New York, US, June 12, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Lithium-ion Battery Recycling Market Research Report Information by Source, Region, and Chemistry - Forecast Till 2030”, the lithium-ion battery recycling market is predicted to grow substantially over the assessment timeframe from 2022 to 2030 at a healthy CAGR of around 21.43%. The reports even share predictions regarding the market's growing revenue share, which is likely to attain a market of USD 24.31 billion by the end of 2030. As per the study documents, the market was worth around USD 2.00 billion in 2021.
Lithium-ion Battery Recycling Industry Overview:
The global Lithium-ion Battery Recycling industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the Favorable Government Initiatives.
Competitive Analysis
The catalog of the top leaders across the global Market for Lithium-ion Battery Recycling includes players such as:
- Recupyl Sas
- Umicore
- Neometals Ltd
- Glencore International AG
- Sitrasa, Li-Cycle Corp.
- Retriev Technologies Inc.
- American Manganese Inc.
- Raw Materials Company Inc. (RMC)
- LLC (INMETCO)
- International Metals Reclamation Company
- Among others.
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Lithium-ion Battery Recycling Market USP Covered
Market Drivers
The global Lithium-ion Battery Recycling industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the Favorable Government Initiatives. Furthermore, the positive inclination towards deploying clean power sources to offer efficient input to different applications is also anticipated to enhance the market performance over the coming years.
Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 24.32 billion |
| CAGR during 2022-2030 | 24.31% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Chemistry, Source, and Region |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Dynamics | Government support for renewable energy and electric vehicle infrastructure projects, increased use of electric vehicles, smart portable electronics, and the growing grid storage industry |
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Lithium-ion Battery Recycling Market COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Lithium-ion Battery Recycling industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era.
Lithium-ion Battery Recycling Market Segment Analysis
Among all the Chemistry types, the lithium cobalt oxide (LCO) segment is likely to ensure the leading position across the Global Market for Lithium-ion Battery Recycling over the assessment era. The main parameter supporting the development of the market segment is the large installed base of these batteries. Furthermore, the substantial presence of recoverable and expensive cobalt material is also likely to boost the segment's development. On the other hand, the lithium NCA market segment is also likely to showcase the maximum growth rate over the coming years, given the large number of old electric vehicle batteries.
Among all the sources, the electric vehicle segment will likely ensure the leading position across the Global Market for Lithium-ion Battery Recycling over the assessment era. The main parameter supporting the development of the market segment is the abundant availability of automobiles such as bikes, buses, cars, and many more. On the other hand, the electronics segment is anticipated to showcase the maximum growth rate over the next few years, recycling profitability, disassembling products, disassembling large devices, and improved recycling profitability.
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Lithium-ion Battery Recycling Market Regional Analysis
The Global Market for Lithium-ion Battery Recycling is analyzed across five major parts: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The research documents by MRFR indicate that North America secured the top position across the global Lithium-ion Battery Recycling industry in 2021. The region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Lithium-ion Battery Recycling Market held the largest market share, and Canada was the fastest-growing North American Region. The main aspect supporting regional market expansion is the lower lithium-ion battery prices across the region. Furthermore, factors such as higher consumer electronics consumption, the rising renewable sector, growing use in the aerospace sector, and rapid penetration of electric vehicles are also likely to positively impact the performance of the regional market over the assessment period. The US Lithium-ion Battery Recycling market is anticipated to showcase a healthy growth rate of around 30.2%. One of the crucial end-user segments for lithium-ion batteries is believed to be the automotive industry. Growing electric vehicle, adoption is also projected to boost regional market development over the coming years.
The European Region is anticipated to secure the second position across the global Lithium-ion Battery Recycling market over the coming years. The region has France, Germany, and the U.K. as the leading development contributors. Further, the German Lithium-ion Battery Recycling Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The government support for renewable energy and electric vehicle infrastructure projects across the region is considered the main parameter supporting regional market development. Furthermore, the enhanced use of electric vehicles, smart portable electronics, and the rising grid storage industry is also likely to positively impact the development of the regional market over the coming years. Moreover, significant investments in lithium-ion battery manufacturing plants/projects will likely boost the regional market's growth over the assessment era.
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Asia-pacific Region is anticipated to hold a significant position across the global Lithium-ion Battery Recycling market over the coming years. India, China, and Indonesia are the leading development contributors in the region. Further, the China Lithium-ion Battery Recycling Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect supporting regional market expansion is the growing automobile industry.
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