Global Lithium-ion Battery Recycling Market
Global Lithium-ion Battery Recycling Market Size Expanding More Than 5X to Cross USD 32.4 Billion by 2029
Published | 09 May 2023
Global lithium-ion battery recycling market is flourishing because of supportive initiatives by governments promoting the adoption of electric vehicles (EV) and battery recycling, rising environmental concerns and focus on sustainability, and increasing adoption of lithium-ion batteries in consumer electronics.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global lithium-ion battery recycling market size at USD 6.22 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global lithium-ion battery recycling market size to expand at a robust CAGR of 14.15% reaching a value of USD 32.41 billion by 2029. Major growth drivers for the global lithium-ion battery recycling market include rising popularity of electric vehicles (EVs), a surging demand for effective used battery management, and a decrease in battery costs. The increasing demand for EVs has led to a surge in the need for proper management and recycling of used batteries, as they can contain hazardous materials. Also, there is a growing awareness of the environmental impact of improper battery disposal, which is prompting governments and organizations to promote recycling initiatives. Hence, such aspects are expected to fuel the growth of the global lithium-ion battery recycling market during the forecast period. However, high costs associated with lithium-ion battery recycling and technical challenges in the recycling process are anticipated to restrain the growth of the overall market.
Global Lithium-ion Battery Recycling Market – Overview
Lithium-ion battery recycling refers to the process of recovering and reusing valuable materials from end-of-life lithium-ion batteries. These batteries contain valuable metals, such as cobalt, lithium, nickel, and manganese, which can be extracted and repurposed for the production of new batteries, reducing the need for virgin materials. The recycling process typically involves dismantling the batteries, sorting the different components, and using various techniques such as pyrometallurgy, hydrometallurgy, and mechanical methods to extract the valuable metals. Lithium-ion battery recycling is an important step towards sustainable and responsible management of electronic waste and reducing the environmental impact of battery production.
Impact of COVID-19 on Global Lithium-ion Battery Recycling Market
COVID-19 pandemic adversely affected the global lithium-ion (Li-ion) battery recycling market, resulting in countrywide lockdowns that led to a decline in manufacturing operations. It affected the Li-ion battery recycling market, which serves various applications, such as EVs, power tools, and medical devices. As a result, there was a decline in the adoption of Li-ion batteries, leading to a significant revenue decrease in the Li-ion battery recycling market in 2020. However, the medical devices industry was positively impacted due to the increased demand for battery-powered devices. Many countries also imposed restrictions on material imports and exports from China, leading to a shortage of raw materials for battery production. This increased the need for recycling used Li-ion batteries to produce new ones. The market holds potential for growth due to the rising popularity of electric vehicles and initiatives undertaken by various governments for battery recycling.
Global Lithium-ion Battery Recycling Market – By Battery Chemistry
Based on battery chemistry, the global lithium-ion battery recycling market is divided into Lithium-Iron Phosphate, Lithium-Manganese Oxide, Lithium-Nickel-Cobalt-Aluminum Oxide, Lithium-Nickel-Manganese-Cobalt, Lithium-Titanate Oxide segments. The lithium nickel manganese cobalt segment holds the highest share in the global lithium-ion battery recycling market owing to its unique features, such as high energy density, long cycle life, and high thermal stability, which make it ideal for use in electric vehicles. Moreover, there is an increasing need to recover raw materials and reused Li-ion batteries, and the high containment ratios of nickel, manganese, lithium, and cobalt make it possible to produce new batteries.
Major players operating in the global lithium-ion battery recycling market include Li-Cycle Corp, Recupyl SAS, American Manganese Inc., Retriev Technologies, Gopher Resource LLC, Battery Recycling Made Easy, Fortum Oyj, Raw Materials Company Inc., Tes-Amm Recycling Inc., Glencore International AG., Ganfeng Lithium Co. Ltd, Attero, ACCUREC-Recycling GmbH, Duesenfeld GmbH, and Tata Chemicals Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Lithium-ion Battery Recycling Market . It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Lithium-ion Battery Recycling Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Lithium-ion Battery Recycling Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Source (Automotive, Electronics, Power Tools); By Battery Chemistry (Lithium-Iron Phosphate, Lithium-Manganese Oxide, Lithium-Nickel-Cobalt-Aluminum Oxide, Lithium-Nickel-Manganese-Cobalt, Lithium-Titanate Oxide); By Recycling Process (Hydrometallurgical Process, Physical/Mechanical Process, Pyrometallurgy Process); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Publish Date: May 2023
Increasing adoption of lithium-ion (Li-ion) batteries in consumer electronics, rising environmental concerns and focus on sustainability, and growing government initiatives promoting the adoption of electric vehicles (EVs) and battery recycling are projected to propel the expansion of the global lithium-ion battery recycling market during the forecast period between 2023 and 2029.
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