PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1536661
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1536661
The global Lithium-ion battery recycling market is projected to grow from USD 16.2 billion in 2024 to USD 56.9 billion by 2032, at a CAGR of 17.0% during the forecast period. The industry for recycling lithium-ion batteries is expanding significantly due to a number of variables coming together. The need for efficient recycling methods has arisen due to the growing demand for portable gadgets and electric vehicles, as well as the scarcity and rising expense of essential battery components. Battery recycling is also becoming more and more popular as a responsible and ecologically good way to manage end-of-life batteries due to strict environmental restrictions and consumer awareness of sustainable practices.
Scope of the Report | |
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Years Considered for the Study | 2017-2022 |
Base Year | 2023 |
Forecast Period | 2024-2032 |
Units Considered | Value (USD Billion), and Volume (Units) |
Segments | Battery Chemistry, Source, Recycling Process, Battery Component, and Region |
Regions covered | Asia Pacific, Europe, and North America |
"Industrial segment, by source, is estimated to account for the second largest share during the forecast period"
The industrial segment is projected to secure the second-largest share in the forecast period. The growing electrification of industrial processes is driving this rise. Batteries are being used in material handling machinery, energy storage systems, and other industrial applications. The recycling sector will see an increase in industrial battery waste as these batteries approach the end of their useful lives. Government rules emphasizing resource recovery and sustainable industrial practices are also anticipated to fuel expansion in this market..
"By battery chemistry, Lithium Nickel Manganese Cobalt (Li-NMC) segment is accounted for the second largest share during the forecast period
Lithium Nickel Manganese Cobalt (Li-NMC) battery chemistry is expected to have the second largest market share during the forecast period. Their extensive application in electric vehicles, a quickly growing industry, is responsible for their prominence. NMC batteries are a recommended option for automotive applications because they provide a balance between energy density, power output, and lifespan. The amount of NMC batteries nearing the end of their useful lives will increase along with the market for electric vehicles, offering recycling businesses a big chance to recover precious elements like nickel, cobalt, and lithium.
"Europe region is estimated to account for the second largest share during the forecast period"
Europe is expected to be the second largest market for lithium-ion battery recycling. This position is supported by multiple factors. First off, the area has been a one of the leaders in the use of electric vehicle and renewable energy sources adoption, which has resulted in a significant number of end-of-life batteries. Secondly, investments in recycling infrastructure have been pushed by strict environmental rules and an emphasis on the concepts of the circular economy. Moreover, there is also a captive market for recycled battery materials in Europe due to the existence of major vehicle and battery manufacturers.
Umicore (Belgium), Cirba Solutions (US), Glencore (Switzerland), Contemporary Amperex Technology Co., Ltd (China), and RecycLiCo Battery Materials, Inc. (Canada) are some of the major players operating in the Lithium-ion battery recycling market. These players have adopted strategies such as expansions, acquisitions, and partnerships, and expansions in order to increase their market share business revenue.
The report defines, segments, and projects the Lithium-ion battery recycling market based on battery chemistry, source, battery component, recycling process, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and challenges. It strategically profiles, battery recyclers and comprehensively analyses their market shares and core competencies as well as tracks and analyzes competitive developments, such as expansions, joint ventures, agreements, and acquisitions, undertaken by them in the market.
The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the lithium-ion battery recycling market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses, and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.