Dublin, Sept. 18, 2024 (GLOBE NEWSWIRE) -- The "Lithium-ion Battery Recycling Market by Source (Automotive, Non-automotive), Battery Chemistry, Battery Components, Recycling Process (Hydrometallurgical Process, Pyrometallurgy Process, Physical/Mechanical Process), and Region - Global Forecast to 2032" report has been added to ResearchAndMarkets.com's offering.
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%
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 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.
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.
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.
The report provides insights on the following pointers:
- Analysis of key drivers (Stringent local and state government regulations, Increase in demand for electric vehicles, and EPA guidelines, Rising demand for recycled products and materials, Depletion of earth metals), restraints (Safety issues related to storage and transportation of spent batteries), opportunities (Subsidies to encourage battery recycling, Rising adoption of lithium-ion batteries due to declining prices), and challenges (High cost of recycling and dearth of technologies) influencing the growth of the Lithium-ion battery recycling market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities in the Lithium-ion battery recycling market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the Lithium-ion battery recycling market across varied regions.
- Market Diversification: Exhaustive information about new products, various types, untapped geographies, recent developments, and investments in the Lithium-ion battery recycling market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 196 |
| Forecast Period | 2024 - 2032 |
| Estimated Market Value (USD) in 2024 | $16.2 Billion |
| Forecasted Market Value (USD) by 2032 | $56.9 Billion |
| Compound Annual Growth Rate | 17.0% |
| Regions Covered | Global |
Companies Featured
- Umicore
- Glencore
- Cirba Solutions
- Contemporary Amperex Technology Co. Ltd.
- Recyclico Battery Materials Inc.
- American Battery Technology Company
- Accurec Recycling GmbH
- Ecobat
- Fortum
- Gem Co. Ltd.
- Aqua Metals, Inc.
- Li-Cycle Corp.
- Neometals Ltd.
- Redwood Materials
- Stena Recycling
- Sk Tes
- Veolia
- Envirostream Australia Pty Ltd.
- Battery Recycling Made Easy
- Duesenfeld GmbH
- Elemental Holding SA
- Tata Chemicals Limited
- Lithion Recycling
- Onto Technology
- Batrec Industrie
- Attero
- Sitrasa
For more information about this report visit https://www.researchandmarkets.com/r/u4dwbi
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