India,Pune, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The global lobal lithium-ion battery recycling market size was valued at USD 3.22 billion in 2022 and is expected to be worth USD 3.79 billion in 2023. The market is projected to reach USD 14.89 billion by 2030, recording a CAGR of 21.6% during the forecast period. Fortune Business Insights™ displays this information in a report titled, "Lithium Ion Battery Recycling Market, 2023-2030."
A Lithium Ion Battery (LIB) is an electrochemical cell that has components, such as catalysts and electrodes to facilitate power generation for different purposes. These batteries are recycled to extract and sell the raw materials collected in the electrode composition to decrease the project costs and environmental impact. This factor is predicted to fuel the lithium ion battery recycling market growth.
Industry Development:
Glencore, FCC, and Iberdrola partnered to offer li-ion battery recycling solutions for Spain and Portugal. The aim is to tackle one of the biggest medium to long-term challenges in the sector, recycling lithium-ion batteries by setting up a purpose-built facility. This would include second-life repurposing and true end-of-life recycling solutions.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2021 to 2028 CAGR | 21.6% |
| 2030 Value Projection | USD 14.89 billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 3.79 billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 240 |
| Segments covered | Chemistry, Source, Process and Region |
| Growth Drivers | Increasing Demand for Clean Energy Sources to Boost Growth |
| Key Players Focus on Partnerships & New Plant Development to Intensify Competition |
Drivers and Restraints:
Growing Demand for Electric Vehicles to Boost Market Progress
The popularity of electric vehicles is rising at a tremendous pace across the world as customers are looking for various ways to decrease their carbon emissions. This factor has increased the production of lithium ion batteries to power these vehicles. However, there is a growing need for recycling these batteries at the end of their life cycle to minimize toxic chemical waste that is released into the environment. Moreover, advancements in battery technologies will augment the demand for lithium ion battery recycling processes.
However, lack of strict policies and high initial investments in some countries might hinder market growth.
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COVID-19 Impact:
Disruptions in Shipments and Supply Chain Hindered Market Growth During COVID-19
The COVID-19 outbreak had a negative influence on the adoption of lithium ion battery recycling technologies as there were major delays in the operations of different industries. Since countries across the world had enforced social distancing rules and lockdowns, the production and supply chain of lithium ion batteries took a hit. Moreover, disruptions in shipping the required raw materials during this period slowed the market growth.
Segmentation:
Lithium Cobalt Oxide Batteries to Dominate Market Due to Their Vast Installed Base
Based on chemistry, the market covers Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Lithium Manganese Oxide (LMO), lithium Nickel Cobalt Aluminum Oxide (NCA), and lithium Nickel Manganese Cobalt Oxide (NMC). The Lithium Cobalt Oxide (LCO) segment may dominate the market in terms of volume and revenue due to the vast installed base of these batteries.
Rising Shift Toward Green Economy to Fuel Use of Li-Ion Batteries in Electric Vehicles
Based on source, the market covers electronics, electric vehicles, power tools, and others. The electric vehicle segment may capture a dominant lithium ion battery recycling market share as countries across the world are moving toward a circular and green economy. This factor has boosted the sales of electric vehicles, thereby fueling the demand for li-ion batteries.
Global Lithium Ion Battery Recycling Market Segmentation:
By Chemistry
- Lithium Cobalt Oxide (LCO)
- Lithium Iron Phosphate (LFP)
- Lithium Manganese Oxide (LMO)
- Lithium Nickel Cobalt Aluminum Oxide (NCA)
- Lithium Nickel Manganese Cobalt Oxide (NMC)
By Source
- Electronics
- Electric Vehicles
- Power Tools
- Others
By Recycling Process
- Physical/Mechanical
- Hydrometallurgical
- Pyrometallurgical
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Better Metal Recoverability and Enhanced Operational Efficiency to Boost Demand for Hydrometallurgical Process
Based on recycling process, the market is bifurcated into physical/mechanical, hydrometallurgical, and pyrometallurgical. The hydrometallurgical segment might account for a significant market share as the process is less complex, eco-friendly, and has negligible gas and water emissions.
With respect to region, the market covers North America, Europe, Asia Pacific, and Europe.
Report Coverage:
The report analyzes the market in detail and gives information on the use of lithium ion battery recycling technologies in key regions. Moreover, it offers valuable information on drivers, trends, threats, and opportunities that will help the market grow.
Regional Insights:
Asia Pacific to Lead Global Market Growth With Increasing Presence of Recycling Firms
Asia Pacific is expected to capture a significant market share as the region has a vast presence of recycling companies and battery manufacturers. Asia Pacific also has an expansive installed base of batteries, which will further accelerate the regional market growth.
The market in North America is also anticipated to grow significantly as companies across the region are implementing various strategies to enhance the performance of their battery treatment systems.
Competitive Landscape:
Umicore to Expand Its Presence With Implementation of Organic and Inorganic Strategies
The market is witnessing an increased participation of several small and big market players in the value chain of li-ion batteries. These firms are trying to improve their lithium ion battery recycling capacities and using eco-friendly processes to enhance their market positions. For instance, in June 2021, Umicore announced that it was investing in a U.S.-based battery producer Solid Power to expand its portfolio of passenger electric vehicles using li-ion batteries and strengthen its market presence.
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LIST OF KEY COMPANIES PROFILED IN THE REPORT
- SNAM (France)
- Umicore (Belgium)
- Sumitomo Metal Mining Co., Ltd. (Japan)
- Lithion Recycling Inc. (Canada)
- BATREC INDUSTRIE AG (Switzerland)
- American Zinc Recycling Corp (U.S.)
- Fortum (Finland)
- DOWA ECO-SYSTEM Co., Ltd. (Japan)
- Li-Cycle Corp. (Canada)
- Neometals Ltd (Australia)
- ACCUREC Recycling GmbH (Germany)
- AkkuSer (Finland)
- San Lan Technologies Co., Ltd (China)
- Duesenfeld (Germany)
- Glencore (Switzerland)
- Redux GmbH (Germany)
- uRecycle Group (Finland)
- Retriev Technologies Inc. (Canada)
LITHIUM-ION BATTERY RECYCLING: GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2023-2030
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on the Lithium-Ion Battery Recycling Market
- Global Lithium-Ion Battery Recycling Market Analysis (Tonnes, USD Billion), Insights and Forecast, 2019–2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Chemistry
- Lithium Cobalt Oxide (LCO)
- Lithium Iron Phosphate (LFP)
- Lithium Manganese Oxide (LMO)
- Lithium Nickel Cobalt Aluminum Oxide (NCA)
- Lithium Nickel Manganese Cobalt Oxide (NMC)
- Market Analysis, Insights and Forecast – By Source
- Electronics
- Electric Vehicles
- Power Tools
- Others
- Market Analysis, Insights and Forecast – By Recycling Process
- Physical/Mechanical
- Hydrometallurgical
- Pyrometallurgical
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
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