Meticulous Research®—a leading global market research company, published a research report titled, ‘Li-ion Battery Recycling Market by Model (Contractual Services (Source, End-use Industry), Direct-to-Market), Battery Type (LCO, LFP, LMO, NCA, NMC, LTO), Process (Pyrometallurgical, Hydrometallurgical), and Geography - Global Forecasts to 2030’.
According to this latest publication from Meticulous Research®, the Li-ion battery recycling market is projected to grow at a CAGR of 21.3% from 2023–2030, to reach $6.9 billion by 2030. The growth of this market is driven by the increasing demand for electric vehicles, the surge in the need to manage the disposal of used batteries, and the declining prices of batteries. However, the lack of proper recycling infrastructure restrains the growth of the global Li-ion recycling market. Growing government incentives for battery recycling and the rising recovery of valuable materials are expected to create growth opportunities for the players operating in this market. However, the high cost of Li-ion recycling is a major challenge for market growth. Additionally, advancement in recycling technology is the major trend in the Li-ion recycling market.
The global Li-ion battery recycling market is segmented by business model, battery type, and recycling process. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on business model, the global Li-ion battery recycling market is segmented into contractual services and direct-to-market. In 2023, the contractual services segment is expected to account for the larger share of the global Li-ion battery recycling market. This segment is also projected to register the higher CAGR during the forecast period. The growth of this segment is driven by the surging need to manage the disposal of used batteries, increasing government incentives and regulatory compliance for Li-ion battery recycling, and the rising need to reduce the cost of raw materials for new EV batteries.
Based on battery type, the global Li-ion battery recycling market is segmented into lithium cobalt oxide (LCO), lithium iron phosphate (LFP), lithium manganese oxide (LMO), lithium nickel cobalt aluminum oxide (NCA), lithium nickel manganese cobalt oxide (NMC), and lithium titanate oxide (LTO). In 2023, the LCO is expected to account for the largest share of the global Li-ion battery recycling market. The large market share of this segment is attributed to its several advantages over other types of lithium-ion batteries, including high power output, increasing use in applications such as global positioning system devices, tablets, laptop computers, smartphones, electric vehicles, and medical devices where high-power output and long cycle life are essential, LCO batteries limited lifespan, rising need to recover valuable materials such as lithium and cobalt from the Li-ion batteries.
However, the NMC segment is projected to register the highest CAGR during the forecast period. The growth of this market is driven by its advantages over other types of lithium-ion batteries and properties, including high energy density, long cycle life, and high thermal stability making it well-suited for use in electric vehicles, the growing need to recover raw materials and Li-ion reused batteries, high containment ratios of nickel, manganese, and lithium to produce new batteries.
Based on recycling process, the global Li-ion battery recycling market is broadly segmented into pyrometallurgical process, hydrometallurgical process, and other recycling processes. In 2023, the pyrometallurgical process segment is expected to account for the largest share of the global Li-ion battery recycling market. The large market share of this segment is attributed to its high recycling rate, the increasing need to remove organic material from Li-ion batteries, the need for efficient and cost-effective recycling methods, the increasing need to recover valuable materials from used Li-ion batteries to reduce the need for new mining, stringent environmental regulations, and growing demand for scalable, flexible, and low-cost recycling process.
However, the hydrometallurgical process segment is projected to register the highest CAGR during the forecast period. The growing need to extract a wide range of materials, including copper, lithium, silver, nickel, and zinc, the rising use of selective separation of materials using chemicals, the increasing need to address the shortage of critical raw materials, growing demand for low energy consumption, less waste, and lower environmental impact recycling processes drive the demand for hydrometallurgical process.
Based on geography, the global Li-ion battery recycling market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global Li-ion battery recycling market, followed by Europe and North America. The region is also expected to witness rapid growth during the forecast period. The large market share of Asia-Pacific is attributed to the growing implementation of new policies and regulations to promote the recycling of lithium-ion batteries and reduce environmental pollution, the growing consumer electronics industry, rising concerns regarding depleting precious and rare earth metals, growing demand for lithium-ion batteries for EVs battery production, high adoption of electric mobility, surging amount of battery waste generated, and increasing awareness and concern for environmental sustainability in the APAC region.
The key players operating in the global Li-ion battery recycling market are Duesenfeld GmbH (Germany), RecycLiCo Battery Materials Inc. (Canada), Li-Cycle Holdings Corp. (Canada), Redux Recycling GmbH (U.S.), Redwood Materials, Inc. (U.S.), Glencore plc (Switzerland), Fortum Corporation (Finland), Trishulavel Eshan Pvt Ltd (Li-Circle) (India), SNAM S.A.S (A subsidiary of Floridienne S.A) (France), Primobius GmbH (Germany), MTB Recycling (France), Tata Chemicals Limited (India), OnTo Technology (U.S.), American Battery Technology Company (U.S.), Attero Recycling Pvt. Lyd. (India), Umicore SA (Belgium), Cirba Solutions (U.S.), Accurec-Recycling GmbH (Germany), and Lithion Recycling Inc. (Canada).
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