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  • Lithium-ion Battery Recycling Market Growth Analysis | 2023-2028

    Lithium-ion Battery Recycling Market Growth Analysis | 2023-2028

    Lithium-ion Battery Recycling Market Growth Analysis | 2023-2028
    Report code - SRCG168 Delivery - 2 Weeks
    Lithium-ion Battery Recycling Market Size, Share, Dynamics, Trends, Forecast, & G See more...

    Market Insights

    The lithium-ion battery recycling market was estimated at USD 4.96 billion in 2022 and is likely to grow at a CAGR of 19.48% during 2023-2028 to reach USD 14.49 billion in 2028.

    Lithium-ion-Battery-Recycling-Market-Insights

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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.

    Lithium-ion Battery Recycling Market Highlights

    Market Size in 2022

    USD 4.96 billion

    Market Size in 2028

    USD 14.49 billion

    Market Growth (2023-2028)

    19.48% CAGR

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    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

    The global lithium-ion battery recycling market is expected to grow significantly over the forecast period owing to several factors including –

    • Rise in adoption of Electric Vehicles (EVs) – EV Volumes expect ~14 million EVs to be sold by the end of 2023, which is a more than 30% rise as compared to 2022 annual sales. Also, the International Energy Agency (IEA) estimates that the global E-cars stock may expand to ~350 million by 2030, which would represent >60% of total vehicles sold globally. Lithium-ion batteries are commonly used in electric vehicles and with the growing demand for electric vehicles, the need for more efficient and advanced batteries will rise, promoting recycling the older batteries.
    • Government policies and incentives – Several governments across the globe are providing EV battery recycling funds to retailers. For instance, the government of India has offered export promotion schemes such as the Export Promotion Capital Goods (EPCG) Scheme, under which the govt. encourages lithium-ion battery recycling businesses to expand their presence across the globe. Such push from the governments will promote lithium-ion battery recycling initiatives.
    • Growing demand for critical metals – Major components that contribute to improved performance of any lithium-ion batteries are lithium, manganese, cobalt, steel, nickel, graphite, etc. With the growing demand for lithium-ion batteries, the demand for crucial metals will also grow. Recycling the old batteries can help to extract those raw materials and reuse them. This will not only reduce the cost of new batteries, but also can conserve resources, and reduce pollution.

    Lithium-ion-Battery-Recycling-Market-Dynamics

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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.

    Lithium-ion-Battery-Recycling-Market-Regional-Insights

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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)

    Lithium-ion-Battery-Recycling-Market-Segmentation

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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.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Lithium-ion Battery Recycling Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    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.

    Frequently Asked Questions (FAQs)

    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.

    The lithium-ion battery recycling market was estimated at USD 4.96 billion in 2022.

    The lithium-ion battery recycling market is likely to reach USD 14.49 billion in 2028.

    The lithium-ion battery recycling market is expected to witness an impressive growth of 19.48% CAGR in the foreseeable future.

    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, and Umicore are among the key players in the market.

    North America is expected to be the leading region in the market during the next five years.

    Automotive is expected to remain the dominant end-use type in the market in the coming years.

    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.