batrec Industrie
- Accurec Recycling
- Neometals
- Lithion Technologies
- Duesenfeld
- Akkuser
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
3.1 Global Li-ion Battery Recycling Market Analysis
3.2 Global Li-ion Battery Recycling Market Battery Chemistry Analysis
3.3 Global Li-ion Battery Recycling Market Recycling Process Analysis
3.4 Global Li-ion Battery Recycling Market End User Analysis
4. Regional Market Analysis
4.1 Asia Pacific Li-ion Battery Recycling Market
4.2 North America Li-ion Battery Recycling Market
4.3 Europe Li-ion Battery Recycling Market
4.4 Latin America Li-ion Battery Recycling Market
4.5 Middle East & Africa Li-ion Battery Recycling Market
5. Impact of COVID-19
6. Market Dynamics
Growth Drivers
- Growing Li-ion Battery Demand
- Increasing Demand for Electric Vehicles
- Growing Demand for Energy Storage
- Increasing Environmental Awareness
- Favorable Government Policies and Incentives
Challenges
- High Cost of Recycling and Dearth of Technologies
- Safety Issues Related to the Storage and Transportation of Spent Batteries
Market Trends
- Growing Demand for Clean Energy
- Higher Energy Efficiency Requirements in Technologically Updated Consumer Gadgets
- Technological Advancements
7. Competitive Landscape
7.1 Global Li-ion Battery Recycling Market Players: Competitive Landscape
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/83avyf
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
