Lithium-ion Battery Recycling Market by End Use (Automotive, Non-automotive), Battery Chemistry, Battery Components, Recycling Process (Hydrometallurgical Process, Pyrometallurgy Process, Physical/ Mechanical Process), and Region - Global Forecast to 2030
The global lithium-ion battery recycling market is projected to grow from USD 4.6 billion in 2021 to USD 22.8 billion by 2030, at a CAGR of 19.6% during the forecast period 2021-2030. The lithium-ion battery recycling market is on course for intense growth across different end use industries such as automotive and non-automotive (industrial, power, and marine).
Lithium-ion battery recycling refers to the reuse and reprocessing of spent lithium-ion batteries to reduce their disposal as municipal solid waste or material waste. Lithium-ion battery recycling is important not only for the recovery of valuable materials and metals but also for efficient waste management.
“Marine segment is expected to be the second-largest non-automotive lithium-ion battery recycling market in 2021”
The marine segment is projected to be the second-largest owing to increasing awareness about the utilization of sustainable and clean sources of energy. As per the application requirements, leading shipbuilding companies are adopting lithium-ion battery technology to enable enhanced power performance for long distance navigation. This has propelled the usage of lithium-ion batteries in the marine sector, leading to the generation of spent lithium-ion batteries for recycling.
“The lithium-titanate oxide (LTO) battery chemistry is projected to grow at the highest CAGR between 2021 and 2030”
By battery chemistry, lithium-titanate oxide (LTO) battery chemistry is projected to grow at the highest CAGR during the forecast period. Increased use of LTO in electric powertrains by manufacturers such as Mitsubishi Motors Corporation (Japan) and Honda Motor Co., Ltd. (Japan) is expected to lead to the growth of the LTO segment in the lithium-ion battery recycling market.
“North America is expected to dominate the lithium-ion battery recycling market during 2021-2030”
North America dominated the lithium-ion battery market in 2020 and is projected to lead during the forecast period, where US is one of the major contributors. The rise in growth can be attributed majorly to the stringent regulations implemented by the Environmental Protection Agency (EPA) regarding air emission standards in the region. The scarcity of metals for automotive and industrial battery production in North America is also expected to further drive the market during the forecast period.
Profile break-up of primary participants for the report:
By Company Type: Tier 1 – 35%, Tier 2 – 35%, and Tier 3 – 30%
By Designation: C-level– 45%, D Level – 35%, and Others– 20%
By Region: North America – 52%, Europe – 33%, Asia Pacific – 10%, and RoW– 5%
The key market players include Umicore (Belgium), Glencore International AG (Switzerland), Retriev Technologies Inc. (US), Raw Materials Company Inc. (RMC) (Canada), American Zinc Recycling (US), American Manganese Inc. (Canada), SITRASA (Mexico), Li-Cycle Corp. (Canada), Neometals Ltd (Australia), Metal Conversion Technologies (MCT) (US), TES (Singapore), Fortum (Finland), GEM Co., Ltd (China), Contemporary Amperex Technology Co. Ltd (CATL) (China), Duesenfeld GmbH (Germany), and Accurec-Recycling GmbH (Germany). These players have adopted collaborations, acquisitions, agreements, partnerships, investments, contracts, new technology developments, expansions, and new production as their growth strategies.
The report defines, segments, and projects the lithium-ion battery recycling market based on, battery component, battery chemistry, end use, recycling process, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and challenges. It analyzes competitive developments, such as collaborations, acquisitions, agreements, partnerships, investments, contracts, new technology developments, expansions, and new production, undertaken by the players in the market.
Reasons to Buy the Report:
The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the lithium-ion battery recycling market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
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