Top Lithium-ion Battery Recycling Market Industry

The global lithium-ionbattery recycling market is projected to grow from USD 4.6 billion in 2021 to USD 22.8 billion by 2030, at a CAGR of 19.6% during the forecast period 2021-2030. The major reasons for the growth of the battery recycling market include the increasing concerns regarding environmental pollution and the enforcement of stringent environmental regulations across regions to control excessive industrial and air emissions. The rising concerns about depleting earth metals and government initiatives to recycle batteries are drivers for the battery recycling market globally.

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The key market players include Umicore (Belgium), Glencore International AG (Switzerland), Retriev Technologies Inc. (US), Raw Materials Company Inc. (RMC) (Canada), American Zinc Recycling (US), American Manganese Inc. (Canada), SITRASA (Mexico), Li-Cycle Corp. (Canada), Neometals Ltd (Australia), Metal Conversion Technologies (MCT) (US), TES (Singapore), Fortum (Finland), GEM Co., Ltd (China), Contemporary Amperex Technology Co. Ltd (CATL) (China), Duesenfeld GmbH (Germany), and Accurec-Recycling GmbH (Germany). These players have adopted collaborations, acquisitions, agreements, partnerships, investments, contracts, new technology developments, expansions, and new production as their growth strategies to enhance their positions in the market.

Umicore is a global material technology and recycling group. In December 2019, Umicore and Audi AG (Germany) collaborated in a closed-loop sustainable battery recycling pilot project. The recovered cobalt and nickel produced are employed in the production of new battery cells. The collaboration is expected to lead to the retrieval of precious resources and reduction of CO₂ emissions. This development is leading to the retrieval of precious resources and reduction of CO2 emissions.

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Another important player in the lithium-ion battery recycling market is Raw Materials Company Inc. (RMC). In November 2019, Raw Materials Company Inc. (RMC) entered a partnership with Call2Recycle, Inc. (US) to enhance the collection and recycling of used consumer batteries across Ontario (Canada). Under this partnership, the two parties offer residents, businesses, and municipalities of Ontario increased access to battery collection and recycling. This partnership aided both companies in establishing an efficient producer responsibility program to enhance consumer drop-off locations for spent batteries. The partnership also results in the augmentation of collection and recycling consumer batteries across Ontario.

Global Lithium-ion Battery Recycling Market Industry Study Coverage

The report "Lithium-ion Battery Recycling Market By Battery Chemistry (Lithium-nickel Manganese Cobalt, Lithium-iron Phosphate, Lithium-Manganese Oxide, LTO, NCA, LCO), Industry (Automotive, Marine, Industrial, and Power), and Region - Global Forecast to 2030" - MarketsandMarkets: The lithium-ion battery recycling market is estimated at USD 1.5 billion in 2019 and projected to grow from USD 12.2 billion in 2025 to USD 18.1 billion by 2030, at a CAGR of 8.2% from 2025 to 2030.

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The rising demand for electric vehicles to control the increasing pollution levels has spurred the consumption of lithium-ion batteries. Since these have lower self-discharge rates than other rechargeable cells such as Ni-Cad and NiMH, they offer high energy and power density and are thus used in various applications, from cellular phones, industrial equipment, to electric-drive vehicles.

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Lithium Manganese Oxide is the highest-recycled battery type of the lithium-ion battery recycling market

Based on chemistry, the lithium manganese oxide segment is projected to grow at the highest CAGR from 2025 to 2030. A lithium-manganese oxide (LMO) cell is a three-dimensional spinel-structured cell with lithium manganese as cathode material. The spinel structure in LMO cells offers various advantages such as lower internal resistance, high thermal stability, improved current handling, and enhanced safety. These attributes of LMO cells make them suitable for applications such as power tools and hybrid and electric vehicles.

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The power sector is projected to grow at the highest CAGR from 2019 to 2024 in the lithium-ion battery recycling market

Based on end use, the power sector is projected to grow at the highest CAGR from 2019 to 2024. Each year EU produces approximately 24 kg electrical and electronic waste per citizen, which includes lithium used in high-tech industries. EU has implemented regulations which required battery collection rates of at least 25% by the end of September 2012 and to gradually increase these to 45% by the end of September 2016. The power sector is working on generating renewable energy and storing it for multiple uses. The low self-discharge rate of lithium-ion batteries is one of the factors driving its adoption in smart-grid and renewable energy storage systems. This is expected to lead the power sector generating a high output of spent lithium-ion batteries for recycling.

Automotive is projected to be the largest lithium-ion battery recycling segment

Based on end use, automotive is projected to be the largest segment in the lithium-ion battery recycling market and is expected to lead in the coming years. Increasing adoption of electric vehicles has driven the demand for lithium-ion batteries since there is low accessibility to raw materials such as lithium and cobalt most of the countries and players are recycling discarded spent lithium-ion batteries.

Asia Pacific region is projected to grow at the highest CAGR in the lithium-ion battery recycling market

The lithium-ion battery recycling market in the Asia Pacific region is projected to grow at the highest CAGR from 2019 to 2024. The Asia Pacific region comprises China, Japan, India, and other countries. The Asia Pacific is projected to grow at the highest CAGR and is also one of the largest markets for lithium-ion battery recycling in applications such as electric vehicles and energy storage. China and India are one of the fastest-growing economies in the world. The demand for lithium-ion batteries is very high in the Asia Pacific region, owing to the increasing population and its need for industrial applications.

The key market players in the lithium-ion battery recycling market are Umicore (Belgium), Glencore International AG (Switzerland), Retriev Technologies Inc. (US), Raw Materials Company Inc. (RMC) (Canada), American Manganese Inc. (Canada), Li-Cycle Corp. (Canada), International Metals Reclamation Company, LLC (INMETCO) (US), GEM Co., Ltd (China), SITRASA (Mexico), Neometals Ltd (Australia), RECUPYL SAS (France), Metal Conversion Technologies (MCT) (US), TES-Amm Singapore Pte Ltd (Singapore), Fortum Oyj (Finland), and Contemporary Amperex Technology Co. Ltd (CATL) (China). These players have adopted the expansions, acquisitions, divestments, collaborations, and joint ventures strategies to enhance their positions in the market.

Study Coverage:

This report provides insights on the drivers, restraints, opportunities, and challenges impacting the growth of the lithium-ion battery recycling market. It offers a detailed overview of the market across three regions, namely, Asia Pacific, Europe, and North America. Key players operational in the lithium-ion battery recycling market focus on new product launches, supply contracts, acquisitions, and expansions. This research report categorizes the lithium-ion battery recycling market based on battery chemistry, end use, and region.

At a CAGR of 22.1% - Lithium Battery Recycling Market is Projected to Reach USD 23.72 Billion by 2030

The lithium-ionbattery recycling market is estimated at USD 1.78 billion in 2017 and is projected to reach USD 23.72 billion by 2030, at a CAGR of 22.1% from 2017 to 2030. Rising concerns about depleting earth metals and government initiatives to recycle batteries are drivers for the battery recycling market globally. Subsidies to encourage battery recycling and the growth in the number of hybrid and Electric Vehicle (EV) batteries are expected to provide growth opportunities for the battery recycling market. Issues related to spent battery storage and transportation are expected to restrain growth of the battery recycling market. Some of the leading players operating in the Lithium-Ion Battery Recycling Market include Umicore (Belgium), Glencore (Switzerland), Retriev Technologies (US), Raw Materials Company (Canada), American Zinc Recycling (INMETCO) (US), and Battery Recycling Made Easy (US), among others.

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Key market players have focused on the adoption of strategies such as new supply contracts, acquisitions, and expansions to cater the demand for lithium-ion battery recycling across various industries such as, marine, automotive, power, and industrial applications.

In April 2016, Umicore planned the capacity expansion of Nickel-manganese Cobalt (NMC) cathode materials to meet the increasing demand. The expansion program entailed an investment of approximately USD 177 million over a period of three years at the company’s existing facilities in Cheonan (South Korea) and Jiangmen (China), as well as greenfield investment on adjacent land in both locations. With this expansion, the company further strengthened its position in the European and North American markets.

In January 2017, Umicore acquired three NMC patent families for cathode materials used in a wide range of lithium-ion rechargeable batteries from 3M. Through this deal, Umicore acquired all existing and future licensing rights to the three patents that it had previously been using under license from 3M. These patents collectively cover South Korea, China, Japan, Europe, and the US and are valid between 2021 and 2024. With this acquisition, the company further strengthened its presence in the Asia Pacific region.

In 2015, KBT (Kinsbursky Group Company) established a battery technology center in Brea, California to support OEM hybrid vehicle producers such as Toyota remanufacture hybrid batteries, and to provide logistics support related to battery transportation and direct from dealer battery recoveries. The center also provides contract field services for the recovery of damaged or nonresponsive large format electric vehicle batteries in the US, Puerto Rico, Canada, and Mexico. This expansion is in line with the strategy of the company to develop a North American distribution network for spent lithium-ion batteries.

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