Covina, Aug. 20, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global Li-ion battery recycling market size and share is projected to grow from USD 4.5 Billion in 2024 and is forecasted to reach USD 29.4 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 22.9% during the forecast period (2024 - 2034).
Li-ion Battery Recycling Market Report Overview
Li-ion Battery Recycling is an essential aspect of managing the growing volume of used batteries resulting from the widespread adoption of Li-ion technology. It plays a crucial role in minimizing environmental impact, conserving resources, and supporting the circular economy. As the demand for Li-ion batteries continues to rise effective recycling practices will become increasingly important advancements.
Metals including lithium, cobalt, nickel, and manganese which can be hazardous to the environment if improperly disposed of are found in Li-ion batteries. Recycling lessens the environmental impact of disposing of batteries by stopping harmful materials from leaking into the ground and water.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Li-ion Battery Recycling Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Companies:
- SNAM
- Umicore
- Sumitomo Metal Mining Co., Ltd.
- Lithion Recycling Inc.
- BATREC INDUSTRIE AG
- American Zinc Recycling Corp
- Fortum
- DOWA ECO-SYSTEM Co., Ltd.
- Li-Cycle Corp.
- Neometals Ltd
- ACCUREC Recycling GmbH
- AkkuSer
- San Lan Technologies Co., Ltd
- Duesenfeld
- Glencore
- Redux GmbH
- uRecycle Group
- Retriev Technologies Inc.
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Analyst View:
Governments and regulatory bodies are implementing stringent environmental policies aimed at reducing the environmental impact of battery disposal. The target market is experiencing significant growth by the rapid expansion of industries reliant on lithium-ion batteries such as electric vehicles, consumer electronics, and renewable energy storage systems.
Market Dynamics:
Drivers:
Increase in the Use of Electric Vehicles
- One of the primary drivers of the target market is the exponential growth in electric vehicle adoption. As governments worldwide push for greener transportation solutions to combat climate change, the demand for EVs has skyrocketed.
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Market Trends:
Supply Chain Security and Resource Scarcity
- The global supply chain for critical raw materials used in Li-ion batteries, such as cobalt and lithium is under increasing pressure due to rising demand and geopolitical factors. Recycling provides a sustainable and reliable source of these materials, reducing dependence on mining and mitigating supply chain risks.
Segmentation:
Li-ion Battery Recycling Market is segmented based on Battery Chemistry, Source, Recycling Process, End-Use, and Region.
Battery Chemistry Insights
- This sector includes Lithium Cobalt Oxide, Lithium Iron Phosphate, Lithium Manganese Oxide, Lithium Nickel Cobalt Aluminum Oxide, and Lithium Nickel Manganese Cobalt Oxide. The lithium Nickel Manganese Cobalt Oxide segment is expected to dominate the target market growth as nickel manganese cobalt batteries are extensively used in electric vehicles which represent one of the largest and fastest-growing markets for lithium-ion batteries.
Source Insights
- In the target market electric vehicles (EVs) is the most dominant segment as EVs require large, high-capacity Li-ion batteries, which eventually reach the end of their life cycle. Many governments have introduced regulations and incentives aimed at promoting the recycling of Li-ion batteries, particularly from EVs.
Recycling Process Insights
- In the target market, the hydrometallurgical process is the most dominant segment as the hydrometallurgical method is good in recovering precious metals at high rates. This technique effectively extracts metals from battery components by employing chemical reagents and aqueous solutions enabling the selective extraction of essential materials.
End-Use Insights
- In the target market automotive is the most dominant segment as the automotive industry is undergoing a significant transformation with the widespread adoption of electric vehicles. EVs use large-scale lithium-ion batteries which have a limited lifespan and eventually require recycling.
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Recent Development:
- In April 2024, Battery recycling company Green Li-ion is launching a new battery materials plant in Atoka, Oklahoma. The factory will turn spent lithium-ion batteries into battery-grade cathode precursor, lithium, and anode materials. It is housed inside an existing recycling facility. The industry's bigger attempt to bring the material processing link in the battery supply chain onshore—which is still primarily done overseas, notably in China—includes Green Li-ion's factory.
Regional Insights
- North America: This region has implemented stringent regulations and policies aimed at promoting battery recycling and reducing environmental impact. For example, the United States has introduced various recycling incentives and programs to support the development of a circular economy for battery materials.
- Asia Pacific: The rapid industrialization and urbanization in countries like China and India contribute to the increased use and disposal of lithium-ion batteries.
Browse Detail Report on "Li-ion Battery Recycling Market Size, Share, By Battery Chemistry (Lithium Cobalt Oxide, Lithium Iron Phosphate, Lithium Manganese Oxide, Lithium Nickel Cobalt Aluminum Oxide, Lithium Nickel Manganese Cobalt Oxide), By Source (Electric Vehicles (EVs), Electronics, Power Tools, Others), By Recycling Process (Hydrometallurgical Process, Pyrometallurgical Process, Physical/Mechanical Process), By End-Use (Automotive, Industrial, Consumer Electronics, and Others), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/li-ion-battery-recycling-market-5560
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