The SNS Insider report forecasts the Lithium-Ion Battery Recycling Market Size to reach USD 35.86 billion by 2031, growing at a significant CAGR of 21.01% over the forecast period 2024-2031. This exponential growth is Driven by the increasing adoption of electric vehicles and a growing focus on sustainable battery disposal practices.
Market Dynamics Fuelled by Environmental and Economic Factors
The lithium-ion battery recycling market has witnessed steady growth, driven by a confluence of factors. The Growing Electric vehicle industry is a key driver, as it leads to a significant increase in lithium-ion battery usage. Factors Such as energy efficiency, reduced pollution, and Increasing consumer preference for electric vehicles are Driving lithium-ion battery adoption. The advancements in battery technology and minimal maintenance requirements further Improve the appeal of electric vehicles. The demand for lithium-ion battery recycling is expected to surge in tandem with the growth of the electric vehicle market.
Environmental concerns surrounding battery waste disposal and stricter government regulations are significant growth drivers. As lithium-ion battery usage increases due to declining battery prices and wider electric vehicle adoption, anxieties over responsible battery disposal practices are mounting. Governments are implementing stringent policies to promote responsible battery recycling and waste management. Incentives like subsidies and recycling targets are being established to encourage businesses and consumers to participate in recycling programs. These regulations and incentives are expected to significantly impact the growth trajectory of the lithium-ion battery recycling market. the market faces challenges. The high cost of recycling compared to the relatively low cost of raw materials for battery production presents a hurdle, the lack of a robust supply chain and low yield rates in battery recycling act as deterrents.
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Top Companies Featured in Lithium-Ion Battery Recycling Market Report:
– Umicore
– Glencore International AG
– GEM
– Bruno Recycling
– SungEel HiTech
– Taisen Recycling
– Batres
– Retrieve Technologies
– Tes-Amm(Recupyl)
– Duesenfeld
– 4R Energy Cor
– OnTo Technology
Recent Developments
-February 2023, A Memorandum of Understanding was signed between Contemporary Amperex Technology Co., Limited, Mercedes-Benz, and GEM Co., Ltd. This collaboration aims to recycle cobalt, nickel, manganese, and lithium from spent electric vehicle batteries of Mercedes-Benz and remanufacture them into battery cathode materials.
-September 2022, Fortum established Fortum Batterie Recycling GmbH in Germany to cater to safe and sustainable electric vehicle battery recycling in central Europe.
-August 2022, Mercedes-Benz Group AG partnered with Contemporary Amperex Technology Co. Ltd. to construct a battery factory in Hungary with a substantial investment. This highlights the growing emphasis on electric vehicle production and the need for efficient battery recycling solutions.
Lithium-Ion Battery Recycling Industry Segmentation as Follows:
By Recycling Process
- Hydrometallurgical Process
- Pyrometallurgy Process
- Physical/Mechanical Process
- Other
– the hydrometallurgical segment is expected to dominate the market due to its eco-friendly operations, simpler procedures, and minimal water and gas emissions. The pyrometallurgical segment is also anticipated to witness significant growth due to its cost-effective extraction processes and ability to handle various battery chemistries.
By Battery Chemistry
- Lithium-nickel Manganese Cobalt
- Lithium-iron Phosphate
- Lithium-manganese Oxide
- Lithium-titanate Oxide
- Lithium-nickel Cobalt Aluminum Oxide
– On the Basis of Battery Chemistry, the lithium-nickel manganese cobalt (Li-NMC) segment Dominates the market during the forecast period. This dominance is attributed to its widespread application in electric vehicles, leading to a significant volume of end-of-life Li-NMC batteries requiring recycling.
By End-User
- Automotive
- Marine
- Power
- Industrial
- Others
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Impact of Global Disruptions
The Russia-Ukraine war has disrupted the supply chain for critical battery materials such as lithium, nickel, and cobalt. This disruption can potentially affect lithium-ion battery production and recycling costs. An economic slowdown Result to reduced consumer spending on electric vehicles, thereby impacting the demand for lithium-ion batteries and potentially slowing down the growth of the recycling market.
Regional Developments
The North American region holds a significant share in the global market, with the United States leading the way. Factors such as lower battery prices, rising use in aerospace and renewable energy sectors, and a booming consumer electronics market contribute to regional dominance. Europe is expected to maintain its position as the fastest-growing market due to a large customer base, key stakeholders, stringent environmental regulations, and a rapidly growing electric vehicle industry.
Key Takeaways
- The report highlights the significant role of the booming electric vehicle industry and growing environmental anxieties in propelling the lithium-ion battery recycling market.
- The report acknowledges the challenges faced by the market, such as the high cost of recycling compared to raw materials and limitations in the supply chain.
- The report sheds light on the regional dynamics of the market, with North America holding a dominant position and Europe experiencing the fastest growth.
Table of Content – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Lithium-Ion Battery Recycling Market Segmentation, By Battery Chemistry
9. Lithium-Ion Battery Recycling Market Segmentation, By Recycling Process
10. Lithium-Ion Battery Recycling Market Segmentation, By End-User
11. Regional Analysis
12. Company Profile
13. Competitive Landscape
14. USE Cases and Best Practices
15. Conclusion
Continued….
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