Lithium-Ion Battery Recycling Market Outlook - 2030
The global lithium-ion battery recycling market size was valued at $1.33billionin 2020, and is expected to reach $38.21billion by 2030, registering a CAGR of 36.0% from 2021to 2030. Lithium-ion battery recycling is referred to collection of lithium-ion batteries through various sources including automotive, industrial, consumer & electronics appliances and recovery of metals of element through recycling processes. The global market estimation includes revenue reported by selling these recovered metals or elements whether that goes into further battery recycling or other second usage applications. Reportedly, most metals recovered go into battery manufacturing only.
Factors such as government regulations, environmental safety, and awareness among people are expected to drive growth of the global lithium-ion battery recycling market. However, improper separation of harmful materials used in battery, improper dismantling, and improper shredding are expected to hamper the market of lithium-ion battery recycling growth during the forecast period. Factors such as aesthetic design of battery, accessible installation of batteries, and provision of protective layers to mitigate risk of fire and short circuiting are anticipated to make way for different growth opportunities in the global market.
The global market is segmented into battery chemistry, source, recycling process, end-use and region. Depending on battery chemistry, the market is categorized into lithium-iron phosphate, lithium-manganese oxide, lithium-nickel-cobalt-aluminum oxide, lithium-nickel-manganese-cobalt, and lithium-titanate oxide. By source, it is classified into electric vehicles, electronics, power tools, and others. By recycling process, it is fragmented into hydrometallurgical process, physical/mechanical process, and pyrometallurgy process. On the basis of end-use, itis bifurcated into automotive and non-automotive. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global lithium-ion battery recycling market covers in-depth information of the major industry participants. Some of the major players in the market include Ganfeng Lithium Co., Ltd., American Battery Technology Company, Accurec Recycling GmbH, Akkuser Oy, Duesenfeld GmbH, Li-Cycle Corp., Fortum Corporation, Retriev Technologies, Inc., Lithion Recycling, Inc., and Umicore.
Other players in the value chain of the market include Neometals Ltd., Primobius, Green Li-ion Pvt., Ltd., SungEel MCC Americas, Redux GmbH, and others.
Key players are adopting numerous strategies, such as technology launch, business expansion, agreement, partnership, and collaboration to stay competitive in the market.
For instance, in May, 2021, Li-Cycle Corp. signed an agreement with Ultium Cells LLC (a joint venture of General Motors and LG Energy Solution). This agreement aimed at recycling of up to 100% of the scrap generated by battery cell manufacturing at Ultium’s Lordstown, Ohio mega-factory
Lithium-ion battery recycling market, by battery chemistry
By battery chemistry, the lithium-manganese oxide segment held the largest market share in 2020, owing to rise in demand for lithium-manganese oxide battery from applications including electricity, gas & water meters, fire & smoke alarms, security devices, and other energy storage applications. In addition, it possesses advantages such as long-term reliability, high life span, and high temperature handling capacity, which is anticipated to fuel growth of the market during the forecast period.
By Battery Chemistry
Lithium-Manganese Oxide is projected as the most lucrative segment.
Lithium-ion battery recycling market, by source
On the basis of source, the electronics segment registered highest market share of 67.5%during the forecast period, owing to growth independence on highly efficient power sources in smart phones, laptops, digital cameras, and other electronics devices. In addition, advantages associated with lithium-ion batteries such as high energy density, low self-discharge, minimum maintenance, and others are expected to fuel the growth of the market during the analyzed time frame.
By Source
Electronics is projected as the most lucrative segment.
Lithium-ion battery recycling market, by recycling process
By recycling process, the hydrometallurgical process segment garnered highest market share in 2020. This is attributed to advantages associated with hydrometallurgical recycling process such as treatment of low-grade materials, easy control of waste, low energy consumption, and lithium & aluminum recyclability as compared to other battery recycling processes.
By Recycling Process
Hydrometallurgical Process is projected as the most lucrative segment.
Lithium-ion battery recycling market, by end use
By end-use, the non-automotive segment garnered the highest lithium-ion battery recycling market share in 2020. This is attributed to rise in demand for second life application of lithium-ion batteries in consumer electronics devices such as laptops, digital cameras, smart phones, and others do not require longer battery life as compared to electric vehicle and industrial applications.
By End-use
Non-Automotive is projected as the most lucrative segment.
Lithium-ion battery recycling market, by region
Europe garnered highest growth rate in the global market in 2020, in terms of revenue, and is anticipated to maintain its dominance during the forecast period. This is attributed to numerous factors such as presence of huge consumer base and existence of key players in the region. Moreover, regulations toward environmental pollution and rapid growth of the electric vehicle industry in the region are anticipated to contribute toward growth of the market in Europe.
By Region
Europe holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
COVID-19 impact on the market
Lockdowns imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries, which decreased demand for lithium batteries from various automotive and non-automotive end users. This resulted in decline in the market growth in the second, third, and fourth quarters of 2020. However, the market is expected to recover by the first quarter of 2021 as COVID-19 vaccination has started in various economies across the globe, which is expected to improve the global economy.
Key Benefits For Stakeholders
- The report provides an extensive qualitative and quantitative analysis of the current lithium-ion battery recycling market trends and future estimations of the market from 2021 to 2030 to determine the prevailing lithium-ion battery recycling market opportunities.
- A comprehensive lithium-ion battery recycling market analysis of the factors that drive and restrict the growth is provided.
- Estimations and lithium-ion battery recycling market forecast are based on factors impacting the growth in terms of value.
- Profiles of leading players operating in the market are provided to understand the global competitive scenario.
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable lithium-ion battery recycling industry growth.
Key Market Segments
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
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Lithium-Ion Battery Recycling Market Report Highlights
| Aspects | Details |
 By Battery Chemistry |
|
 By Source |
|
 By Recycling Process |
|
 By End Use |
|
 By Region |
|
 Key Market Players | ACCUREC RECYCLING GMBH, AKKUSER OY, Duesenfeld GmbH, Umicore, LI-CYCLE CORP., Lithion Recycling, Inc., GANFENG LITHIUM CO., LTD., FORTUM CORPORATION, Retriev Technologies, Inc., AMERICAN BATTERY SOURCE CORPORATION |
Analyst Review
According to CXOs of leading companies, the global battery recycling market is operating at a growing stage in its industry life cycle, owing to which it is projected to witness profitable growth opportunities during the forecast period. The market is reversible in nature as most of recycled metals and elements are further used in battery manufacturing as second life applications. As of 2019, the overall battery infrastructure is mainly supported by government authorities and regulatory bodies in various regions.
Moreover, high profitability associated with lithium-based batteries is expected to commercialize this market to a great extent during the next five-eight years. As a result, there is a great possibility of new market players to enter this market to explore enormous growth opportunities. Conversely, lithium-ion battery recycling poses serious concerns to aquatic ecosystems as over 90.0% of lithium-ion batteries are landfilled as a part of solid waste, which causes huge environmental damage. Considering this, increase in focus on lithium-ion battery recycling is further expected to provide new growth opportunities during the forecast period.
Among analyzed regions, Europe is expected to account for highest revenue in the market during the forecast period, followed by North America, Asia-Pacific, and LAMEA. Europe accounted for 35.77% of the total global lithium-ion battery recycling market share in 2020, and is expected to maintain its dominance during the forecast period.
In terms of revenue growth, the CAGR of the global lithium-ion battery recycling market is 36.0% from 2021 to 2030.
Higher energy efficiency requirements in technologically updated consumer gadgets and high adoption of electric vehicles are the key trends in the lithium-ion battery recycling market.
To get latest version of Lithium-ion battery recycling market report can be obtained on demand from the website.
The potential customers of the lithium-ion battery recycling market are consumer electronic devices, power tools, electric vehicles, energy storage devices and others.
The applications of the lithium-ion battery recycling market are automotive, electronics, energy storage and others.
The top ten market players are selected based on two key attributes - competitive strength and market positioning
On the basis of battery chemistry, lithium-manganese oxide battery segment will drive the lithium-ion battery recycling market growth during the forecast period. On the basis of source, electronics segment will drive the growth of the lithium-ion battery recycling market. By recycling process, hydrometallurgical process segment will fuel the growth of the market. On the basis of end-use, non-automotive segment will fuel the growth of the market
Top players in the lithium-ion battery recycling market are Ganfeng Lithium Co., Ltd., American Battery Technology Company, Accurec Recycling GmbH, Akkuser Oy, Duesenfeld GmbH, Li-Cycle Corp., Fortum Corporation, Retriev Technologies, Inc., Lithion Recycling, Inc., and Umicore.
In terms of revenue, the market size of lithium-ion battery recycling market is anticipated to reach $38.2 billion by 2030, growing at CAGR of 36.0% from 2021 to 2030.
Europe will provide business opportunities for lithium-ion battery recycling market during the forecast period. This is attributed to the huge consumer base, increase in lithium-ion battery recycling activities, increase in investment towards renewable sector, and high demand for electric vehicles from the region.
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