Lithium-ion Battery Recycling Market

Lithium-ion Battery Recycling Market Size (2024-2029):

The Global Lithium-ion Battery Recycling Market is expected to grow at a CAGR of 26.8% during the forecast period 2024-2029. The market value was at USD 6.49 billion in 2023, and the value is expected to reach USD 26.98 billion by the end of 2029.

MARKET OVERVIEW:

Lithium-ion battery recycling is known to be the less harmful batteries that are easy to recycle and reutilize. With the escalating utilization of lithium-ion batteries in several customer equipment, the issue of explosions and their disposal has become very hard. To keep away from such disasters, it is very important to recycle lithium-ion batteries. Recycling lithium-ion batteries can be settled from so many technological processes like hydrometallurgical procedures, pyro-metallurgy procedures, and various other mechanical procedures.

The wide escalating applications of lithium-ion batteries in end-use businesses like power generation, marine, and others are encouraging the market for lithium-ion battery recycling. Raw materials for lithium-ion battery manufacturing are confined when compared to its call from various end-use markets. Research and then profit orientation of recyclable lithium-ion batteries are taking place mainly for its applications in the automobile market for hybrid cars as well. Recycling lithium-ion batteries will allow good and long-term utilization hence controlling the making procedure leading to lesser carbon dioxide releases. Recycling of already employed composites furthermore assists in the preservation of natural resources and decreases carbon footprint. These factors are some of the factors that are driving the lithium-ion battery recycling market.

MARKET DRIVERS AND RESTRAINTS:

The worldwide battery recycling industry is estimated to showcase profitable expansion opportunities throughout the foreseen period. This is credited to the lowering of the dangerous impact of metals employed in batteries and the second application of the same kind of metals through recycling. Moreover, more recycling rates related to lead-acid batteries and a rise in focus on lithium-ion batteries further fuel the worldwide battery recycling market expansion. The rising focus on lithium-ion battery recycling is one of the new battery recycling industry trends seen in the past years. This is owing to better development opportunities related to the lithium-ion battery sector. Based on the type of chemical employed in the battery, Lithium-iron phosphate battery is leading the market due to rising applications in more power equipment involving transportation (EVs). The key reasons for the expansion of the battery recycling market are the rising worries relating to environmental pollution and the implementation of strict environmental rules across regions to control more than required industrial and air releases. The escalating worries about finishing earth metals and the government's start to recycle batteries are drivers for the battery recycling industry worldwide. Recycling of used materials further assists in the preservation of natural resources and decreases carbon footprint. These factors are driving the lithium-ion battery recycling industry.

Complications regarding lithium-ion batteries are estimated to hinder the total market expansion during the foreseen period.

MARKET OPPORTUNITIES:

The worldwide market is further estimated to explore expansion opportunities in return to the growing industrial battery recycling segment. Furthermore, the increasing awareness about the environmental dangers related to lithium-ion batteries is propelling industries to recycle the batteries, hence driving the expansion of the Worldwide Lithium-ion Battery Recycling industry.

MARKET CHALLENGES:

The raw materials for the making of lithium-ion batteries are present at a low price, whereas a high price is used in recycling. The high cost, together with the missing of a firm supply chain and low yield related to battery recycling, is probable to hinder the expansion of the battery recycling industry throughout the estimated time period.

MARKET KEY DEVELOPMENTS:

• The U.S. Department of Energy (DOE) has announced plans to invest USD 20.5 million for recycling lithium-ion batteries, with the prime target to boost the current 5% capture rates to 90%. Out of the 20.5 million, the DOE will dedicate 15 million to the research centre and award 5.5 million to companies advancing lithium-ion battery recycling technology.
• The U.S. DOE in collaboration with Argonne National Laboratory has launched a new research and development center in Argonne, Lemont.
• SungEel MCC, an American-based recycling company, has announced the location of its first Lithium-ion battery recycling plant in North America. The plant also recycles e-waste, energy, and metals.

LITHIUM-ION BATTERY RECYCLING MARKET REPORT COVERAGE:

Market Segmentation:

Lithium-ion Battery Recycling Market - By Chemistry:

• Lithium-iron Phosphate
• Lithium-Manganese Oxide
• Lithium-nickel Manganese Cobalt
• Lithium-nickel Cobalt Aluminum Oxide
• Lithium-cobalt Oxide
• Lithium-titanate Oxide

Lithium-ion Battery Recycling Market - By End-Use Industry:

• Automotive
• Marine
• Industrial
• Power

Market Regional Analysis:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

The Asia Pacific has the highest lithium-ion battery recycling share of the industry owing to the continuing electronic mobility promotion and also the presence of the majority customer of electronics. Developing nations, like, China and India are presently holding a key chunk of the industry based on electronic equipment intake. The report estimates that the Asia Pacific will witness a high expansion of the market during the forecast period. The Asia Pacific will also keep its place in the worldwide industry and has formed the biggest industry for the lithium-ion battery recycling industry. The nations of the US and Canada are the key lithium-ion battery recycling industries in the North American region.

Market Key Players:

1. Umicore (Belgium)
2. Retriev Technologies (US)
3. Glencore (Switzerland)
4. American Zinc Recycling (INMETCO) (US)
5. Raw Materials Company (Canada)
6. BYD Company Limited
7. Contemporary Amperex Technology Co. Limited
8. Battery Recycling Made Easy (US)
9. LG Chem Ltd
10. Tesla Inc.
11. Panasonic Corporation
12. Sony Corporation
13. Samsung SDI