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Global Lithium-Ion Battery Recycling Market

Published Aug 01, 2024
Length 144 Pages
SKU # NEXA20337511

Description

MARKET SCOPE:

The global Lithium-Ion Battery Recycling market is projected to grow significantly, registering a CAGR of 22.31 % during the forecast period (2024 – 2032).

A Lithium-Ion Battery (LIB) constitutes an electrochemical cell comprising essential components, including electrodes and catalysts, designed to support power generation across diverse applications. The materials found in the cathode and anode tubes contain precious metals characterized by limited reserves and substantial resale values. Consequently, the recycling of Li-ion batteries serves the purpose of extracting and marketing the raw materials embedded in the electrode composition, thereby reducing the overall project cost and mitigating environmental impact. These factors are anticipated to foster growth in the lithium-ion battery recycling market.

Accumulators and batteries play a pivotal role in ensuring a reliable power source for various applications, facilitating daily operations. Governments and organizations globally have implemented stringent norms and standards governing the treatment of materials in lithium-ion battery recycling processes. This regulatory framework is poised to contribute to the expansion of the global lithium-ion battery recycling market.

The market has witnessed the adoption of substantial expansion strategies by both public and private entities, aimed at enhancing recycling capacities and expanding the landscape of the lithium-ion battery recycling industry. The establishment of new recycling infrastructures is expected to significantly accelerate the commercialization of various lithium-ion battery recycling processes. This development is also projected to generate a heightened demand for technology in lithium-ion battery recycling over the upcoming decades.

MARKET OVERVIEW:

Driver: Increasing Demand for Electric Vehicles to Unlock New Potential for The Lithium-Ion Battery Recycling Industry:

The escalating demand for electric vehicles (EVs) is poised to unlock new opportunities for the lithium-ion battery recycling industry. As the adoption of electric vehicles continues to rise, the need for efficient and sustainable solutions for recycling lithium-ion batteries becomes increasingly crucial. This surge in demand for electric vehicles not only signifies a shift toward cleaner and greener transportation but also emphasizes the need for effective strategies in managing the lifecycle of lithium-ion batteries.

The growing prominence of electric vehicles in the automotive sector is driving a parallel increase in the production and deployment of lithium-ion batteries. Given the finite availability of certain materials, such as precious metals, in these batteries, recycling emerges as a strategic avenue to recover valuable resources and minimize environmental impact. Consequently, the lithium-ion battery recycling industry is positioned to play a pivotal role in addressing the environmental concerns associated with the widespread adoption of electric vehicles.

As governments and industries worldwide focus on sustainable practices and circular economies, the lithium-ion battery recycling sector stands to benefit significantly from the expanding electric vehicle market. This interconnection underscores the importance of developing and implementing robust recycling processes to support the growth of the electric vehicle industry while mitigating the environmental footprint associated with battery production and disposal.

Opportunities: The Symbiotic Relationship Between Surging Electric Vehicle Demand and Lithium-Ion Battery Recycling Growth:

The burgeoning demand for Electric Vehicles (EVs) is poised to be a major catalyst in propelling the Lithium-Ion Battery Recycling market forward in the foreseeable future. As the global embrace of electric mobility continues to escalate, the concurrent surge in EV adoption underscores the pivotal role of lithium-ion batteries. This heightened demand for EVs necessitates an equally robust infrastructure for managing the end-of-life batteries, positioning lithium-ion battery recycling as a crucial component in the sustainable lifecycle management of these energy storage devices.

The interplay between the rising demand for EVs and the growth of the lithium-ion battery recycling market is further amplified by the intrinsic value of materials within these batteries. With lithium, cobalt, nickel, and other metals being key components, the recycling process not only addresses environmental concerns but also facilitates resource recovery. This strategic recovery of valuable materials contributes to reducing the reliance on new resource extraction through mining, aligning with sustainability objectives.

Moreover, advancements in technology and ongoing investments in recycling infrastructure underscore the industry's ability to efficiently handle the increasing volume of end-of-life batteries, thereby fostering a symbiotic relationship between the growing EV market and the expansion of the lithium-ion battery recycling sector.

COVID IMPACT:

The Lithium-Ion Battery Recycling market encountered a range of challenges amid the COVID-19 pandemic, primarily characterized by disruptions in the supply chain and a notable reduction in industrial activities. Lockdowns, restrictions, and disruptions in transportation hindered the movement of materials essential for the recycling process, impacting the operational efficiency of recycling facilities. Moreover, the slowdown in industrial production, particularly in the manufacturing of electric vehicles and electronic devices, led to a temporary decrease in the volume of batteries available for recycling. However, the pandemic-induced shift in consumer behavior, marked by an increased reliance on electronic devices for remote work and entertainment, contributed to a surge in electronic waste (e-waste). This uptick in e-waste generation provided an opportunity for the lithium-ion battery recycling market to address environmental challenges associated with the disposal of electronic devices.

SEGMENTATION ANALYSIS:

The source segment is anticipated to grow significantly during the forecast period

The segmentation of the Lithium-Ion Battery Recycling market based on source, namely automotive and non-automotive sectors, allows for a nuanced understanding of the diverse origins of lithium-ion batteries within the recycling landscape. In the automotive sector, the proliferation of electric vehicles and hybrid cars has significantly increased the demand for lithium-ion batteries, making it a substantial source for recycling. The non-automotive segment encompasses a wide array of electronic devices, including smartphones, laptops, and various consumer electronics, contributing to a significant portion of lithium-ion battery waste. By dissecting the market along these lines, businesses and stakeholders can tailor their recycling strategies to address the distinct challenges and opportunities presented by each source category, thereby optimizing resource recovery, reducing environmental impact, and aligning with the evolving dynamics of the lithium-ion battery recycling industry.

The battery component segment is anticipated to grow significantly during the forecast period

The segmentation of the Lithium-Ion Battery Recycling market based on Battery Component involves a distinction between Active Material and Non-active Material. This segmentation allows for a detailed analysis of the recycling processes and value extraction from the different components of lithium-ion batteries. The Active Material segment encompasses electrodes and catalysts critical for power generation, while the Non-active Material includes components like the casing and electrolyte. By differentiating between these components, the market can strategically address the recovery and recycling of precious metals from the active materials, which often have limited reserves and high resale values. Simultaneously, the non-active materials can be managed for efficient and environmentally responsible disposal or recycling. This segmentation approach provides a nuanced understanding of the lithium-ion battery recycling landscape, enabling tailored strategies for resource recovery and environmental sustainability within each component category.

REGIONAL ANALYSIS:

The North American region is set to witness significant growth during the forecast period.

The market's regional analysis primarily encompasses three major regions, namely North America, Asia Pacific, and Europe. The Asia Pacific market size is driven by the presence of numerous recycling companies, diverse battery manufacturers, a substantial battery installed base, and favorable policies for battery energy storage. As an illustration, in January 2020, GS Engineering & Construction Corp., a South Korean civil engineering company, disclosed plans for a new lithium-ion battery recycling facility, investing approximately KRW 100 billion or USD 86 million by 2022. The company, having secured the project with a projected capacity of 4.5 kilotons, was awarded by Pohang City and North Gyeongsang Province administrations, contributing significantly to the industry's growth.

Furthermore, the industry size in North America is anticipated to experience substantial growth, with various market players devising significant plans for the treatment of established battery systems. This regional growth is further supported by substantial investments and regulatory frameworks from various governmental administrations and organizations.

For instance, in February 2021, the Office of Energy Efficiency and Renewable Energy, the U.S. Department of Energy (DoE), and the National Renewable Energy Laboratory (NREL) unveiled the third and final phase of the Lithium-Ion Battery Recycling Prize. NREL was slated to administer the competition prize valued at USD 5.5 million, aligning with the DoE's objective to recover essential materials from 90% of all consumed LIBs and reintegrate the new product into the supply chain.

COMPETITIVE ANALYSIS

The global Lithium-Ion Battery Recycling market is reasonably competitive with mergers, acquisitions, and Battery Chemistry launches. See some of the major key players in the market.

Contemporary Amperex Technology Co., Limited

February 2023, Contemporary Amperex Technology Co., Limited, Mercedes-Benz, and GEM Co., Ltd. signed a memorandum of understanding, outlining plans for the recycling of cobalt, nickel, manganese, and lithium metals from spent Mercedes-Benz electric vehicle (EV) batteries. The collaborative effort aims to remanufacture these materials into battery cathode components.

Fortum

September 2022, Fortum established Fortum Batterie Recycling GmbH in Germany, focusing on providing secure and sustainable recycling solutions for electric vehicle (EV) batteries in central Europe. The initiative addresses the growing need for environmentally responsible disposal and recycling of EV batteries in the region.

Li-Cycle Corp.

May 2022, Li-Cycle Corp. secured a substantial investment of USD 200 million from Glencore to support the development of its upcoming recycling plants. This investment underscores the increasing recognition and financial backing for innovative recycling solutions, particularly in the context of lithium-ion battery recycling.

American Battery Technology Company

ACCUREC Recycling GmbH

Cirba Solutions

Ecobat

GEM Co., Ltd.

Glencore

Neometals Ltd.

Redwood Materials Inc.

RecycLiCo Battery Materials Inc.

Stena Recycling

TES

The International Metals Reclamation Company

Umicore

SCOPE OF THE REPORT

By Source

Automotive

Non-automotive

By Battery Recycling Process

12V

18V

24V

36V

48V

Above 48V

By Recycling Process

Hydrometallurgical Process

Pyrometallurgical Process

Physical/Mechanical

By Battery Chemistry

Lithium-nickel Manganese Cobalt (Li-NMC)

Lithium-iron Phosphate (LFP)

Lithium-manganese Oxide (LMO)

Lithium-titanate Oxide (LTO)

Lithium-nickel Cobalt Aluminum Oxide (NCA)

By Region

North America (the United States & Canada)

Europe (Germany, UK, France, Spain, Italy, and the Rest of Europe)

Asia Pacific (China, Japan, India, and Rest of Asia Pacific)

Rest of the World (the Middle East & Africa, and Latin America)

KEY REASONS TO PURCHASE THIS REPORT

It provides a technological development map over time to understand the industry’s growth rate and indicates how the Lithium-Ion Battery Recycling market is evolving.

The report offers a dynamic method to various factors that drive or restrain the growth of the market and specifies which Lithium-Ion Battery Recycling submarket will be the main driver of the overall market from 2024 to 2032.

It renders a definite analysis of changing competitive dynamics and stipulates the leading players and what are their prospects over the forecast period.

It builds a nine-year estimate based on how the market is predicted to grow and shows what will market shares of the global region change by 2032 and which country will lead the market in 2032.

Table of Contents

144 Pages
1. Executive Summary
1.1. Market Snapshot
1.2. Regional Analysis
1.3. Segment Analysis
2. Overview And Scope
2.1. Market Vision
2.1.1. Market Definition
2.2. Market Segmentation
3. Global Lithium-ion Battery Recycling Market Overview By Region: 2019 Vs 2023 Vs 2032
3.1. Global Lithium-ion Battery Recycling Market Size By Regions (2019-2023) (Usd Million)
3.1.1. North America Lithium-ion Battery Recycling Market Size By Country (2019-2023) (Usd Million)
3.1.2. Europe Lithium-ion Battery Recycling Market Size By Country (2019-2023) (Usd Million)
3.1.3. Asia Pacific America Lithium-ion Battery Recycling Market Size By Country (2019-2023) (Usd Million)
3.1.4. Rest Of The World Lithium-ion Battery Recycling Market Size By Country (2019-2023) (Usd Million)
3.2. Global Lithium-ion Battery Recycling Market Size By Regions (2024-2032) (Usd Million)
3.2.1. North America Lithium-ion Battery Recycling Market Size By Country (2024-2032) (Usd Million)
3.2.2. Europe Lithium-ion Battery Recycling Market Size By Country (2024-2032) (Usd Million)
3.2.3. Asia Pacific Lithium-ion Battery Recycling Market Size By Country (2024-2032) (Usd Million)
3.2.4. Rest Of The World Lithium-ion Battery Recycling Market Size By Country (2024-2032) (Usd Million)
4. Global Lithium-ion Battery Recycling Market Dynamics
4.1. Market Overview
4.1.1. Market Drivers
4.1.2. Market Restraints/ Challenges Analysis
4.1.3. Market Opportunities
4.2. Pestle Analysis
4.3. Porter’s Five Forces Model
4.3.1. Bargaining Power Of Suppliers
4.3.2. Bargaining Power Of Buyers
4.3.3. The Threat Of New Entrants
4.3.4. Threat Of Substitutes
4.3.5. Intensity Of Rivalry
4.4. Value Chain Analysis/Supply Chain Analysis
4.5. Covid-19 Impact Analysis On Global Lithium-ion Battery Recycling Market
** In – Depth Qualitative Analysis Will Be Provided In The Final Report Subject To Market
5. Global Lithium-ion Battery Recycling Market, By Source
5.1. Overview
5.2. Global Lithium-ion Battery Recycling Market Size By Source (2018 - 2032) (Usd Million)
5.3. Key Findings For Lithium-ion Battery Recycling Market - By Source
5.3.1. Automotive
5.3.2. Non-automotive
6. Global Lithium-ion Battery Recycling Market, By Battery Component
6.1. Overview
6.2. Global Lithium-ion Battery Recycling Market Size By Battery Recycling Process (2018 - 2032) (Usd Million)
6.3. Key Findings For Lithium-ion Battery Recycling Market - By Battery Recycling Process
6.3.1. Active Material
6.3.2. Non-active Material
7. Global Lithium-ion Battery Recycling Market, By Recycling Process
7.1. Overview
7.2. Global Lithium-ion Battery Recycling Market Size By Recycling Process (2018 - 2032) (Usd Million)
7.3. Key Findings For Lithium-ion Battery Recycling Market - By Recycling Process
7.3.1. Hydrometallurgical Process
7.3.2. Pyrometallurgical Process
7.3.3. Physical/Mechanical
8. Global Lithium-ion Battery Recycling Market, By Battery Chemistry
8.1. Overview
8.2. Global Lithium-ion Battery Recycling Market Size By Battery Chemistry (2018 - 2032) (Usd Million)
8.3. Key Findings For Lithium-ion Battery Recycling Market - By Battery Chemistry
8.3.1. Lithium-nickel Manganese Cobalt (Li-nmc)
8.3.2. Lithium-iron Phosphate (Lfp)
8.3.3. Lithium-manganese Oxide (Lmo)
8.3.4. Lithium-titanate Oxide (Lto)
8.3.5. Lithium-nickel Cobalt Aluminum Oxide (Nca)
9. Global Lithium-ion Battery Recycling Market, By Region
9.1. Overview
9.2. Key Findings For Lithium-ion Battery Recycling Market- By Region
9.3. Global Lithium-ion Battery Recycling Market, By Source
9.4. Global Lithium-ion Battery Recycling Market, By Battery Recycling Process
9.5. Global Lithium-ion Battery Recycling Market, By Recycling Process
9.6. Global Lithium-ion Battery Recycling Market, By Battery Chemistry
10. Global Lithium-ion Battery Recycling Market- North America
10.1. Overview
10.2. North America Lithium-ion Battery Recycling Market Size (2018 - 2032) (Usd Million)
10.3. North America Lithium-ion Battery Recycling Market, By Source
10.4. North America Lithium-ion Battery Recycling Market, By Battery Recycling Process
10.5. North America Lithium-ion Battery Recycling Market, By Recycling Process
10.6. North America Lithium-ion Battery Recycling Market, By Battery Chemistry
10.7. Europe Lithium-ion Battery Recycling Market Size By Countries
10.7.1. United States
10.7.2. Canada
11. Global Lithium-ion Battery Recycling Market- Europe
11.1. Overview
11.2. Europe Lithium-ion Battery Recycling Market Size (2018 - 2032) (Usd Million)
11.3. Europe Lithium-ion Battery Recycling Market, By Source
11.4. Europe Lithium-ion Battery Recycling Market, By Battery Recycling Process
11.5. Europe Lithium-ion Battery Recycling Market, By Recycling Process
11.6. Europe Lithium-ion Battery Recycling Market, By Battery Chemistry
11.7. Europe Lithium-ion Battery Recycling Market Size By Countries
11.7.1. Germany
11.7.2. Uk
11.7.3. France
11.7.4. Spain
11.7.5. Italy
11.7.6. Rest Of Europe
12. Global Lithium-ion Battery Recycling Market - Asia Pacific
12.1. Overview
12.2. Asia Pacific Lithium-ion Battery Recycling Market Size (2018 - 2032) (Usd Million)
12.3. Asia Pacific Lithium-ion Battery Recycling Market, By Source
12.4. Asia Pacific Lithium-ion Battery Recycling Market, By Battery Recycling Process
12.5. Asia Pacific Lithium-ion Battery Recycling Market, By Recycling Process
12.6. Asia Pacific Lithium-ion Battery Recycling Market, By Battery Chemistry
12.7. Asia Pacific Lithium-ion Battery Recycling Market Size By Countries
12.7.1. China
12.7.2. Japan
12.7.3. India
12.7.4. Rest Of Asia Pacific
13. Global Lithium-ion Battery Recycling Market- Rest Of World
13.1. Overview
13.2. Rest Of World Lithium-ion Battery Recycling Market Size (2018 - 2032) (Usd Million)
13.3. Rest Of World Lithium-ion Battery Recycling Market Size (2018 - 2032) (Usd Million)
13.4. Rest Of World Lithium-ion Battery Recycling Market, By Source
13.5. Rest Of World Lithium-ion Battery Recycling Market, By Battery Recycling Process
13.6. Rest Of World Lithium-ion Battery Recycling Market, By Recycling Process
13.7. Rest Of World Lithium-ion Battery Recycling Market, By Battery Chemistry
13.8. Rest Of World Lithium-ion Battery Recycling Market Size By Regions
13.8.1. Middle East & Africa
13.8.2. Latin America
14. Global Lithium-ion Battery Recycling Market- Competitive Landscape
14.1. Key Strategies Adopted By The Leading Players
14.2. Recent Developments
14.2.1. Investments & Expansions
14.2.2. New End-user Launches
14.2.3. Mergers & Acquisitions
14.2.4. Agreements, Joint Ventures, And Partnerships
15. Global Lithium-ion Battery Recycling Market- Company Profiles
15.1. American Battery Technology Company
15.1.1. Company Overview
15.1.2. Financial Overview
15.1.3. Battery Chemistry Offered
15.1.4. Key Developments
15.2. Accurec Recycling Gmbh
15.3. Cirba Solutions
15.4. Contemporary Amperex Technology Co., Limited
15.5. Ecobat
15.6. Fortum
15.7. Gem Co., Ltd.
15.8. Glencore
15.9. Li-cycle Corp.
15.10. Neometals Ltd.
15.11. Redwood Materials Inc.
15.12. Recyclico Battery Materials Inc.
15.13. Stena Recycling
15.14. Tes
15.15. The International Metals Reclamation Company
15.16. Umicore
16. Our Research Methodology
16.1. Data Triangulation
16.2. Data Sources
16.2.1. Secondary Sources
16.2.2. Primary Sources
16.3. Assumptions/ Limitations For The Study
16.4. Research & Forecasting Methodology
17. Appendix
17.1. Disclaimer
17.2. Contact Us
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