Lithium-Ion Battery Recycling Market Size is Worth USD 32.94 Billion by 2032 | Emergen Research

Vancouver, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The global lithium-ion battery recycling market is expected to reach USD 32.94 Billion by 2032, according to a new report by Emergen Research. The lithium-ion battery recycling market is witnessing rapid growth in demand as raw materials such as lithium, nickel, cobalt, and manganese used in the manufacturing of cathode of batteries are limited. In contrast, these materials are witnessing an escalating demand from the end-user verticals, including automotive & transportation, consumer electronics, marine, power, and various other industries. Besides, the raw materials deployed in the making of batteries are detrimental to the environment. Recycling and reusing the constituents in used batteries further aids in conserving natural resources; therefore, propelling the market growth for recycled lithium-ion battery market.

The market for lithium-ion battery recycling is propelled by the rising demand for electric and hybrid electric vehicles that make extensive use of lithium ion batteries. Growing demand of such vehicles results in a price rise of materials such as lithium, used in batteries, hence driving the profitability of firms in lithium-ion battery recycling market. Consistent technological advancements in the recycling of lithium-ion battery recycling attributed to groundbreaking efforts have enhanced the effectiveness of the recycling process.

However, factors including safety concerns associated with used battery storage and transportation hamper the growth of the market.

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Scope of Research

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MAJOR COMPANIES and Market Share Analysis

The leading players in the lithium-ion battery recycling market are equipped with enhanced production facilities and are involved in various R&D activities. A few leading players in the lithium-ion battery recycling market include:

• Retriev Technologies Inc.
•  Glencore International AG
•  American Manganese, Inc.
•  Sitrasa
•  Li-Cycle Corporation
•  Raw Materials Company Inc.
•  Neometals Ltd.
•  Fortum OYJ
•  Umicore
•  Lithium Recycling, Inc.

Strategic Development

In January 2020, Fortum OYJ, a leading market player, made an announcement about the acquisition of Crisolteq, a lithium-ion battery recycling firm based in Finland.

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Key Highlights From The Report

• By battery type, lithium manganese oxide lithium-ion battery recycling is estimated to grow at the fastest rate in the forecast period. LMO type offers various advantages such as lower internal resistance, high thermal stability, improved current handling, and enhanced safety, which make them apt for applications in power tools and hybrid or electric vehicles.
• By application, consumer electronics contributed to a significant market share in 2019. Growing demand for laptops, UPS, and smart devices, among other consumer electronics devices that require batteries for operation and or portability, is driving the demand for lithium-ion battery recycling.
• The market in the North America held the lithium-ion battery recycling largest market share in 2019 and is estimated to grow at a rate of 8.3% in the forecast period. The high demand in the region is due to the growing adoption of electric vehicles, especially in the US. The environmental concern among the governments about the health hazards of the lithium-ion battery is considerably propelling the lithium-ion battery recycling market.

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Emergen Research has segmented the global lithium-ion battery recycling market on the basis of battery type, industry vertical, and region:

• Battery Type Outlook (Revenue, USD Billion; 2019-2032)
  • Lithium-Nickel Manganese Cobalt (Li-NMC)
  • Lithium Iron Phosphate (LFP)
  • Lithium-Manganese Oxide (LMO)
  • Lithium-Titanate Oxide (LTO)
  • Lithium-Nickel Cobalt Aluminum Oxide (NCA)
  • Lithium-Cobalt Oxide (LCO)
• Industry Vertical Outlook (Revenue, USD Billion; 2019-2032)
  • Automotive & Transportation
  • Consumer Electronics
  • Marine
  • Power
  • Industrial
• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. UK
    3. France
    4. BENELUX
    5. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • MEA
    1. Saudi Arabia
    2. UAE
    3. Rest of MEA

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