Lithium Ion Battery Recycling Market is Projected To Reach USD 24930 Million By 2028 at a CAGR of 38.1%

BANGALORE, India, Aug. 9, 2022 /PRNewswire/ — Lithium-ion Battery Recycling Market is segmented By Type – LiCoO2 Battery, NMC Battery, LiFePO4 Battery, Other, By Application – Mobile Batteries, Electronic Appliances Batteries, Consumer Electronics, Automotive, Marine. Global Opportunity Analysis and Industry Forecast, 2022 – 2028. It is published in Valuates Reports under the  Energy & Utilities Category.

The global Lithium-ion Battery Recycling market size is projected to reach USD 24930 million by 2028, from USD 2543 million in 2021, at a CAGR of 38.1% during 2022-2028.

Major Factors Driving The Growth Of The Lithium-Ion Battery Recycling Market

The increasing demand for electric vehicles and the rising shift towards clean energy sources will drive the growth of the market. 

The growing use of lithium batteries in everyday electronic items and storage for the energy grid along with difficulties in refining to industrial grade will create massive opportunities for the market during the forecast period. 

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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL LITHIUM-ION BATTERY RECYCLING MARKET

The automobile industry is shifting toward the use of sustainable clean fuels. The high dependence on oil as a fuel in the transport system is a worrying factor for environmentalists and economists. The growing environmental awareness is driving the adoption of electric vehicles in turn leading to the increasing use of lithium-ion batteries for efficient power supply. This will bolster the demand for the lithium-ion battery recycling market. Reduction in pollution, energy-saving features, low maintenance requirements, and improved battery technology will continue to drive the adoption rate. 

People are shifting towards clean power sources as they offer efficient input to other applications. Organizations have increased the installation of multiple batteries for electric vehicles. This is increasing the replacement of longstanding batteries with less efficient power thereby generating waste. As a result, the demand for the lithium-ion battery recycling market will increase significantly in the coming years. Batteries have become a crucial storage tool for energy transition as the world is swapping fossil fuel power for emission-free electrification. They are the preferred choice for powering mobile phones, electric vehicles, drones, etc.

Mining of lithium has a negative environmental impact which leads to water pollution due to chemical leakage. The process of fresh extraction and refining to industrial grade is a difficult and time-consuming process. Hence battery recycling is gaining momentum in the last few years. This will accelerate the growth of the lithium-ion battery recycling market during the forecast period. The recent geopolitical events have decreased the supply of important minerals for lithium-ion battery manufacturing thereby increasing the commodity prices.  Recycling batteries helps to extract crucial minerals that can be further used in domestically produced batteries which in turn reduces the excessive reliance on foreign materials in tight supply. It is required to overcome supply chain constraints and meet clean energy targets. 

Lithium-ion batteries are being used in everyday consumer electronic items like cell phones, cameras, and even toothbrushes. They store energy for small devices and operate at a large scale for renewable energy storage like wind and solar power. They are lightweight and have high energy density. The continuous reduction of prices and increasing use has led to the piling up of batteries that have reached their end stage. This will push the demand for the lithium-ion battery recycling market. 

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LITHIUM-ION BATTERY RECYCLING MARKET SHARE ANALYSIS

Based on the product, the LiCoO2 segment is expected to dominate in the lithium-ion battery recycling market share with 65% due to having high energy density and high discharge voltage making them suitable for use in portable electronic items like tablets, mobile phones, laptops, etc. 

Based on application, Mobile batteries will be the most lucrative due to the rising importance of second-life lithium-ion batteries as they do not have a long shelf life as batteries used in electric vehicles.

Based on region,  Asia-Pacific will witness considerable growth with China having a market share of 35% followed by North America and Europe at a share of 30%. This is due to the increasing adoption of EVs. Automobile manufacturers are looking for recycled battery materials to meet the rising demand. 

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Market By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

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Key players

  • Umicore
  • GEM
  • Brunp Recycling
  • SungEel HiTech
  • Taisen Recycling
  • Batrec
  • Retriev Technologies
  • Tes-Amm(Recupyl)
  • Duesenfeld
  • 4R Energy Corp
  • OnTo Technology
  • Redwood

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