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The Lithium-ion Batteries Recycling Market size attained a value of USD 2.31 billion in 2022. The market is likely to grow at a CAGR of 19.10% during the forecast period of 2023-2028 to attain a value of USD 6.6 billion by 2028 owing to the rising concern for ecology and environment and various other favourable factors.
The Lithium-ion Batteries Recycling Market growth can be attributed to the rapid development in the manufacturing of lithium-ion batteries (LIBs). More production ultimately leads to more recycling.
The world is becoming more and more aware of consistent degradation in the environment, the rising temperature of the earth and increasing levels of greenhouse gases. Internal combustion engines running on conventional fossil fuel energy are responsible for 18% of the total emission of greenhouse gases. No wonder countries are shifting from traditional energy sources to green and clean ones.
LIBs, besides providing green and clean energy, have a much lower running cost than internal combustion engines. Also, with the advancement of technology and mass-scale production, their price is also decreasing.
Recycling of spent-energy LIBs involves extracting raw materials from such batteries and putting them back in use to produce new LIBs. It reduces pressure on natural sources of such raw materials, makes the industry much more sustainable, eases the problem of finding new landfills, mitigates the danger of contamination of groundwater and eliminates the risk of accidents due to explosion during transportation or disposal of spent-energy LIBs.
Recycling is the process that enables the recovery of valuable raw materials, like lithium, cobalt, manganese, and nickel, among others, from the spent-energy LIBs for their reuse in the fresh production of such batteries. For recycling, spent-energy batteries are sent to recycling plants, shredded and crushed into a black mass. Valuable raw materials are separated through a judicious mix of pyrometallurgical, hydrometallurgical, and mechanical processes. Separated metals are then sent to the LIB plants for use in the manufacturing process. With the evolution in LIB manufacturing technology, recycling technology is also evolving with time and may soon see the use of automation and robotics.
The growth of the lithium-ion battery recycling industry can be attributed to the following factors:
Based on battery components, the market can be categorised into active and non-active materials. By source, the market can be divided into electric vehicles, electronics, and power tools, among others. Based on battery chemistry, the segments can be divided into lithium-nickel manganese cobalt (Li-NMC), lithium-iron phosphate (LFP), lithium-manganese oxide (LMO), lithium-titanate Oxide (LTO), and lithium-nickel cobalt aluminium oxide (NCA).
The recycling processes include the hydrometallurgical process, the pyrometallurgy process, and the physical/mechanical process, among others. It finds extensive end-uses in automotive and non-automotive. The automotive segment can be further segmented into industrial, power and marine. The major regions in the Lithium-ion Batteries Recycling Market include North America, Europe, Latin America, Asia Pacific, Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model and gives a SWOT analysis. The report provides a detailed analysis of significant lithium-ion battery recycling companies, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans.
Based on source, the Lithium-ion Batteries Recycling Market can be categorised into electric vehicles, electronics, and power tools, among others.
The electronics segment is expected to hold the largest market share during the forecast period. This growth can be attributed to the rising utilisation of lithium-ion batteries due to advantages, such as high energy density, low-self discharge, minimum maintenance, and cost-effectiveness, among other factors that are likely to drive the market growth.
The market growth is also positively affected by the rapid development of innovative portable devices and rising penetration technologies in emerging markets. In addition, market players constantly innovating and introducing improved products to meet consumer demands will propel market expansion.
Based on battery chemistry, the Lithium-ion Batteries Recycling Market is divided into lithium-nickel manganese cobalt (Li-NMC), lithium-iron phosphate (LFP), lithium-manganese oxide (LMO), lithium-titanate Oxide (LTO), lithium-nickel cobalt aluminium oxide (NCA).
Among the different battery chemistries, lithium-manganese oxide batteries are expected to hold a significant market share owing to their rising utilisation in various devices, such as fire and smoke alarms, security alarms, gas and water meters, and security alarms. In addition, due to a significant amount of recoverable cobalt material, the market is likely to advance further and multiply its market value.
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Umicore is a multinational chemical manufacturing and material technology company that primarily focuses on developing clean technologies, such as emission control catalysts, materials for rechargeable batteries and recycling activities. Their speciality lies in developing products in various categories, including automotive, chemicals, electronics, energy, manufacturing, optics and displays, precious metals, recycling and refining.
RecycLiCo Battery Materials Inc. is a battery recycling and upcycling company founded in 1987. The company is headquartered in Surrey, Canada. It has introduced a closed-loop, hydrometallurgical process that involves minimal steps and enables 100% extraction of lithium, cobalt, nickel, and manganese from lithium-ion battery waste. The company primarily operates in recycling activities with a selective focus on EV Batteries, urban mining, and electric vehicles, among others.
Li-Cycle Holdings Corp. is a Canadian company that provides service solutions that are safe, sustainable, and economically viable for the recycling of lithium-ion batteries. The company was founded in 2016 and has been working with chemicals and materials to provide various products, including battery materials, mixed copper/aluminium, lithium carbonate, and manganese carbonate.
REPORT FEATURES | DETAILS |
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Base Year | 2022 |
Historical Period | 2018-2022 |
Forecast Period | 2023-2028 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Battery Component |
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Breakup by Source |
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Breakup by Battery Chemistry |
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Breakup by Recycling Process |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Lithium-ion Batteries Recycling Market Analysis
8.1 Key Industry Highlights
8.2 Global Lithium-ion Batteries Recycling Historical Market (2018-2022)
8.3 Global Lithium-ion Batteries Recycling Market Forecast (2023-2028)
8.4 Global Lithium-ion Batteries Recycling Market by Battery Component
8.4.1 Active Material
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Non-active Material
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.5 Global Lithium-ion Batteries Recycling Market by Source
8.5.1 Electric Vehicles
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Electronics
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Power Tools
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.5.4 Others
8.6 Global Lithium-ion Batteries Recycling Market by Battery Chemistry
8.6.1 Lithium-nickel Manganese Cobalt (Li-NMC)
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Lithium-iron Phosphate (LFP)
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Lithium-manganese Oxide (LMO)
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Lithium-titanate Oxide (LTO)
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2022)
8.6.4.3 Forecast Trend (2023-2028)
8.6.5 Lithium-nickel Cobalt Aluminum Oxide (NCA)
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2022)
8.6.5.3 Forecast Trend (2023-2028)
8.7 Global Lithium-ion Batteries Recycling Market by Recycling Process
8.7.1 Hydrometallurgical Process
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Pyrometallurgy Process
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Physical/Mechanical Process
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.7.4 Others
8.8 Global Lithium-ion Batteries Recycling Market by End Use
8.8.1 Automotive
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2018-2022)
8.8.1.3 Forecast Trend (2023-2028)
8.8.2 Non-automotive
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2022)
8.8.2.3 Forecast Trend (2023-2028)
8.8.2.4 Breakup by Type
8.8.2.4.1 Industrial
8.8.2.4.2 Power
8.8.2.4.3 Marine
8.8.2.4.4 Others
8.9 Global Lithium-ion Batteries Recycling Market by Region
8.9.1 North America
8.9.1.1 Market Share
8.9.1.2 Historical Trend (2018-2022)
8.9.1.3 Forecast Trend (2023-2028)
8.9.2 Europe
8.9.2.1 Market Share
8.9.2.2 Historical Trend (2018-2022)
8.9.2.3 Forecast Trend (2023-2028)
8.9.3 Asia Pacific
8.9.3.1 Market Share
8.9.3.2 Historical Trend (2018-2022)
8.9.3.3 Forecast Trend (2023-2028)
8.9.4 Latin America
8.9.4.1 Market Share
8.9.4.2 Historical Trend (2018-2022)
8.9.4.3 Forecast Trend (2023-2028)
8.9.5 Middle East and Africa
8.9.5.1 Market Share
8.9.5.2 Historical Trend (2018-2022)
8.9.5.3 Forecast Trend (2023-2028)
9 North America Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Umicore
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Retrieve Technologies
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 RecycLiCo Battery Materials Inc.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Li-Cycle Holdings Corp.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 JCV Holdings Group
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Neometals Ltd
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Fortum Corporation
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Others
17 Key Trends and Developments in the Market
List of Figures and Tables
1. Global Lithium-ion Batteries Recycling Market: Key Industry Highlights, 2018 and 2028
2. Global Lithium-ion Batteries Recycling Historical Market: Breakup by Battery Component (USD Billion), 2018-2022
3. Global Lithium-ion Batteries Recycling Market Forecast: Breakup by Battery Component (USD Billion), 2023-2028
4. Global Lithium-ion Batteries Recycling Historical Market: Breakup by Source (USD Billion), 2018-2022
5. Global Lithium-ion Batteries Recycling Market Forecast: Breakup by Source (USD Billion), 2023-2028
6. Global Lithium-ion Batteries Recycling Historical Market: Breakup by Battery Chemistry (USD Billion), 2018-2022
7. Global Lithium-ion Batteries Recycling Market Forecast: Breakup by Battery Chemistry (USD Billion), 2023-2028
8. Global Lithium-ion Batteries Recycling Historical Market: Breakup by Recycling Process (USD Billion), 2018-2022
9. Global Lithium-ion Batteries Recycling Market Forecast: Breakup by Recycling Process (USD Billion), 2023-2028
10. Global Lithium-ion Batteries Recycling Historical Market: Breakup by End Use (USD Billion), 2018-2022
11. Global Lithium-ion Batteries Recycling Market Forecast: Breakup by End Use (USD Billion), 2023-2028
12. Global Lithium-ion Batteries Recycling Historical Market: Breakup by Region (USD Billion), 2018-2022
13. Global Lithium-ion Batteries Recycling Market Forecast: Breakup by Region (USD Billion), 2023-2028
14. North America Lithium-ion Batteries Recycling Historical Market: Breakup by Country (USD Billion), 2018-2022
15. North America Lithium-ion Batteries Recycling Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Europe Lithium-ion Batteries Recycling Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Europe Lithium-ion Batteries Recycling Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Asia Pacific Lithium-ion Batteries Recycling Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Asia Pacific Lithium-ion Batteries Recycling Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Latin America Lithium-ion Batteries Recycling Historical Market: Breakup by Country (USD Billion), 2018-2022
21. Latin America Lithium-ion Batteries Recycling Market Forecast: Breakup by Country (USD Billion), 2023-2028
22. Middle East and Africa Lithium-ion Batteries Recycling Historical Market: Breakup by Country (USD Billion), 2018-2022
23. Middle East and Africa Lithium-ion Batteries Recycling Market Forecast: Breakup by Country (USD Billion), 2023-2028
24. Global Lithium-ion Batteries Recycling Market Structure
The market for LIB recycling registered an approximate value of USD 2.31 billion in 2022.
The LIB recycling market is expected to grow at a CAGR of 19.10% during the forecast period of 2023-2028.
The market is expected to attain a market value of USD 6.6 billion by 2028.
The increasing recycling activities owing to their positive impact on the environment, cost-effectiveness and sustainability, supported by the rising number of schemes by the government to promote recycling through financial incentives and regulatory framework, are the major factors driving the market growth.
Coping up with rapid technological advances and increasingly intensifying competition in the sector will pose significant challenges to market development in the coming years.
The lithium-ion battery recycling market can be broadly segmented into North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa.
Based on battery components, the market includes active and non-active materials.
The different sources available in the market include electric vehicles, electronics, and power tools, among others.
The market, based on battery chemistry, can be segregated into lithium-nickel manganese cobalt (Li-NMC), lithium-iron phosphate (LFP), lithium-manganese oxide (LMO), lithium-titanate Oxide (LTO), and lithium-nickel cobalt aluminium oxide (NCA).
The different recycling processes for recycling LIBs include the hydrometallurgical process, the pyrometallurgy process, and the physical/mechanical process, among others.
Lithium-ion battery recycling is substantially utilised in the automotive and non-automotive sectors.
The major players in the lithium-ion battery recycling market include Umicore, Retrieve Technologies, RecycLiCo Battery Materials Inc., Li-Cycle Holdings Corp., JCV Holdings Group, Neometals Ltd, and Fortum Corporation, among others.
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