Lithium-Ion Battery Recycling Market Size to Reach USD 27.7 billion by 2030

Global Lithium-Ion Battery Recycling market to surpass USD 27.7 billion by 2030 from USD 1.72 billion in 2020 at a CAGR of 32.06 % throughout the forecast period, i.e., 2021-30. Global Lithium-Ion Battery Recycling market is expected to observe growth in the future owing to its diversified application in different industries such as the automotive and electricity industry. As they are highly efficient, durable, and low maintenance their demand for electric vehicles and portable devices is mounting which is expected to grow the lithium-ion battery recycling market.

Lithium-ion battery is a rechargeable battery that is used in electric vehicles and portable electronics. Lithium-ion battery consists of three functional elements- positive electrodes, the negative electrode, and electrolyte. The negative electrode is made from carbon. The positive electrode is composed of metal oxide. The electrolyte is a lithium salt in the organic solvent. Lithium-ion battery differs based on performance, price, and chemistry. Battery recycling means to lessen the number of batteries being thrown as waste. Recycling enables the reduction of material going into landfills. Lithium-ion batteries include valuable metals such as cobalt and nickel and to avoid the shortage of these metals recycling process of lithium ions battery is needed. Recycling of lithium-ion batteries can be undertaken by several technological procedures such as the pyro-metallurgy process, hydrometallurgical process, and other mechanical processes. Automotive, power generation, marine, electricity is some of the industries using lithium-ion batteries.

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Global Lithium-Ion Battery Recycling Market: Key Players

  • Umicore
  • Glencore International AG
  • GEM
  • Bruno Recycling
  • SungEel HiTech
  • Taisen Recycling
  • Batres
  • Retrieve Technologies
  • Tes-Amm(Recupyl)
  • Duesenfeld
  • 4R Energy Corp
  • OnTo Technology
  • Other Prominent Players

Global Lithium-Ion Battery Recycling Market: Segments

Lithium-nickel Manganese Cobalt segment to grow with the highest CAGR during 2021-30

Global Lithium-Ion Battery Recycling market is segmented by battery chemistry into lithium-nickel manganese cobalt (Li-NMC), lithium-iron-phosphate (LFP), lithium-manganese oxide (LMO), lithium-titanate oxide (LTO), lithium nickel cobalt aluminum oxide (NCA). The Lithium-nickel Manganese Cobalt segment held the largest market share in the year 2020 and is expected to dominate the global market throughout the forecast period. Owing to the increasing demand for lithium nickel manganese cobalt batteries in electric powertrains, power tools-bikes are expected to drive the market. Additionally, Li-NMC is used for mobile electronics such as laptops, smartphones.

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Market Dynamics

Drivers

Limited Availability of Lithium Ions Battery

One of the important factors driving the lithium-ion battery recycling market is the limited availability of raw materials such as nickel, cobalt, and aluminum. There are no other alternatives of lithium as efficient as them owing to which the recycling of lithium-ion batteries is becoming more common. Furthermore, the mining of lithium causes a harmful impact on the environment including water pollution on account of the leakage of chemicals into the water.

Restraints

High Costs

Higher costs involved in Lithium-ion batteries recycling are the major key factor restraining the growth of the global Lithium-ion batteries recycling market. A large investment is needed to set up the industry.

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Global Lithium-Ion Battery Recycling market report also contains analysis on:

Lithium-Ion Battery Recycling Market Segments:

  • 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 Technology
    • Hydrometallurgical Process
    • Pyrometallurgy Process
    • Physical/Mechanical Process
  • By End-User
    • Automotive
    • Marine
    • Power
    • Industrial
    • Others.

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