Global Lithium-ion Batteries Recycling Market Report and Forecast 2023-2028

Global Lithium-ion Batteries Recycling Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global lithium-ion batteries recycling market reached a value of USD 2.31 billion in 2022. Aided by the escalating demand for sustainable energy solutions and the significant surge in the consumption of lithium-ion batteries across various sectors, the market is projected to further grow at a CAGR of 19.14% between 2023 and 2028 to reach a value of USD 6.6 billion by 2028.

Lithium-ion batteries, widely recognised for their high energy density and long cycle life, have become an indispensable component in an array of applications, from smartphones and laptops to electric vehicles and renewable energy systems. As these batteries reach their end-of-life, the urgency to recycle and recover valuable metals like lithium, nickel, cobalt, and manganese intensifies, not only to ensure resource efficiency but also to mitigate potential environmental hazards.

A prominent factor propelling the global lithium-ion battery recycling market growth is the burgeoning emphasis on sustainable resource utilisation. The realisation that finite resources like cobalt and lithium could face supply constraints in the future has necessitated the drive towards recycling. By recycling used lithium-ion batteries, industries can ensure a steady supply of these metals, thus promoting circular economy principles and reducing the dependence on virgin raw materials.

Moreover, the boom in the electric vehicle (EV) market significantly augments the lithium-ion battery recycling market demand. As EV adoption rates soar, there will be an inevitable surge in end-of-life batteries in the upcoming decade. Recycling these batteries will not only prevent potential environmental issues but also help cater to the material demand for new battery production.

Various industries are also recognising the inherent value trapped in spent lithium-ion batteries. In the realm of consumer electronics, the surge in gadgets and devices powered by these batteries creates a vast repository of recyclable materials. This not only drives the market growth from an economic perspective but also aligns with global sustainability and waste reduction goals.

Looking ahead, the lithium-ion battery recycling market outlook brims with opportunities. With industries and governments worldwide emphasising green initiatives and sustainable practices, recycling is poised to gain unprecedented momentum. Moreover, as research intensifies, innovative and efficient recycling methods are on the horizon, further consolidating the market's robust growth prospects.

Market Segmentation

The market can be divided based on battery component, source, battery chemistry, recycling process, end use, and region.

Market Breakup by Battery Component

• Active Material
• Non-active Material

Market Breakup by Source

• Electric Vehicles
• Electronics
• Power Tools
• Others

Market Breakup by Battery Chemistry

• Lithium-nickel Manganese Cobalt (Li-NMC)
• Lithium-iron Phosphate (LFP)
• Lithium-manganese Oxide (LMO)
• Lithium-titanate Oxide (LTO)
• Lithium-nickel Cobalt Aluminium Oxide (NCA)

Market Breakup by Recycling Process

• Hydrometallurgical Process
• Pyrometallurgy Process
• Physical/Mechanical Process
• Others

Market Breakup by End Use

• Automotive
• Non-automotive

Industrial

Power

Marine

Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global lithium-ion battery recycling market. Some of the major players explored in the report by Expert Market Research are as follows:

• Umicore
• Retrieve Technologies
• RecycLiCo Battery Materials Inc.
• Li-Cycle Holdings Corp.
• JCV Holdings Group
• Neometals Ltd
• Fortum Corporation
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.