Lithium-Ion Battery Recycling Market Size worth $1.39 Billion, Globally, by 2027 – Exclusive Report by The Insight Partners
The global lithium-ion battery recycling market is growing at a CAGR of 19.6% from 2020 to 2027.
Pune, India., Nov. 10, 2023 (GLOBE NEWSWIRE) — According to a new report published by The Insight Partners on “Lithium-Ion Battery Recycling Market Size and Forecast (2020–2027), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Technology (Lithium-Nickel Manganese Cobalt, Lithium-Iron Phosphate, Lithium-Manganese Oxide, Lithium-Titanate Oxide, and Lithium-Nickel Cobalt Aluminum Oxide), Application (Automotive, Mining, Consumer Electronics, Industrial, and Power), and Geography” the market in terms of revenue was estimated to be worth $0.40 billion in 2019 and is poised to reach $1.39 billion by 2027, growing at a CAGR of 19.6% from 2020 to 2027.
The growth of the lithium-ion battery recycling market is driven by improper disposal of lithium-ion battery, recovery of valuable metals through disposal of lithium-ion batteries and government initiatives for lithium-ion battery recycling. However, emergence of new economical methods of lithium-ion battery recycling is emerging as a future trend in the industry.
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Global Lithium-Ion Battery Recycling Market Scope:
|Market Size Value in||USD 0.40 Billion in 2019|
|Market Size Value by||USD 1.39 Billion by 2027|
|Growth rate||CAGR of 19.6% from 2020 to 2027|
|Segments covered||Technology, Application, and Geography.|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America.|
|Country scope||Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends|
With the growth of the EV industry, the adoption of lithium-ion batteries is growing exponentially. It is estimated that 500,000 metric tons of used lithium-ion batteries would be generated by 2020 in China alone. The number is further expected to increase to 2 million worldwide by 2030. Rising use of lithium-ion batteries in EVs creates an opportunity for its recycling. A large number of these batteries contains significant valuable metals as well as other materials, which can be processed and reused. However, in the current scenario, a very insignificant amount of these batteries is recycled. For instance, as per the Commonwealth Scientific and Industrial Research Organisation in Australia, 2–3% of these batteries are sent for recycling. Also, the recycling rates in the US and the European Union are below 5%. Previously, the majority of the effort to enhance lithium-ion battery recycling was carried out by a limited number of academic groups, usually functioning independently. However, the scenario has started to change with a number of research institutions, governments, and EV manufacturers focusing on the recycling of these batteries. Several start-ups are now commercializing innovative battery recycling technologies. Also, several EV battery manufacturers and recycling companies have started collaborating to handle the forthcoming issue.
The use of rechargeable lithium-ion batteries has become dominant in several applications, including consumer electronic products, electric vehicles, military, and industrial applications attributed to advantages related to energy density and product durability. Several governments across the world are taking initiatives to find innovative ways of lithium-ion battery recycling. For instance, in 2017, the UK government announced to spend USD 315 million for supporting the development of new battery technologies over the next four years through Faraday Challenge for battery research. Under this, the University of Birmingham is seeking innovative ways to recycle lithium-ion batteries. The US Department of Energy (DoE) has also taken initiatives to support the recycling of lithium-ion batteries. The DoE has announced the ‘Lithium-Ion Battery Recycling Prize,’ which emphasizes the identification of new ways to recycle lithium-ion batteries fused in various applications. Many other countries have already mandated legislation for the recycling of batteries. The regulation and bodies involved in the recycling of lithium-ion batteries include European Union Batteries Directive, GRS Batterien Foundation (Germany), The Japan Battery Recycling Centre (JBRC), and NEV battery recycling regulations (China). Such initiatives taken by governments across the world to reduce the impact of lithium-ion battery disposal on the environment are expected to boost the lithium-ion battery recycling market. Also, with the rising concern for environment pollution, government and battery manufacturers are now more focused on considering the recycling of these batteries. Thereby, bolstering the growth of lithium-ion battery recycling market.
Global Lithium-Ion Battery Recycling Market: Regional Overview
The lithium-ion battery recycling market is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. Asia Pacific region held the largest share of global lithium-ion battery recycling market. The region comprises several developing economies, such as China, India, and other southeast countries as well as developed economies, such as Japan. The government bodies in the region are taking initiatives to promote use of electric vehicles with an aim to lower harmful impact of gases, such as carbon dioxide, on environment. China, Japan, and South Korea are among Asian countries using electric vehicles at a high rate. With growing procurement of electric vehicles in Asian economies, the scope of lithium-ion batteries would proliferate, thereby influencing the scope of lithium-ion battery recycling market as well.
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North America is flourished with the footprints of lithium-ion battery recycling providers, which cater to a wide range of industries, from automotive to mining to consumer electronics to marine. The US in known for making continuous technological developments. Hence, it is adopting advanced technologies at an impressive rate. The scope of next-gen electric vehicles is booming in the US, which is anticipated to contribute toward the adoption of lithium-ion batteries.
Europe is another crucial market for the growth of lithium-ion battery recycling market over the forecast period. As the region houses major automotive manufacturers, the scope of developing electric vehicles is high in the region. Germany, France, and the UK are prominent countries having presence of key automotive manufacturers. This aspect is anticipated to contribute toward the production cycle of electric vehicles, thereby boosting the use of lithium-ion batteries. The MEA and SAM are other regions where energy and mining sector is growing at an exponential rate. This, in turn, is expected to boost the market growth.
Global Lithium-Ion Battery Recycling Market: Competitive Landscape
American Manganese Inc., Ecobat Technologies Ltd., Fortum, Li-Cycle Corp, Recupyl. The above listing of key players is derived by considering multiple factors such as overall revenue, current lithium-ion battery recycling solution portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. There are various other notable players in the global lithium-ion battery recycling market ecosystem, such as Gem Co., Ltd., International Metals Reclamation Company, LLC, Neometals Ltd, Retriev Technologies Inc., TES (Singapore) PTE Ltd.
- In 2020: American Manganese Inc. announced that Company’s contract research lab, Kemetco Research, has deployed and prepared the recently received focused equipment for continued optimization on the Company’s lithium-ion battery recycling pilot plant project.
- In 2020: Fortum introduced new patented technology to recover lithium from rechargeable batteries.Fortum, chemical giant BASF and mining group Nornickel established a battery recycling network to serve the electric vehicle (EV) market.
- In 2020: Neometals and SMS group set up ‘Primobius’, a 50:50 joint venture for the recycling of lithium batteries as well as the sustainable recovery of valuable constituents from end-of-life batteries
Go through further research published by The Insight Partners:
Battery Recycling Market – Global Analysis and Forecast to 2028
Recycled Lead Market – Global Analysis and Forecast to 2030
Battery Technology Market – Global Analysis and Forecast to 2030
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