Lithium Ion Battery Recycling Market Size & Industry Forecast Research Report, 2023-2030
Lithium Ion Battery Recycling Market was valued at USD 6.1 billion in 2022 and is forecast to touch USD 27.8 billion in 2030, and the market is expected to grow at a CAGR of 20.9% from 2023-2030
Lithium Ion Battery Recycling Market Overview
A lithium-ion battery is referred to as a less toxic battery that is easy to reuse and recycle. With the rise in the application of lithium-ion batteries in diverse consumer products, the danger of explosion and their disposal has become tough, and hence, it becomes inevitable to recycle them. The recycling of these batteries could be done by various technological processes, including pyro-metallurgy process, hydrometallurgical process, and other mechanical processes.
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Major Lithium Ion Battery Recycling Market Drivers
Increasing deployment of lithium-ion batteries in several end-use industries including power, automotive, consumer & electronics owing to the reduction in lithium-ion battery prices and higher capacity to weight ratio stands to be a major factor fueling the global lithium-ion battery recycling market growth. With the growing concerns pertaining battery waste disposal and environmental damage caused by vehicles running on traditional energy sources, government has enforced stringent norms, which has driven the market growth. In addition, as per the lithium-ion battery recycling market forecast, ongoing advancements in the battery technology has bolstered the production of technologically advanced batteries by leading producers, which is forecast to expand the market demand in the forthcoming years. Other factors including the growing demand for recycles products, rising sales of electric vehicles, and increasing inclination towards clean energy sources to provide effective input to different applications are propelling the market size. According to the Hindustan Times report, approximately 4.6 million Electric vehicles were sold worldwide in 2021, primarily because of the increasing installation of charging points for electric vehicles. However, the limited technologies available for the extraction of lithium and high recycling cost will impede the lithium-ion battery recycling market size.
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Battery Chemistry – Segment Analysis
Based on the Battery Chemistry, the Lithium-nickel Manganese Cobalt (Li-NMC) segment is expected to grow at a high CAGR during the forecast period. One of the most advanced li-ion cathode formulas developed is obtained by blending nickel, manganese, and cobalt. Lithium-Nickel-Manganese-Cobalt-Oxide (LiNiMnCoO2), referred to as NMC, has become the go-to cathode powder to produce power tools, batteries, e-bikes, and other electric powertrains. It provides strong overall performance, excellent specific energy, and the lowest self-heating rate of all mainstream cathode powders, which makes it the most appropriate option for automotive batteries. Hence, due to such factors, this segment is expected to account for largest lithium-ion battery market share during the forecast period.
End-Use – Segment Analysis
Based on the End-Use, the Automotive segment is expected to grow at a high CAGR during the forecast period. LIBs are currently the most desirable energy storage device for powering electric vehicles (EVs) due to their attractive characteristics, including high energy efficiency, lack of memory effect, high power density, long cycle life, and high energy density. These advantages allow them to be compact and lighter than other conventional rechargeable batteries like lead-acid batteries, nickel-cadmium batteries (Ni-Cd), and nickel-metal hydride batteries (Ni–MH). For instance, Nissan’s Lithium-ion battery technology utilizes materials that offer a higher density of lithium ions to be stored. Hence, this results in an increase in travel distance.
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Regional – Segment Analysis:
Based on the region, the Asia-Pacific is projected to dominate the market during the forecast period. The proximity of multiple lithium-ion battery recycling companies, various battery manufacturers, favorable battery energy storage policies, large battery installed base are some of the factors propelling the Lithium-ion Battery Recycling market size. For instance, in 2020, GS Engineering & Construction Corp., a South Korean civil engineering company, declared the construction of a new plant for the recycling of lithium-ion batteries at an investment of around USD 86 million by 2022. The company declared that the new plant with a projected capacity of 4.5-kilo tons is awarded by Pohang City and North Gyeongsang Province administrations to propel the industry outlook.
Top Market Players
Various notable players operating in the market include Umicore N.V., Glencore, American Zinc Recycling, Retriev Technologies, Raw Materials Company, Snam SPA, Sumitomo Metal Mining Co., Ltd., Lithion Recycling, BATREC INDUSTRIE AG, Fortum, among others.
Key Developments:
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- In 2021, Li-Cycle Holdings established a commercial lithium-ion battery recycling facility in Tuscaloosa, Alabama, which will process approximately 5,000 tons of battery production scrap and end-of-life batteries per year. This expansion will strengthen the company’s position in the market to cater to the rising demand and improve its presence in southeastern US.
- In 2021, Glencore collaborated with Britishvolt, a pioneer in electric vehicle battery technology. This partnership is intended to strengthen the position of Glencore in the lithium-ion battery recycling market and expand its product portfolio.
- In 2021, Accurec reconstructed the Krefeld plant. The reconstructed plant has double security storage and building capacity for lithium batteries. This development increases the production capacity of the company and ensures growth in the lithium-ion battery recycling market.
- In 2021, Glencore signed a MoU for the potential supply of ethically sourced and traceable raw materials for inclusion in FREYR’s lithium-ion battery (LIB) cells, which will be manufactured at planned facilities in Norway.
- In 2020, Umicore N.V. announced a collaboration with Northvolt for a new pilot plant that will produce lithium-ion battery (LIB) cells for BMW. Umicore N.V. will contribute to the production of a sustainable battery cell in Europe.
- In 2020, Snam signed an agreement with funds managed by Blackstone Tactical Opportunities for acquiring a strategic stake of about 33% in Industrie De Nora S.p.A., a global technology supplier of clean energy and water treatment based on a 100% enterprise value of approximately €1.2 billion.
Segments covered in the Report:
The global Lithium-ion Battery Recycling market has been segmented on the basis of Battery Chemistry, End-Use, and regions. Based on Battery Chemistry, the market is segmented 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). Based on End-Use, the market is segmented into Automotive, Power, Industrial and Marine.
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Report Coverage |
Details |
Market Revenues (2022) |
USD 6.1 billion |
Market Base Year |
2022 |
Market Forecast Period |
2023-2030 |
Base Year & Forecast Units |
Revenues (USD billion) |
Market Segment | By Battery Chemistry, By End-Use, By Region |
Regional Coverage | Asia Pacific, Europe, North America, and RoW |
Companies Profiled | Umicore N.V., Glencore, American Zinc Recycling, Retriev Technologies, Raw Materials Company, Snam SPA, Sumitomo Metal Mining Co., Ltd., Lithion Recycling, BATREC INDUSTRIE AG, Fortum, among others; a total of 10 companies covered. |
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Market Segmentation
Global Lithium-ion Battery Recycling Market by Battery Chemistry
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- Lithium-nickel Manganese Cobalt (Li-NMC)
- Lithium-iron Phosphate (LFP)
- Lithium-manganese Oxide (LMO)
- Lithium-titanate Oxide (LTO)
- Lithium-nickel Cobalt Aluminum Oxide (NCA)
Global Lithium-ion Battery Recycling Market by End-Use
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- Automotive
- Power
- Industrial
- Marine
Global Lithium-ion Battery Recycling Market by Region
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North America Lithium-ion Battery Recycling Market (Option 1: As a part of the free 25% customization)
- By Battery Chemistry
- By End-Use
- US Market All-Up
- Canada Market All-Up
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Europe Lithium-ion Battery Recycling Market (Option 2: As a part of the free 25% customization)
- By Battery Chemistry
- By End-Use
- UK Market All-Up
- Germany Market All-Up
- France Market All-Up
- Spain Market All-Up
- Rest of Europe Market All-Up
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Asia-Pacific Lithium-ion Battery Recycling Market (Option 3: As a part of the free 25% customization)
- By Battery Chemistry
- By End-Use
- China Market All-Up
- India Market All-Up
- Japan Market All-Up
- Rest of APAC Market All-Up
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RoW Lithium-ion Battery Recycling Market (Option 4: As a part of the free 25% customization)
- By Battery Chemistry
- By End-Use
- Brazil Market All-Up
- South Africa Market All-Up
- Saudi Arabia Market All-Up
- UAE Market All-Up
- Rest of world (remaining countries of the LAMEA region) Market All-Up
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Major Players Operating in the Lithium-ion Battery Recycling (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
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- Umicore N.V.
- Glencore
- American Zinc Recycling
- Retriev Technologies
- Raw Materials Company
- Snam SPA
- Sumitomo Metal Mining Co., Ltd.
- Lithion Recycling
- BATREC INDUSTRIE AG
- Fortum
- Published Date: Aug - 2023
- Report Format: Excel/PPT
- Report Code: UP1871-001001
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Report is shared with unlimited user (employees) of the purchasing corporation only
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Multi-User License:Report is shared with maximum 5 users (employees) including the purchaser of the purchasing corporation only
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Report is shared with unlimited user (employees) of the purchasing corporation only
Lithium Ion Battery Recycling Market Size & Industry Forecast Research Report, 2023-2030
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