Redding, California, April 10, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Li-ion Battery Recycling Market by Model (Contractual Services (Source, End-use Industry), Direct-to-Market), Battery Type (LCO, LFP, LMO, NCA, NMC, LTO), Process (Pyrometallurgical, Hydrometallurgical), and Geography - Global Forecasts to 2030,’ the Li-ion battery recycling market is expected to reach $6.9 billion by 2030, at a CAGR of 21.3% from 2023 to 2030.

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Battery recycling is the process of reusing and reprocessing of batteries to reduce the number of batteries disposed of as material waste. Recycling batteries helps to reduce environmental pollution, conserve natural resources, and prevent the accumulation of hazardous materials in landfills. Lithium-ion (Li-ion) batteries are complex products, and their recycling is more complicated as they contain valuable metals. Li-ion battery recycling is the process of recovering valuable materials such as lithium, cobalt, nickel, manganese, and copper from used or end-of-life lithium-ion batteries. Recycled Li-ion batteries are used in various applications such as portable electronic devices, wireless headphones, electronic appliances, electric vehicles, and energy storage systems.

The growth of this market is mainly driven by the surge in need to manage the disposal of used batteries, the growing demand for electric vehicles, and the declining prices of batteries. However, the lack of proper recycling infrastructure restrains the growth of the global Li-ion recycling market. Growing government incentives for battery recycling and the rising recovery of valuable materials are expected to create growth opportunities for the players operating in this market. However, the high cost of Li-ion recycling is a major challenge for Li-ion battery recycling market growth.

Impact of COVID-19 on the global Li-ion battery recycling market

The COVID-19 pandemic emerged in Wuhan, China, in December 2019. By March 2020, the virus had spread to most countries, with the WHO declaring COVID-19 a global pandemic. The spread of COVID-19 had an unprecedented impact on various sectors. Most industries struggled due to disrupted supply chains, workforce & raw material shortages, and employee safety challenges.

Lithium-ion batteries (LIBs) serve diverse applications, including electric vehicles, power tools, medical devices, smart watches, drones, satellites, and utility-scale storage. The industries using LIBs for these applications were affected during the COVID-19 pandemic due to the impact on manufacturing. Consequently, there was a decline in the adoption of Li-ion batteries. The Li-ion battery recycling market reported a significant revenue decline in 2020. The medical devices industry was positively impacted due to the elevated demand for battery-powered devices such as bone growth stimulators and glucose monitoring systems. There was a growth in the utilization of LIBs, with an increased need for LIB recycling. Hence, the COVID-19 pandemic had a mixed impact on the Li-ion battery recycling market.

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Furthermore, many countries imposed restrictions on material imports and exports from China, impacting the production of Li-ion batteries. This shortage of raw materials increased the need to recycle used Li-ion batteries to produce new batteries. Li-ion battery recycling is a crucial part of the supply chain for electric vehicles and renewable energy storage systems. Several leading market players leveraged this crisis as an opportunity to restructure and revisit their existing strategies and develop portfolios of advanced Li-ion recycling technologies. For instance, in November 2022, Attero Recycling Pvt. Ltd. (India), a recycler of electronic waste and lithium-ion batteries, announced investing $81 million (INR 600 crores) in setting up a Li-ion battery recycling factory with a recycling capacity of 19,500 MT in Telangana (India).

The market still holds considerable potential to bounce back due to the rising popularity of electric vehicles, which mainly rely on lithium-ion batteries for power. Additionally, governments of several countries, including the U.S., China, Germany, and South Korea, are undertaking initiatives for battery recycling, which are expected to aid market growth during the forecast period. For instance, in May 2022, the U.S. government announced $3.1 billion in funding to support battery manufacturing, processing, and recycling. Overall, the COVID-19 pandemic had a mixed impact on the Li-ion battery recycling market.

Some of the developments in the Li-ion battery recycling market are as follows:

The global Li-ion battery recycling market is segmented based on business model (contractual recycling services (source (lithium-ion cell manufacturing waste, electronic portable devices, electric vehicles, energy storage systems, other sources), end use industry (consumer electronics, automotive, industrial, power & utility, other industries)), direct-to-market (source (lithium-ion cell manufacturing waste, electronic portable devices, electric vehicles, energy storage systems, other sources), end use industry (consumer electronics, automotive, industrial, power & utility, other industries), material (graphite, nickel, cobalt, copper, manganese, lithium, aluminum, iron, and other materials)), battery type (lithium cobalt oxide (LCO), lithium iron phosphate (LFP), lithium manganese oxide (LMO), lithium nickel cobalt aluminum oxide (NCA), lithium nickel manganese cobalt oxide (NMC), and lithium titanate oxide (LTO)), recycling process (pyrometallurgical process, hydrometallurgical process, other recycling processes), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

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Based on business model, the global Li-ion battery recycling market is broadly segmented into contractual services and direct-to-market. In 2023, the contractual services segment is expected to account for the larger share of the global Li-ion battery recycling market. This segment is also projected to register the higher CAGR during the forecast period. The growth of this segment is attributed to the growing government incentives and regulatory compliance for battery recycling, the increasing need to manage the disposal of used batteries, and the rising need to reduce the cost of raw materials for new EV batteries.

Based on battery type, the global Li-ion battery recycling market is broadly segmented into lithium cobalt oxide, lithium iron phosphate, lithium manganese oxide, lithium nickel cobalt aluminum oxide, lithium nickel manganese cobalt oxide, and lithium titanate oxide. In 2023, the lithium cobalt oxide segment is expected to account for the largest share of the global Li-ion battery recycling market. However, the NMC segment is projected to register the highest CAGR during the forecast period. The growth of this market is driven by its advantages over other types of lithium-ion batteries and properties, including high energy density, long cycle life, and high thermal stability making it well-suited for use in electric vehicles, the growing need to recover raw materials and Li-ion reused batteries, high containment ratios of nickel, manganese, and lithium to produce new batteries.

Based on recycling process, the global Li-ion battery recycling market is broadly segmented into pyrometallurgical process, hydrometallurgical process, and other recycling processes. In 2023, the pyrometallurgical process segment is expected to account for the largest share of the global Li-ion battery recycling market. However, the hydrometallurgical process segment is projected to register the highest CAGR during the forecast period. The growing need to extract a wide range of materials, including copper, lithium, silver, nickel, and zinc, the rising use of selective separation of materials using chemicals, the increasing need to address the shortage of critical raw materials, growing demand for low energy consumption, less waste, and lower environmental impact recycling processes drive the demand for hydrometallurgical process.

Based on geography, the global Li-ion battery recycling market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global Li-ion battery recycling market, followed by Europe and North America. The large market share of Asia-Pacific is mainly attributed to the growing implementation of new policies and regulations to promote the recycling of lithium-ion batteries and reduce environmental pollution, increasing awareness and concern for environmental sustainability, growing demand for lithium-ion batteries for EVs battery production, and increasing demand of EVs. The region is also expected to witness rapid growth during the forecast period.

The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants between 2020 and 2023. The key players operating in the Li-ion battery recycling market are Duesenfeld GmbH (Germany), RecycLiCo Battery Materials Inc. (Canada), Li-Cycle Holdings Corp. (Canada), Redux Recycling GmbH (U.S.), Redwood Materials, Inc. (U.S.), Glencore plc (Switzerland), Fortum Corporation (Finland), Trishulavel Eshan Pvt Ltd (Li-Circle) (India), SNAM S.A.S (A subsidiary of Floridienne S.A) (France), Primobius GmbH (Germany), MTB Recycling (France), Tata Chemicals Limited (India), OnTo Technology (U.S.), American Battery Technology Company (U.S.), Cirba Solutions (U.S.), Accurec-Recycling GmbH (Germany), Attero Recycling Pvt. Lyd. (India), Umicore SA (Belgium), and Lithion Recycling Inc. (Canada).

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Scope of the report:

Li-ion Battery Recycling Market, by Business Model                    

Li-ion Battery Recycling Market, by Battery Type

Li-ion Battery Recycling Market, by Recycling Process

Li-ion Battery Recycling Market, by Geography

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