Lithium-Ion Battery Recycling

Lithium-ion Battery Recycling Market projected to hit $38.21billion by 2030, with a CAGR of 36.0%

WILMINGTON, DELAWARE, UNITED STATES, September 20, 2023/EINPresswire.com/ --

The lithium-ion battery recycling market size was valued at $1.33billion in 2020, and is projected to reach $38.21billion by 2030, growing at a CAGR of 36.0% from 2021 to 2030.

Lithium-ion battery recycling is a process that aims to recover valuable materials from used or end-of-life lithium-ion batteries. Recycling these batteries helps mitigate environmental impact, reduce resource depletion, and contribute to the sustainable management of battery waste.

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Asia-Pacific is expected to grow at the fastest rate, registering a CAGR of 40.8% during the lithium-ion battery recycling forecast period.

The key players operating and profiled in the report include

Ganfeng Lithium Co., Ltd.

American Battery Technology Company

Accurec Recycling GmbH

Akkuser Oy

Duesenfeld GmbH

Li-Cycle Corp.

Fortum Corporation

Retriev Technologies, Inc.

Lithion Recycling, Inc.

Umicore

Neometals Ltd.

Primobius

Green Li-ion Pvt., Ltd.

SungEel MCC Americas

Redux GmbH

In 2020, Europe dominated the global lithium-ion battery recycling market with more than 35.7% of the market share, in terms of revenue.

Electric vehicle is the fastest-growing source segment in the lithium-ion battery recycling market, and is expected to grow at a CAGR of 46.1%.

The hydrometallurgical process segment accounted for 64.8% in 2020, and is anticipated to grow at a rate of 39.7% in terms of revenue, increasing its share in the global lithium-ion battery recycling market.

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In 2020, the lithium-manganese oxide segment accounted for majority of share of the global lithium-ion battery recycling market, and is expected to maintain its lead during the forecast period.

In 2020, the electronics segment accounted for about 67.5%, and is expected to maintain its dominance till the end of the forecast period.

The global lithium-ion battery market is anticipated to witness rapid growth, owing to increase in use of various automobiles such as electric & hybrid vehicles, which, in turn, is anticipated to fuel growth of the lithium-ion battery recycling market in upcoming years.

There are established patented recycling methods that are available in the market. Therefore, battery recycling is done by patented methods of individual manufacturers or other organizations.

Lithium-ion batteries are rechargeable in nature, with high energy density. These batteries are majorly used in portable electronic devices, electric vehicles, and other industrial energy storage purposes.

After the end of battery life cycle most lithium-ion batteries are disposed in landfills. It is important to recycle them to further reduce environmental pollution caused by these hazardous batteries.

Battery recycling is previously considered as a legislative activity; however, it is nowadays a more profitable way to recover metals through recycling of various batteries including lead acid, lithium-ion, and nickel metal hydride.

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COVID-19 impact

The global lithium-ion battery recycling market has witnessed steady growth in 2020, owing to the outbreak of the COVID-19 pandemic.

The outbreak has negatively impacted various industries and countries, thereby decreasing manpower across the globe, which, in turn, decreased consumer spending and thus, decreased demand for electronics, automotive, and other products.

Related Reports:-

Lithium-ion Battery Market by Component (Cathode, Anode, Electrolyte, Separator, Others), by Capacity (0-3, 000 mAh, 3, 000- 10, 000 mAh, 10, 000- 60, 000 mAh, 100, 000 mAh and Above), by Application (Electrical and Electronics, Automotive, Industrial, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

Battery Materials Recycling Market by Material Type (Lithium, Cobalt, Iron, Manganese, Nickle, Lead, Others), by End-Use (Automotive, Building and Construction, Aerospace and Defense, Textile, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

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