Global Li-ion Battery Recycling Market is expected to foresee significant growth. North America to lead the growth!

The growing demand for electric vehicles across the world due to the environmental concern such as global warming, carbon emission, etc. along with the use of lithium-ion in other electronics such as laptops, phones, and watches with other propels the demand for the lithium-ion battery which in turn increase the demand for the li-ion battery recycling. The decrease in the price of the li-ion batteries since 1990 also added the advantages for the manufacturer to increase the adoption of the li-ion batteries on a larger scale. With the increasing use of li-ion batteries in different applications such as automotive, electronics, and industrial with other staggering demand for li-ion batteries across the globe, it is anticipated that the global lithium-ion battery recycling market will expand steadily owing to increasing demand. The government incentives and support for the battery recycling plant will propel the market in the coming time.

The Li-ion Battery Recycling Market is expected to grow at a steady rate of around 20% during the forecast period (2022-2028) owing to the rising demand for UPS systems in commercial infrastructure and the rising popularity of electric vehicles coupled with the growing adoption of li-ion batteries for the second-life purpose attributed to the greater energy storage capacity. Also, the growing demand for electronic devices around the world is expected to support market growth. For instance, in 2020, there are approximately 78 percent of the population of the world uses smartphones, and as per a Forbes report there are approximately 300-310 million new laptops were sold in the year 2019.

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Based on chemistry, the market is segmented into Lithium-nickel-cobalt-aluminium oxide, Lithium-nickel-manganese-cobalt, Lithium-titanate oxide, Lithium-manganese oxide, and Lithium-Iron Phosphate. The lithium-nickel-manganese-cobalt segment is expected to show higher market growth in the forecasted period owing to higher energy retention time compared to the other segment. The LNMC batteries have a longer life span than the other four types. In lithium-nickel-manganese-cobalt batteries, nickel hydroxide is used as the active material for the cathode which is mainly used for the hybrid electric vehicle.

Based on end-users, the market is categorized into the automotive and non-automotive segments. The automotive sector has shown significant growth over the last few years and would remain the same during the forecast period owing to the increasing demand for the EV across the globe and government incentives for electric vehicles. Moreover, the rising awareness of the individual toward cleaner fuel and cost-effectiveness of the EV propels the demand for the EV and in turn which increase the demand for lithium-ion batteries. For instance, according to the IEA, the demand for the li-ion battery has doubled and reached approximately 340 GWh for the year 2021 compared to 160 GWh for 2020, globally.

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For a better understanding of the market adoption of the li-ion battery recycling industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing demand for electric vehicles coupled with the increasing demand for li-ion batteries in the second life application and government support and regulation in the region. Additionally, it is anticipated that the presence of important recyclers such as Call2Recycle, Aqua Metals, Enersys, and Battery Solutions, Inc. will fuel demand during the forecast period along with the rising demand for UPS systems in commercial infrastructure and the rising popularity of electric vehicles. Due to an increase in foreign investment, Central and South America is predicted to experience significant market expansion. For instance, the Cochrane Coal-fired Power Plant in Chile had a sizable lithium-ion battery storage system installed by GS Yuasa Corporation in 2017.

Some of the major players operating in the market include Ganfeng Lithium Co. Ltd., American Battery Technology Company, Accurec Recycling GmbH, Akkuser Oy, Duesenfeld GmbH, Fortum Corporation, Retriev Technologies Inc., Li-Cycle Corp., Neometals Ltd, and Umicore.

Global Li-ion Battery Recycling Market Segmentation

Market Insight, by Battery Chemistry

• Lithium-nickel-cobalt-aluminium oxide
• Lithium-nickel-manganese-cobalt
• Lithium-titanate oxide
• Lithium-manganese oxide
• Lithium-Iron Phosphate

Market Insight, by Recycling Process

• Pyrometallurgy Process
• Hydrometallurgical Process
• Physical/Mechanical Process

Market Insight, by End-Users

Market Insight, by Region

• North America
  • The United States
  • Canada
  • Rest of North America
• Europe
• Germany
• The United Kingdom
• France
• Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Rest of Asia-Pacific
• Rest of the World

Top Company Profiles

• Ganfeng Lithium Co. Ltd.
• American Battery Technology Company
• Accurec Recycling GmbH
• Akkuser Oy
• Duesenfeld GmbH
• Fortum Corporation
• Retriev Technologies Inc.
• Li-Cycle Corp.
• Neometals Ltd
• Umicore