Global Lithium-ion Battery Recycling Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Lithium-ion Battery Recycling Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Lithium-ion Battery Recycling is a recycling activity that aims to reduce the number of lithium-ion batteries being disposed as municipal solid waste. Lithium-ion batteries contain a number of heavy metals and toxic chemicals and disposing of them by the same process as regular trash has raised concerns over soil contamination and water pollution.

Market Overview:

The latest research study on the global Lithium-ion Battery Recycling market finds that the global Lithium-ion Battery Recycling market reached a value of USD 6132.42 million in 2022. It’s expected that the market will achieve USD 25901.51 million by 2028, exhibiting a CAGR of 27.14% during the forecast period.

COVID-19 has led to an increase in the use of consumer electronics

During the COVID-19 pandemic, people are required to maintain social distancing most of the time. Therefore, the number of consumer electronic equipment purchased has increased, and the number of obsolete old electronic equipment has increased accordingly. A large proportion of these devices use lithium batteries, so the demand for lithium battery recycling in the field of end-of-life consumer electronics has increased.

The obstruction of logistics during COVID-19 affected the normal operation of the lithium battery industry.

The lithium battery recycling industry is still in the development stage, so there are no complete separation and processing facilities in many areas. Recycled lithium batteries in many areas need to be transported to designated dismantling plants for harmless treatment. But under the influence of COVID-19, this normal transportation has been hindered, especially in the field of international logistics.

Strength

Lithium battery recycling has excellent economic benefits.
Lithium battery recycling and reuse can form a good ecological chain cycle of battery production-battery utilization-battery recycling-battery production. As the scale of lithium battery recycling and processing continues to grow and battery costs remain high, the economic benefits of recycling and processing have become prominent. Used lithium batteries will become an important source of raw materials in the fields of lithium battery materials and energy storage batteries, and the demand for recycling and processing will steadily increase.
Lithium battery recycling has environmental benefits
The materials in waste lithium batteries are composed of many metals and chemical substances. If they are not properly handled, they will have a negative impact on the ecological environment and human health. With the increasing number of waste lithium batteries, in order to build a healthy ecological environment, lithium batteries are the necessity of recycling is highlighted. Lithium batteries are composed of metal and chemical substances such as metal-containing cathode materials, carbon-containing anode materials, metal-containing, and fluorine-containing electrolytes, polymer-containing electrolyte solvents, and diaphragms. If the used lithium battery is not properly recycled and treated, it will easily lead to the leakage of the metal and chemical substances in the battery, exposure to the external environment, and chemical reaction with the environment, causing heavy metal pollution, acid-base pollution, dust pollution, and other environmental hazards and human organ damage.

Weakness

The effective recycling and processing volume of used lithium batteries is much lower than the scrap volume.
As the lithium battery recycling network is not yet complete, the recycling participants include many small companies that lack specialized recycling and processing capabilities. The effective recycling and processing volume of used lithium batteries is much lower than the scrap volume. This has led to a low rate of acquisition of waste lithium batteries by professional recycling and processing companies, which restricts the healthy development of the industry.

Region Overview:

In global comparison, a significant portion of the revenue was generated in Asia-Pacific (77.22% in 2021).

Company Overview

GEM Co., Ltd., Contemporary Amperex Technology Co.Ltd. (CATL), Umicore, Fortum Oyj and SungEel HiTech Co.Ltd are the five key players in the global Lithium-ion Battery Recycling market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Lithium-ion Battery Recycling market in the past 5 years.

GEM Co., Ltd.

For the past nineteen years, GEM has been devoted to developing cutting-edge recycling technologies and constantly expanding the scale of waste treatment by clinging to the industrial tenet that resources are finite but recycling is infinite. It has set up three core recycling industrial clusters, that are the recycling cluster of waste batteries and rare metal waste like cobalt, nickel and tungsten, the recycling cluster of electronic wastes, and the recycling cluster of scrapped cars.

Contemporary Amperex Technology Co.Ltd. (CATL)

Contemporary Amperex Technology Co., Limited (CATL) is a global leader in the development and manufacturing of lithium-ion batteries, with businesses covering R&D, manufacturing and sales in battery systems for new energy vehicles and energy storage systems. The company is committed to providing cutting-edge solutions for global new energy applications.

Segmentation Overview:

Among different product types, LiFePO4 Battery segment is anticipated to contribute the largest market share in 2027.

LiCoO2 Battery

Its high specific energy makes Li-cobalt the popular choice for mobile phones, laptops and digital cameras. The battery consists of a cobalt oxide cathode and a graphite carbon anode. The cathode has a layered structure and during discharge, lithium ions move from the anode to the cathode. The flow reverses on charge. The drawback of Li-cobalt is a relatively short life span, low thermal stability and limited load capabilities (specific power).

NMC Battery

Also known as lithium-manganese-cobalt-oxide batteries, or NMC, lithium nickel manganese cobalt oxide batteries are made of several materials common in other lithium iron batteries. Like other varieties of lithium-ion batteries, NMC batteries can have either a high specific energy or high specific power. They cannot, however, have both properties. This battery is most common in power tools and in powertrains for vehicles.

LiFePO4 Battery

The lithium iron phosphate battery (LiFePO4 battery) or LFP battery, is a type of lithium-ion battery using LiFePO4 as the cathode material, and a graphitic carbon electrode with a metallic backing as the anode. The energy density of LiFePO4 is lower than that of lithium cobalt oxide (LiCoO2), and has a lower operating voltage. The main drawback of LiFePO4 is its low electrical conductivity.

Application Overview:

The market's largest segment by application is the segment Automotive, with a market share of 47.73% in 2021.

Key Companies in the global Lithium-ion Battery Recycling market covered in Chapter 3:

Ecobat Technologies Limited
SungEel HiTech Co.Ltd
Ganfeng Lithium
Li-Cycle
Retriev Technologies Inc.
GEM Co., Ltd.
Call2Recycle，Inc.
Contemporary Amperex Technology Co.Ltd。（CATL）
Umicore
OnTo Technology
Fortum Oyj

In Chapter 4 and Chapter 14.2, on the basis of types, the Lithium-ion Battery Recycling market from 2018 to 2029 is primarily split into:

LiCoO2 Battery
NMC Battery
LiFePO4 Battery
Other

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Lithium-ion Battery Recycling market from 2018 to 2029 covers:

Automotive
Marine
Industrial
Electric Power
Other

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)