Jersey City, NJ, March 24, 2023 (GLOBE NEWSWIRE) -- The global Lthium-Ion Battery Recycling Market is estimated to reach over USD 25.87 billion by 2031, exhibiting a CAGR of 18.20% during the forecast period 2023-2031.
When a lithium-ion battery is being charged, lithium ions proceed from the negative electrode to the positive electrode and back through the electrolyte. These rechargeable batteries are frequently found in consumer electronics and vehicles. It has four parts: an anode, a separator, and an electrolyte. Lithium ions from the cathode are stored and released by the anode, allowing current to flow through an external circuit. Governmental regulations, environmental safety, and more public awareness are some of the factors that will likely cause the worldwide lithium-ion battery recycling market to grow.
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It is anticipated that new growth potential in the global market will be created by the availability of protective layers to lower the risk of fire and short-circuiting, as well as the appealing design of batteries. Furthermore, due to advancements in battery technologies that lead to the development of technologically advanced batteries being developed by manufacturers, battery recycling businesses will probably have a tremendous opportunity to invest in and refocus their resources to build a breakthrough battery recycling technology.
Recent Developments:
- In February 2022, Glencore and Britishvolt agreed to a strategic agreement to create a world-class battery recycling ecosystem in the UK.
- In July 2021, an announcement regarding plans to increase production and recycling capacities was made by Lohum Cleantech, a maker of lithium-ion batteries and a provider of recycling solutions. Over the next two years, the company intends to raise recycling capacity from 1,000 tonnes per annum (TPA) to 10,000 TPA and increase LIB output from 300 MWh to 1 GWh.
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List of Prominent Players in the Lithium-ion Battery Recycling Market:
• Accurec Recycling Gmbh
• Akkuser Oy
• American Battery Technology Company
• American Manganese Inc.
• American Zinc Recycling
• Batrec Industrie Ag
• Battery Recycling Made Easy (Brme)
• Contemporary Amperex Technology Co., Limited
• Duesenfeld Gmbh
• Ecobat
• Envirostream Australia Pty Ltd
• Euro Dieuze Industrie (E.D.I.)
• Fortum Corporation
• Ganfeng Lithium Co., Ltd
• Gem Co., Ltd
• Glencore International Ag
• Li-Cycle Corp
• Lithion Recycling Inc.
• Metal Conversion Technologies (MCT)
• Neometals Ltd
• Onto Technology Llc
• Raw Materials Company (Rmc)
• Redwood Materials, Inc.
• Retriev Technologies Inc
• Sitrasa
• Smc Recycling
• Tata Chemicals Limited
• Tes
• Umicore
• Urecycle Group Oy
Lithium-ion Battery Recycling Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 5.82 Bn |
| Revenue forecast in 2031 | USD 25.87 Bn |
| Growth rate CAGR | CAGR of 18.20% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Million, Volume (Unit), and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Battery Chemistry, Source, Recycling Process And End-Use |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers-
The global lithium-ion battery recycling market is anticipated to develop more quickly due to a favorable trend toward deploying clean power sources to supply effective input to various applications. The installation of multiple batteries for various large-scale energy storage systems and electric cars has been preferred by organizations.
In order to take advantage of recycling prospects, older batteries with low efficiency will need to be replaced as a result of growing deployment. For instance, the Delhi government in India officially opened a new grid-scale 150 kWh/ 528 kWh lithium-ion battery storage facility in the city's capital in March 2021. The administration wants to strengthen the nation's base of renewable energy sources and increase the electrical grid's resilience.
Challenges:
Li-ion batteries still have a lot of drawbacks, notably in terms of safety, despite their technological promise. High voltages can harm lithium-ion batteries because of their propensity to overheat, and this occasionally results in thermal runaway and combustion.
These batteries need safety systems to regulate internal pressure and voltage, which can sometimes add weight and reduce efficiency. Li-ion batteries can age, which means they can lose capacity and frequently stop working after a while. Their price, which is about 40% more than Ni-Cd, is another obstacle to their general adoption.
Regional Trends:
The Asia Pacific lithium-ion battery recycling market is anticipated to register a significant market share in revenue and is projected to expand at a high CAGR shortly. The existence of several recycling businesses, various battery manufacturers, a sizable installed base of batteries, and advantageous battery energy storage policies are driving the Asia Pacific market size. Besides, the North American region had a substantial share of the market.
This is mostly because the United States is one of the largest global markets for these energy storage devices. In the coming years, this domain is anticipated to be driven by the increase in EV adoption in the region, together with government incentives and other measures.
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Segmentation of Lithium-ion Battery Recycling Market-
By Battery Chemistry
- Lithium-Iron Phosphate
- Lithium-Manganese Oxide
- Lithium-Nickel-Cobalt-Aluminum Oxide
- Lithium-Nickel-Manganese Cobalt
- Lithium-Titanate Oxide
By Source
- Electric Vehicles
- Electronics
- Power Tools
- Others
By Recycling Process
- Hydrometallurgical Process
- Physical/Mechanical Process
- Pyrometallurgy Process
By EndUse
- Automotive
- Non-Automotive
- Industrial
- Consumer Electronics
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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