With the emergence and long-term Impact of COVID-19, Global Lithium-Ion Battery Recycling Market to reach USD 15.39 billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Lithium-Ion Battery Recycling Market points towards a potential rise to USD 15.39 billion by 2030. A Lithium-Ion Battery (LIB) is a type of electrochemical cell, comprising essential components such as electrodes and catalysts that facilitate power generation for diverse applications. The cathode and anode tubes contain materials composed of precious metals with limited reserves and high resale values. As a result, the recycling of lithium-ion batteries plays a crucial role in extracting and selling the raw materials found in the electrode composition. This approach aims to mitigate the overall project cost and minimize the environmental impact.
These dynamics are pivotal in fostering the growth of the Lithium-ion Battery Recycling Market. The recycling process involves the retrieval and repurposing of materials from spent or end-of-life lithium-ion batteries, which are extensively utilized in electronic devices, electric vehicles, and renewable energy systems owing to their elevated energy density and prolonged cycle life. The rise in the number of stringent policies to prohibit disposal of untreated chemical waste, increasing corporate sustainability initiatives, soaring demand for recycled products and materials, coupled with the depletion of earth metals are the key factors that are primarily contributing to the market demand worldwide.
Geographically, the global Lithium-Ion Battery Recycling market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific dominated the market in 2022 owing to the substantial presence of recycling companies, the availability of diverse battery manufacturers, a significant installed base of batteries, and favorable policies supporting battery energy storage. For instance, in January 2020, GS Engineering & Construction Corp., a South Korean civil engineering company, announced its plans for a new lithium-ion battery recycling facility. This initiative is poised to have a projected capacity of 4.5 kilotons with an investment of approximately KRW 100 billion (USD 86 million) by 2022.
The project was commissioned by the Pohang City and North Gyeongsang Province administrations, emphasizing the region’s commitment to fostering industry growth. Whereas, North America is expected to grow at a significant CAGR over the forecast years. The growing investments and rising regulatory frameworks implemented by diverse administrations and organizations are significantly propelling the market demand across the region. Additionally, a substantial consumer base and the presence of key players in the region and the rapid expansion of the electric vehicle industry are the factors that play a significant role in fostering market growth in North America.
The global Lithium-Ion Battery Recycling market is highly competitive owing to the presence of several key players such as SNAM S.p.A (France) Umicore (Belgium) Sumitomo Metal Mining Co., Ltd. (Japan) Lithion Recycling Inc. (Canada) BATREC INDUSTRIE AG (Switzerland) American Zinc Recycling Corp (U.S.) DOWA ECO-SYSTEM Co., Ltd. (Japan) Li-Cycle Corp. (Canada) Neometals Ltd (Australia) ACCUREC Recycling GmbH (Germany), and others.
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Key findings of the study suggest:
- Global Lithium-Ion Battery Recycling Market is anticipated to grow with a healthy growth rate of more than 21.6% over the forecast period 2023-2030.
- In the Chemistry segment, Lithium Nickel Manganese Cobalt Oxide emerged out as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth owing to availability of diverse battery manufacturers in the region.
- North America is expected to grow at higher rate owing to rapid expansion of the electric vehicle industry in the region.
Bizwit Research & Consulting has considered following segments for the study:
By Chemistry:
- Lithium Cobalt Oxide
- Lithium Iron Phosphate
- Lithium Manganese Oxide
- Lithium Nickel Cobalt Aluminum Oxide
- Lithium Nickel Manganese Cobalt Oxide
By Source:
- Electronics
- Electric Vehicles
- Power Tools
- Others
By Process:
- Physical/Mechanical
- Hydrometallurgical
- Pyrometallurgical
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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