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Lithium Ion Battery Recycling Market Size to Record 21.6% CAGR Over 2023-2030; Supportive Govt. Initiatives to Boost Production of Lithium Ion Batteries to Enhance Market Forecast

September 13, 2023 | Energy & Power

The global lithium ion battery recycling market size touched USD 3.22 billion in 2022 and is predicted to reach USD 3.79 billion in 2023. The market is anticipated to touch USD 14.89 billion by 2030, recording a CAGR of 21.6% over 2023-2030.


Fortune Business Insights™ presents this information in its latest report titled “Lithium Ion Battery Recycling Market Size, Share & COVID-19 Impact Analysis, By Chemistry (Lithium Cobalt Oxide, Lithium Iron Phosphate, Lithium Manganese Oxide, Lithium Nickel Cobalt Aluminum Oxide, and Lithium Nickel Manganese Cobalt Oxide), By Source (Electronics, Electric Vehicles, Power Tools, and Others), By Process (Physical/Mechanical, Hydrometallurgical, and Pyrometallurgical), and Regional Forecast, 2023-2030”.


The demand for Lithium Ion Batteries (LIBs) is rising at a strong rate across the world as different industries are looking for various ways to decrease their carbon emissions. The sales of electric vehicles have skyrocketed in recent years as customers want to make more socially responsible choices. Li-ion batteries are electrochemical cells that boost power generation but produce minimal carbon emissions. Recycling these batteries can help manufacturers extract and sell the raw materials accumulated in the electrode composition to reduce project costs and environmental impact. These aspects will help the lithium ion battery recycling market share grow.


Supply Chain Disruptions and Shipment Delays Caused by COVID-19 Restricted Market Progress


The COVID-19 pandemic caused several delays and disruptions in the supply chain operations of different industry verticals. Many governments introduced lockdowns and trade & movement restrictions to prevent the spread of the virus. The automotive industry, in particular, incurred severe losses during this period as the sales of cars including electric vehicles plummeted. This scenario hampered the production of lithium ion batteries as the required raw materials were not shipped on time, further restraining the lithium ion battery recycling market growth.


Umicore and Automotive Cells Company (ACC) Have Signed An Agreement For Offering Battery Recycling Services


In February 2022, Umicore and Automotive Cells Company (ACC) have signed an agreement for offering battery recycling services to new plant of ACC in Nersac, France. The agreement is expected to enhance the market position of Umicore. It is also set to create market growth opportunities for both the companies.


Supportive Govt. Initiatives to Boost Production of Lithium Ion Batteries to Enhance Market Forecast


Governments across the world are introducing various regulations and initiatives to increase the production of lithium ion batteries and also promote the responsible recycling of batteries. These incentives and supportive policies can motivate manufacturers and consumers to participate in different recycling programs. This move will help companies improve their goodwill among customers and assist customers in decreasing their carbon footprint, thereby fueling the market share.


Competitive Landscape


Umicore to Implement Organic and Inorganic Growth Strategies to Expand Its Market Presence


Many well-established and emerging companies operating in the market are focusing on improving their recycling capacities and implementing eco-friendly processes to cement their market positions. Umicore is planning on strengthening its product portfolio by making long-term investments by collaborating with various manufacturers specializing in lithium ion battery recycling processes.


Notable Industry Development:



  • April 2023 – Glencore, FCC, and Iberdrola announced their partnership to provide li-ion battery recycling solutions in Spain and Portugal to tackle recycling of lithium-ion batteries through the establishment of a purpose-built facility by including second-life repurposing and true end-of-life recycling solutions.


List of the Companies Profiled in the Report:



  • SNAM (France)

  • Umicore (Belgium)

  • Sumitomo Metal Mining Co., Ltd. (Japan)

  • Lithion Recycling Inc. (Canada)

  • BATREC INDUSTRIE AG (Switzerland)

  • American Zinc Recycling Corp (U.S.)

  • Fortum (Finland)

  • DOWA ECO-SYSTEM Co., Ltd. (Japan)

  • Li-Cycle Corp. (Canada)

  • Neometals Ltd (Australia)

  • ACCUREC Recycling GmbH (Germany)

  • AkkuSer (Finland)

  • San Lan Technologies Co., Ltd (China)

  • Duesenfeld (Germany)

  • Glencore (Switzerland)

  • Redux GmbH (Germany)

  • uRecycle Group (Finland)

  • Retriev Technologies Inc. (Canada)


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/lithium-ion-battery-recycling-market-100244


Further Report Findings



  • Asia Pacific has captured the largest share in the market due to factors, such as presence of reputed recycling companies, supportive battery energy storage policies, and availability of various battery manufacturers. Leading companies are announcing the construction of new battery recycling plants, which will further drive the regional market growth during the forecast period.

  • The market in Europe is also anticipated to showcase considerable growth during the forecast period as many companies across the region are increasing their participation in the production of low emission batteries. Moreover, countries across Europe are rolling out a wide range of green energy policies to decrease their carbon footprint, thereby accelerating the market growth.

  • The Lithium Cobalt Oxide (LCO) segment is predicted to lead the market growth in terms of revenue and volume as these batteries have a large installed base.


Table of Segmentation























































ATTRIBUTE



DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 21.6 % from 2023 to 2030



 



Value (USD Billion), Volume (Tonnes)



Segmentation



By Chemistry, By Source, By Process and By Region



 


Segmentation



By Chemistry



  • Lithium Cobalt Oxide

  • Lithium Iron Phosphate

  • Lithium Manganese Oxide

  • Lithium Nickel Cobalt Aluminum Oxide

  • Lithium Nickel Manganese Cobalt Oxide



By Source



  • Electronics

  • Electric Vehicles

  • Power Tools

  • Others



By Process



  • Physical/Mechanical

  • Hydrometallurgical

  • Pyrometallurgical



By Region



  • North America (By Chemistry, By Source, By Process and by Country)

    • U.S.

    • Canada



  • Europe (By Chemistry, By Source, By Process and by Country)

    • U.K.

    • Germany

    • France

    • Belgium

    • Rest of Europe



  • Asia Pacific (By Chemistry, By Source, By Process and by Country)

    • China

    • Japan

    • South Korea

    • Rest of Asia Pacific




Global Lithium-Ion Battery Recycling Market
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  • 2023
  • 2019-2022
  • 240

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