Lithium-ion Battery Recycling Market worth $22.8 billion by 2030 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 15, 2021 /PRNewswire/ -- According to the new market research report "Lithium-ion Battery Recycling Market by End Use (Automotive, Non-automotive), Battery Chemistry, Battery Components, Recycling Process (Hydrometallurgical Process, Pyrometallurgy Process, Physical/ Mechanical Process), and Region - Global Forecast to 2030", published by MarketsandMarkets™, the global Lithium-ion Battery 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 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-titanate oxide (LTO) battery chemistry is projected to grow at the highest CAGR during the forecast period
Based on chemistry, the lithium-titanate oxide (LTO) battery chemistry is projected to grow at the highest CAGR between 2021 and 2030. Lithium-titanate is an off-white powdered compound containing lithium and titanium. The high growth of lithium-titanate oxide (LTO) battery chemistry segment is due to its advantageous features such as stability, power density, long life cycle, and high performance.
Automotive segment is expected to dominate the end use lithium-ion battery recycling market during the forecast period
Based on end use, the automotive segment is expected to dominate the lithium-ion battery recycling market during 2021 to 2030. The average lifetime of LIBs used in the automotive end use is approximately 7-8 years which can result in over 11 million tons of spent lithium-ion batteries being discarded by 2030 (Kochhar). This has led to the rising need for sound lithium-ion battery recycling for the recovery of precious metals from these spent batteries such as cobalt, nickel, and others.
The industrial segment is projected to be the largest in the non-automotive lithium-ion battery recycling market
Based on end use, industrial is projected to be the largest segment in the non-automotive lithium-ion battery recycling market during 2021 to 2030. Europe is projected to be the one of the largest markets, in terms of value, by 2030, for the industrial segment in the non-automotive end use. Lithium-ion batteries are emerging as a viable alternative to valve-regulated lead-acid batteries (VRLA) in data centers. Various lithium-ion batteries used in data centers have been used and vetted in electric and hybrid automobiles.
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Asia Pacific region is projected to grow at the highest CAGR in the lithium-ion battery recycling market during the forecast period
The lithium-ion battery recycling market in the Asia Pacific region is projected to grow at the highest CAGR from 2021 to 2030. Asia Pacific region comprises of key countries such as Japan, China, India, and South Korea. The rising demand for vehicles and environmental regulations are leading to the growth of the Asia Pacific market. The increasing pollution levels in emerging economies such as China and India are among the factors expected to drive the Asia Pacific market during the forecast period.
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 strategies to enhance their positions in the market.
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Browse Adjacent Markets: Chemical Market Research Reports &Consulting
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Battery Recycling Market by Chemistry, Source (Automotive Batteries, Industrial Batteries, Consumer & Electronic Appliance Batteries), Region (Asia Pacific, Europe, North America, South America, Middle East & Africa) - Global forecast to 2025
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