Pune, March 17, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, analysis, the implementation of government regulations and policies promoting sustainable waste management practices is expected to drive the growth of the lithium-ion battery recycling market. The lithium-ion battery recycling market had a value of USD 8.20 billion in 2022, and it is projected to reach USD 14.90 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.8% between 2023 and 2030, as reported by SNS Insider.
Lithium-Ion Battery Recycling Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 8.20 Billion |
| Market Size by 2030 | US$ 14.90 Billion |
| CAGR 2023 to 2030 | 7.8% |
| Key Segments | • By Battery Chemistry (Lithium-Nickel Manganese Cobalt, Lithium-Iron Phosphate, Lithium-Manganese Oxide, Lithium-Titanate Oxide, Lithium-Nickel Cobalt Aluminum Oxide) • By Recycling Process (Hydrometallurgical Process, Pyrometallurgy Process, Physical/Mechanical Process, Other) • By End-User (Automotive, Marine, Power, Industrial, Others) |
| Company Profiles | Umicore, Glencore International AG, GEM, Bruno Recycling, SungEel HiTech, Taisen Recycling, Batres, Retrieve Technologies, Tes-Amm(Recupyl), Duesenfeld, 4R Energy Cor, OnTo Technology and other. |
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Market Report Scope
Lithium-ion batteries have become an essential component of our modern-day lives, powering everything from mobile phones to electric vehicles. However, as the demand for lithium-ion batteries grows, so does the need for their proper disposal or recycling. Recycling lithium-ion batteries not only reduces the environmental impact of their disposal but also helps to recover valuable materials that can be reused in the manufacturing process.
Market Analysis
The adoption of electric vehicles is also driving the demand for lithium-ion batteries, which are a critical component of these vehicles. With the increasing adoption of electric vehicles, the demand for lithium-ion batteries is expected to grow exponentially, further driving the need for battery recycling. Advances in recycling technologies are making it increasingly cost-effective to recycle lithium-ion batteries. This is expected to drive demand for recycling services and help reduce the overall environmental impact of battery production and disposal.
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Impact of Recession
A recession can have both positive and negative impacts on the lithium-ion battery recycling market. While there may be a decrease in demand for recycled lithium-ion batteries due to a decrease in demand for products that use these batteries, there may also be opportunities for growth in the long run. Ultimately, the impact of a recession on the market will depend on a variety of factors, including the severity and duration of the recession and the actions taken by companies in the industry.
Key Regional Development
The lithium-ion battery recycling market in North America is experiencing significant growth due to the implementation of stringent regulations by regulatory bodies. The region has been an early adopter of the latest recycling technologies and methods, which has also contributed to its dominant market share. The North American market has been able to establish itself as a leader in the lithium-ion battery recycling industry due to its commitment to environmental sustainability. The region's stringent regulations ensure that battery waste is properly disposed of and that the materials are recycled efficiently, minimizing environmental impact.
Recent Developments Related to Lithium-Ion Battery Recycling Market
- Altilium Metals, a UK-based start-up focused on sustainable solutions for battery recycling, has announced its plan to accelerate the development of the country's largest electric vehicle (EV) battery recycling facility. This comes after the successful scale-up of the company's proprietary technology, which has shown promising results in the recycling of lithium-ion batteries, a crucial component of EVs.
- Green Li-ion, a California-based start-up focused on sustainable battery solutions, has secured $20.5 million in funding to advance its efforts in lithium-ion battery recycling. The funding round was led by Generation Investment Management, a sustainability-focused investment firm co-founded by former US Vice President Al Gore.
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Key Takeaway from Lithium-Ion Battery Recycling Market Study
- The automotive sector is expected to account for the highest share of the market due to the increasing usage of these batteries in EVs. The recycling of these batteries offers significant environmental and economic benefits and is essential for a sustainable future.
- The lithium-nickel manganese cobalt (Li-NMC) segment is expected to dominate the market in the coming years. This trend can be attributed to the growing use of Li-NMC batteries in various applications, such as electric vehicles, grid storage systems, and portable electronic devices.
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