Lithium-ion Battery Recycling Market Forecast & Growth Analysis | 2022-2028

Market Insights

The lithium-ion battery recycling market was estimated at USD 4.14 billion in 2021 and is likely to grow at a CAGR of 19.56% during 2022-2028 to reach USD 14.49 billion in 2028.

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What is the lithium-ion battery?

The lithium-ion battery is a type of battery that can be recharged and is generally used in the manufacturing of portable electronics and electric vehicles. These batteries find major applications in industries such as the military and aerospace.

COVID-19 Impact

The Covid-19 pandemic largely impacted the lithium-ion battery recycling market. This impact mainly comes from a reduced customer base for recycled batteries in the year 2020. However, the market is likely to rebound owing to the factors like growing concerns about battery waste disposal and increasing battery usage in the industrial sector.

Key Players

Some of the key players in the market are-

• American Manganese Inc.
• Glencore plc
• International Metals Reclamation Company, LLC
• Li-Cycle Corp.
• Neometals Ltd.
• Raw Materials Company Inc.
• Recupyl Sas
• Retriev Technologies Inc.
• Sitrasa
• Umicore

Market Dynamics

It has been observed that investments in the growth and development of electric vehicles are increasing, providing substantial growth opportunities for the lithium-ion battery recycling market. The low accessibility of some raw materials such as cobalt and lithium has become an important factor for most companies, so they have started recycling lithium-ion batteries.

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Segment Analysis

By End-Use Type

Based on the end-use type, the market is segmented as automotive and non-automotive. Automotive is estimated to be the dominant segment of the market, in terms of both value and volume, during the forecast period.

The non-automotive segment is further segmented as power, industrial, and marine. Automotive is expected to be the more significant segment of the market globally, and in the industrial and power segments as well. Lithium-ion batteries are being heavily used for the propulsion of automobiles and offer excellent features such as high energy and power density. The demand for these batteries is growing which is fueling the market growth during the forecast period.

By Battery Chemistry Type

Based on the battery chemistry type, the market is segmented as lithium-nickel manganese cobalt, lithium-iron phosphate, lithium-manganese oxide, lithium-titanate oxide, and lithium-nickel cobalt aluminum oxide. Lithium-nickel manganese cobalt is estimated to be the leading segment of the market, in terms of volume, during the forecast period.

On the other hand, lithium-ion manganese oxide is projected to be the highest-recycled battery type and has an increasing number of implementations for the manufacturing of power tools, medical devices, and electric powertrains which is one of the major factors fueling the market growth across the world.

Regional Insights

In terms of regions, North America is estimated to be the leading region in the market during the forecast period, with the US and Canada being the major countries with lucrative growth opportunities.

The Environment Protection Agency has implemented strict rules and regulations about air emission standards in the region, which in turn, is increasing the demand for the market in North America during the forecast period. Asia-Pacific and Europe are also expected to offer substantial growth opportunities during the forecast period.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories. 

By End-Use Type

• Automotive
• Non-Automotive

By Battery Chemistry Type

• Lithium-Nickel Manganese Cobalt
• Lithium-Iron Phosphate
• Lithium-Manganese Oxide
• Lithium-Titanate Oxide
• Lithium-Nickel Cobalt Aluminum Oxide

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the end-use types by battery chemistry type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.