Global Lithium-ion Battery Recycling Market Size Expanding More Than 5X to Cross USD 32.4 Billion by 2029.
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.
Competitive Landscape:
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.
Table of Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
2. Executive Summary
3. Global Lithium-ion Battery Recycling Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Increasing adoption of lithium-ion batteries in consumer electronics
- 3.2.1.2. Rising environmental concerns and focus on sustainability
- 3.2.1.3. Government initiatives promoting the adoption of electric vehicles and battery recycling
- 3.2.2. Restraints
- 3.2.2.1. High costs associated with lithium-ion battery recycling
- 3.2.2.2. Technical challenges in the recycling process
- 3.2.3. Opportunities
- 3.2.3.1. Rising demand for recycled materials, such as lithium and cobalt, in battery manufacturing
- 3.2.3.2. Advancements in recycling technologies leading to cost reductions
- 3.2.4. Challenges
- 3.2.4.1. Difficulty in maintaining the quality and consistency of recycled materials
- 3.3. Technology Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter's Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
4. Global Lithium-ion Battery Recycling Market Overview
- 4.1. Market Size & Forecast, 2019-2029
- 4.1.1. By Value (USD Million)
- 4.2. Market Share and Forecast
- 4.2.1. By Source
- 4.2.1.1. Automotive
- 4.2.1.2. Electronics
- 4.2.1.3. Power Tools
- 4.2.1.4. Others
- 4.2.2. By Battery Chemistry
- 4.2.2.1. Lithium-Iron Phosphate
- 4.2.2.2. Lithium-Manganese Oxide
- 4.2.2.3. Lithium-Nickel-Cobalt-Aluminum Oxide
- 4.2.2.4. Lithium-Nickel-Manganese-Cobalt
- 4.2.2.5. Lithium-Titanate Oxide
- 4.2.2.6. Others
- 4.2.3. By Recycling Process
- 4.2.3.1. Hydrometallurgical Process
- 4.2.3.2. Physical/Mechanical Process
- 4.2.3.3. Pyrometallurgy Process
- 4.2.4. By Region
- 4.2.4.1. North America
- 4.2.4.2. Europe
- 4.2.4.3. Asia Pacific (APAC)
- 4.2.4.4. Latin America (LATAM)
- 4.2.4.5. Middle East and Africa (MEA)
5. North America Lithium-ion Battery Recycling Market
- 5.1. Market Size & Forecast, 2019-2029
- 5.1.1. By Value (USD Million)
- 5.2. Market Share & Forecast
- 5.2.1. By Source
- 5.2.2. By Battery Chemistry
- 5.2.3. By Recycling Process
- 5.2.4. By Country
- 5.2.4.1. United States
- 5.2.4.1.1. By Source
- 5.2.4.1.2. By Battery Chemistry
- 5.2.4.1.3. By Recycling Process
- 5.2.4.2. Canada
- 5.2.4.2.1. By Source
- 5.2.4.2.2. By Battery Chemistry
- 5.2.4.2.3. By Recycling Process
6. Europe Lithium-ion Battery Recycling Market
- 6.1. Market Size & Forecast, 2019-2029
- 6.1.1. By Value (USD Million)
- 6.2. Market Share & Forecast
- 6.2.1. By Source
- 6.2.2. By Battery Chemistry
- 6.2.3. By Recycling Process
- 6.2.4. By Country
- 6.2.4.1. Germany
- 6.2.4.1.1. By Source
- 6.2.4.1.2. By Battery Chemistry
- 6.2.4.1.3. By Recycling Process
- 6.2.4.2. United Kingdom
- 6.2.4.2.1. By Source
- 6.2.4.2.2. By Battery Chemistry
- 6.2.4.2.3. By Recycling Process
- 6.2.4.3. Italy
- 6.2.4.3.1. By Source
- 6.2.4.3.2. By Battery Chemistry
- 6.2.4.3.3. By Recycling Process
- 6.2.4.4. France
- 6.2.4.4.1. By Source
- 6.2.4.4.2. By Battery Chemistry
- 6.2.4.4.3. By Recycling Process
- 6.2.4.5. Spain
- 6.2.4.5.1. By Source
- 6.2.4.5.2. By Battery Chemistry
- 6.2.4.5.3. By Recycling Process
- 6.2.4.6. Belgium
- 6.2.4.6.1. By Source
- 6.2.4.6.2. By Battery Chemistry
- 6.2.4.6.3. By Recycling Process
- 6.2.4.7. Russia
- 6.2.4.7.1. By Source
- 6.2.4.7.2. By Battery Chemistry
- 6.2.4.7.3. By Recycling Process
- 6.2.4.8. The Netherlands
- 6.2.4.8.1. By Source
- 6.2.4.8.2. By Battery Chemistry
- 6.2.4.8.3. By Recycling Process
- 6.2.4.9. Rest of Europe
- 6.2.4.9.1. By Source
- 6.2.4.9.2. By Battery Chemistry
- 6.2.4.9.3. By Recycling Process
7. Asia-Pacific Lithium-ion Battery Recycling Market
- 7.1. Market Size & Forecast, 2019-2029
- 7.1.1. By Value (USD Million)
- 7.2. Market Share & Forecast
- 7.2.1. By Source
- 7.2.2. By Battery Chemistry
- 7.2.3. By Recycling Process
- 7.2.4. By Country
- 7.2.4.1. China
- 7.2.4.1.1. By Source
- 7.2.4.1.2. By Battery Chemistry
- 7.2.4.1.3. By Recycling Process
- 7.2.4.2. India
- 7.2.4.2.1. By Source
- 7.2.4.2.2. By Battery Chemistry
- 7.2.4.2.3. By Recycling Process
- 7.2.4.3. Japan
- 7.2.4.3.1. By Source
- 7.2.4.3.2. By Battery Chemistry
- 7.2.4.3.3. By Recycling Process
- 7.2.4.4. South Korea
- 7.2.4.4.1. By Source
- 7.2.4.4.2. By Battery Chemistry
- 7.2.4.4.3. By Recycling Process
- 7.2.4.5. Australia & New Zealand
- 7.2.4.5.1. By Source
- 7.2.4.5.2. By Battery Chemistry
- 7.2.4.5.3. By Recycling Process
- 7.2.4.6. Indonesia
- 7.2.4.6.1. By Source
- 7.2.4.6.2. By Battery Chemistry
- 7.2.4.6.3. By Recycling Process
- 7.2.4.7. Malaysia
- 7.2.4.7.1. By Source
- 7.2.4.7.2. By Battery Chemistry
- 7.2.4.7.3. By Recycling Process
- 7.2.4.8. Singapore
- 7.2.4.8.1. By Source
- 7.2.4.8.2. By Battery Chemistry
- 7.2.4.8.3. By Recycling Process
- 7.2.4.9. Vietnam
- 7.2.4.9.1. By Source
- 7.2.4.9.2. By Battery Chemistry
- 7.2.4.9.3. By Recycling Process
- 7.2.4.10. Rest of APAC
- 7.2.4.10.1. By Source
- 7.2.4.10.2. By Battery Chemistry
- 7.2.4.10.3. By Recycling Process
8. Latin America Lithium-ion Battery Recycling Market
- 8.1. Market Size & Forecast, 2019-2029
- 8.1.1. By Value (USD Million)
- 8.2. Market Share & Forecast
- 8.2.1. By Source
- 8.2.2. By Battery Chemistry
- 8.2.3. By Recycling Process
- 8.2.4. By Country
- 8.2.4.1. Brazil
- 8.2.4.1.1. By Source
- 8.2.4.1.2. By Battery Chemistry
- 8.2.4.1.3. By Recycling Process
- 8.2.4.2. Mexico
- 8.2.4.2.1. By Source
- 8.2.4.2.2. By Battery Chemistry
- 8.2.4.2.3. By Recycling Process
- 8.2.4.3. Argentina
- 8.2.4.3.1. By Source
- 8.2.4.3.2. By Battery Chemistry
- 8.2.4.3.3. By Recycling Process
- 8.2.4.4. Peru
- 8.2.4.4.1. By Source
- 8.2.4.4.2. By Battery Chemistry
- 8.2.4.4.3. By Recycling Process
- 8.2.4.5. Rest of LATAM
- 8.2.4.5.1. By Source
- 8.2.4.5.2. By Battery Chemistry
- 8.2.4.5.3. By Recycling Process
9. Middle East & Africa Lithium-ion Battery Recycling Market
- 9.1. Market Size & Forecast, 2019-2029
- 9.1.1. By Value (USD Million)
- 9.2. Market Share & Forecast
- 9.2.1. By Source
- 9.2.2. By Battery Chemistry
- 9.2.3. By Recycling Process
- 9.2.4. By Country
- 9.2.4.1. Saudi Arabia
- 9.2.4.1.1. By Source
- 9.2.4.1.2. By Battery Chemistry
- 9.2.4.1.3. By Recycling Process
- 9.2.4.2. UAE
- 9.2.4.2.1. By Source
- 9.2.4.2.2. By Battery Chemistry
- 9.2.4.2.3. By Recycling Process
- 9.2.4.3. Qatar
- 9.2.4.3.1. By Source
- 9.2.4.3.2. By Battery Chemistry
- 9.2.4.3.3. By Recycling Process
- 9.2.4.4. Kuwait
- 9.2.4.4.1. By Source
- 9.2.4.4.2. By Battery Chemistry
- 9.2.4.4.3. By Recycling Process
- 9.2.4.5. South Africa
- 9.2.4.5.1. By Source
- 9.2.4.5.2. By Battery Chemistry
- 9.2.4.5.3. By Recycling Process
- 9.2.4.6. Nigeria
- 9.2.4.6.1. By Source
- 9.2.4.6.2. By Battery Chemistry
- 9.2.4.6.3. By Recycling Process
- 9.2.4.7. Algeria
- 9.2.4.7.1. By Source
- 9.2.4.7.2. By Battery Chemistry
- 9.2.4.7.3. By Recycling Process
- 9.2.4.8. Rest of MEA
- 9.2.4.8.1. By Source
- 9.2.4.8.2. By Battery Chemistry
- 9.2.4.8.3. By Recycling Process
10. Competitive Landscape
- 10.1. List of Key Players and Their Offerings
- 10.2. Global Lithium-ion Battery Recycling Market Share Analysis, 2022
- 10.3. Competitive Benchmarking, By Operating Parameters
- 10.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
11. Impact of Covid-19 on Global Lithium-ion Battery Recycling Market
12. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 12.1. Li-Cycle Corp
- 12.2. Recupyl SAS
- 12.3. American Manganese Inc.
- 12.4. Retriev Technologies
- 12.5. Gopher Resource LLC
- 12.6. Battery Recycling Made Easy
- 12.7. Fortum Oyj
- 12.8. Raw Materials Company Inc.
- 12.9. Tes-Amm Recycling Inc.
- 12.10. Glencore International AG.
- 12.11. Ganfeng Lithium Co. Ltd
- 12.12. Attero
- 12.13. ACCUREC-Recycling GmbH
- 12.14. Duesenfeld GmbH
- 12.15. Tata Chemicals Ltd
- 12.16. Other Prominent Players
13. Key Strategic Recommendations
14. Research Methodology
- 14.1. Qualitative Research
- 14.1.1. Primary & Secondary Research
- 14.2. Quantitative Research
- 14.3. Market Breakdown & Data Triangulation
- 14.3.1. Secondary Research
- 14.3.2. Primary Research
- 14.4. Breakdown of Primary Research Respondents, By Region
- 14.5. Assumptions & Limitations