Li-Ion Battery Recycling Market, Size, Trends, Growth & Forecast 2032

The Li-Ion Battery Recycling Market was valued at approximately USD 2613.2 million in 2023 and is expected to grow at a substantial CAGR of around 25.12% during the forecast period (2024-2032)

The analysis has been segmented into Battery Chemistry (Lithium-Nickel-Cobalt-Aluminum Oxide, Lithium-Nickel-Manganese-Cobalt, Lithium-Titanate Oxide, Lithium-Manganese Oxide, and Lithium-Iron Phosphate); Recycling Process (Pyrometallurgy Process, Hydrometallurgical Process, and Physical/mechanical Process); End-Users (Automotive and Non-Automotive); Region/Country. 

The li-ion battery recycling market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the li-ion battery recycling market. The li-ion battery recycling market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the li-ion battery recycling market at the global and regional levels.  

Market Overview 

The growing demand for electric vehicles across the world due to the environmental concern such as global warming, carbon emission, etc. along with the use of lithium-ion in other electronics such as laptops, phones, and watches with other propels the demand for the lithium-ion battery which in turn increase the demand for the li-ion battery recycling. With the increasing use of li-ion batteries in different applications such as automotive, electronics, and industrial with other staggering demand for li-ion batteries across the globe, it is anticipated that the global lithium-ion battery recycling market will expand steadily owing to increasing demand. The government incentives and support for the battery recycling plant will propel the market in the coming time. It is expected that the decrease in the battery price of the li-ion would make it more feasible for the recycler by lowering the overall cost of recycling and reproduction. 

Factors such as technological advancement coupled with the growing number of industries and manufacturing units along with the new product launches in the market are some of the prominent factors that are positively influencing the market growth globally.  

Some of the major players operating in the market include Ganfeng Lithium Co. Ltd., American Battery Technology Company, Accurec Recycling GmbH, Akkuser Oy, Duesenfeld GmbH, Fortum Corporation, Retriev Technologies Inc., Li-Cycle Corp., Neometals Ltd, and Umicore. 

COVID-19 Impact  

The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the manufacturing industry along with supply chain disruption, regulatory and policy changes, labor reliance, working capital management, and liquidity & solvency management. The li-ion battery recycling market has been significantly affected during these times owing to the gap between supply and demand.  

The global li-ion battery recycling market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.  

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Based on end-users, the market is categorized into the automotive and non-automotive segments. The automotive sector has shown significant growth over the last few years and would remain the same during the forecast period owing to the increasing demand for the EV across the globe and government incentives for electric vehicles. Moreover, the rising awareness of the individual toward cleaner fuel and cost-effectiveness of the EV propels the demand for the EV and in turn which increase the demand for lithium-ion batteries. For instance, according to the IEA, the demand for the li-ion battery has doubled and reached approximately 340 GWh for the year 2021 compared to 160 GWh for 2020, globally. 

Based on chemistry, the market is segmented into lithium-nickel-cobalt-aluminum oxide, lithium-nickel-manganese-cobalt, lithium-titanate oxide, lithium-manganese oxide, and lithium-iron-phosphate. The lithium-nickel-manganese-cobalt segment is expected to show higher market growth in the forecasted period owing to higher energy retention time compared to the other segment. The LNMC batteries have a longer life span than the other four types. In lithium-nickel-manganese-cobalt batteries, nickel hydroxide is used as the active material for the cathode which is mainly used for the hybrid electric vehicle. In these batteries the cathode combination ratio of the nickel is 60%, for manganese, it is 20% and for cobalt, it is 20% respectively which significantly lowers the overall cost of the batteries.    

Li-ion Battery Recycling Market Geographical Segmentation Includes: 

North America (United States, Canada, and the Rest of North America) 

Europe (Germany, United Kingdom, France, and the Rest of Europe) 

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

Rest of the World 

North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing demand for electric vehicles coupled with the increasing demand for li-ion batteries in the second life application and government support and regulation in the region. Additionally, it is anticipated that the presence of important recyclers such as Call2Recycle, Aqua Metals, Enersys, and Battery Solutions, Inc. will fuel demand during the forecast period along with the rising demand for UPS systems in commercial infrastructure and the rising popularity of electric vehicles. Due to an increase in foreign investment, Central and South America is predicted to experience significant market expansion. For instance, the Cochrane Coal-fired Power Plant in Chile had a sizable lithium-ion battery storage system installed by GS Yuasa Corporation in 2017. During the projected period, large-scale passenger and commercial vehicle production in Latin America is anticipated to fuel lithium battery demand. The U.S has registered significant growth in the demand for electric vehicles in the year 2021 which in turn increases the overall market size for li-ion battery recycling in the near future.  

The major players targeting the market include 

Ganfeng Lithium Co. Ltd. 

Accurec Recycling GmbH 

Akkuser Oy 

 Duesenfeld GmbH 

Fortum Corporation 

Retriev Technologies Inc. 

Li-Cycle Corp. 

Neometals Ltd 

Umicore 

Competitive Landscape 

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the li-ion battery recycling market. The major players have been analyzed by using research methodologies for getting insight views on global competition. 

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Key questions resolved through this analytical market research report include: 

What are the latest trends, new patterns, and technological advancements in the li-ion battery recycling market? 

Which factors are influencing the li-ion battery recycling market over the forecast period? 

What are the global challenges, threats, and risks in the li-ion battery recycling market? 

Which factors are propelling and restraining the li-ion battery recycling market? 

What are the demanding global regions of the li-ion battery recycling market? 

What will be the global market size in the upcoming years?  

What are the crucial market acquisition strategies and policies applied by global companies? 

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