Global Lithium Battery Recycling Market is valued at USD 2.09 Billion in 2020 and expected to reach USD 7.57 Billion by 2027 with a CAGR of 20.23% over the forecast period.
Global Lithium Battery Recycling Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027– Rapid growth in electrical vehicle market, rising concern about battery waste disposal and increasing developments in processes of recycling are the significant factors driving the growth of the Global Lithium Battery Recycling Market.
Lithium battery is a type of rechargeable battery. These are normally used for portables electronics and electric vehicles and are rising in popularity for military electric and aerospace applications. Lithium ion batteries have made portable electronics everywhere and they are about to do the same foe electric vehicles. These are used in many products like toys, wireless headphones, handheld power tools, small and large appliances, and electrical energy storage systems. These batteries are valuable and recyclable. Battery recycling is activity that aims to reduce the number of batteries being disposed as solid waste. The enormousness of the impending spent-battery situation is driving researchers to search for cost effective, environmentally sustainable strategies for dealing with the vast stockpile of Lithium batteries. For recycling of Li-ion batteries hydrometallurgical recycling process is used which has high recycling rate and it emits low CO2. During recycling firstly made safe for mechanical treatment, with plastics, Al and Cu separated. Then remaining left of the battery is the “black mass”. This black mass consists of a mixture of Li, Mn, Cobalt, and Ni in different ratios. In this Ni, Li and cobalt are most important components and difficult to recover. When these batteries are disposed of in trash, we lose the critical minerals from these batteries.
The COVID-19 outbreak has impacted negatively on the growth of lithium battery recycling market. This pandemic delayed various operations in various industries. Also government halts the cross border trade activities which directly affect the production. The majority of plants were shut down due to pandemic.
The lithium battery recycling market is divided into battery chemistry, source, recycling process, end-use and region & country level. Based on battery chemistry, the Lithium battery recycling market is segmented into Lithium-Nickel Manganese Cobalt (Li-NMC), Lithium-iron Phosphate (LFP), Lithium-manganese Oxide (LMO), Lithium-Titanate Oxide (LTO) and Lithium-nickel Cobalt Aluminium Oxide (NCA). Based on source, the market is segmented into electronics, electric vehicles, power tools and others. Based on recycling process, the market is divided into physical/mechanical, hydrometallurgical and pyrometallurgical. Based on end-use market is divided into automotive, industrial, power, mining, consumer electronics and marine.
By Battery Chemistry:
By Recycling Process:
The regions covered in lithium battery recycling market report are North America, Europe, Asia-Pacific, and rest of the world. Based on country level, the market of lithium battery recycling is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Some major key players for Global lithium battery market report cover prominent players like Sumitomo Metal Mining Co. Ltd, Lithion Recycling lnc., SNAM, BATREC Industries AG, Fortum, DOWA ECO-SYSTEM co. Ltd., ACCUREC Recycling GmbH, AkkuSer, Neometals Ltd, duesenfeld, Glencore International AG, International Metals Reclamation Company, LLC/INMETCO, Redux GmbH, uRecyclr Group, Retriev Technologies lnc., Umicore, Raw Material Company and others.
News: Indian EV Startup eBikeGo begins Drive to Recycle Lithium Batteries
February 9th, 2021; For reducing the volume of EV battery waste an Indian EV manufacturer, eBikeGo started a drive to recycle the Lithium batteries of their electric vehicles. These recycled batteries are in the beginning or middle of their lifecycle. EV batteries are taken out of vehicles when their capacity reduces by about 25%. If 1000wh battery starts storing 750wh, then it is taken out of vehicles and it can be is used in solar plants and other works. eBikeGo also claimed to be building infrastructure to recycle these batteries. eBikeGo wants to tie up with solar plant manufactures to enable the second life of their batteries. The by-products of recycled batteries are depends on the process.
Rapid growth in electrical vehicle market is one of the major factors driving the growth of global lithium battery recycling market. For instance; according to Procedia Manufacturing 2019, the compound annual growth rate for plug-in hybrid electrical vehicles (PHEVs) is to be 56% in the period 2017-2020 and the growth rate of fully battery electrical vehicles is to be 42% for the same period. The total global capacity for vehicle LIB manufacturing was more than 31Gwh in 2016 and demand was expected to exceed 120Gwh by 2020. This rapid growth requires more than 550,000 metric tons of battery materials like Li, Ni, graphite, cobalt etc. Current production of materials for LIB is limited.
In addition, rising concern about battery waste disposal is another major factor fostering the growth of global lithium battery recycling market. According to Green Chem 2020; the lithium ion battery waste worldwide in 2020 was estimated to be approximately 250000 tons. This waste is untreated chemical waste which is very hazardous for all living beings and environment. Hence the recycling and reuse of these batteries is very important. Furthermore, increasing developments in processes of recycling is fueling the growth of global lithium battery recycling market. For example, in September 2020, Solvay and Veolia partnered up to develop a circular economy consortium.
However the high initial investment in the recycling of lithium batteries may restraint the growth of the lithium battery recycling market. In spite of that, strict government policies for untreated chemical waste and growing automotive sector can offer more opportunity for the further growth of global lithium battery recycling market.
Geographically; Asia Pacific is expected to show a fastest growth in the global lithium battery recycling market over the forecast period due to presence of large number of recycling companies, increasing demand of lithium batteries and large battery installed base and favorable battery energy storage policies. According to Multidisciplinary Digital Publishing Institute (MDPI) 2021, China is the biggest market with 68% of global battery demand in 2018. It will also increase by tenfold by 2030. For instance in 2020, the South Korean company GS Engineering & Construction Corporation, announced the construction of new facility for recycling of lithium batteries with an investment $86 million by 2022. They declared new unit with projected capacity of 4-5 kilo tons is awarded by Pohang city and North Gyeongsang Province Administations to propel the industry outlook. Also major players of the lithium batteries recycling companies are from Asia Pacific. For instance, in July 2019, BRUNP wants to develop another plant for producing around 100,000 tons/year of lithium-ion battery (LIB) scrap in China. It will begin working from 2020.
North America is expected to show a significant growth in this market due to increasing investment in research and development facilities and government support for recycling technologies. For instance; according to U.S. Department of Energy 2019, by 2022 they will reduce the cost of electric vehicle battery packs to less than $150/kWh. To achieve this goal VTO will support three areas of R&D, production first one is low cobalt or no cobalt active cathode materials for next generation Li batteries. In addition, increasing number of R&D centers which are focused on cost effective recycling processes to recover lithium battery critical materials in this region are also supplementing the market growth. Also they proclaimed its plans to invest about USD 20.5 million in battery recycling infrastructure to set up new R&D facilities. For instance; in January 2021, the Canadian firm Li-Cycle announced the construction of new plant of lithium battery recycling in Rochester of about US$175 million. This will be the largest lithium battery recycling plant in this region.
|2015 - 2020
|2021 - 2027
|Market Size in 2020:
|USD 1467.2 Million
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2027:
|USD 2735.9 Million
|Tables, Charts & Figures:
|Sumitomo Metal Mining Co. Ltd, Lithion Recycling lnc., SNAM, BATREC Industries AG, Fortum, DOWA ECO-SYSTEM co. Ltd., ACCUREC Recycling GmbH, AkkuSer, Neometals Ltd, duesenfeld, Glencore International AG, International Metals Reclamation Company, LLC/INMETCO, Redux GmbH, uRecyclr Group, Retriev Technologies lnc., Umicore, Raw Material Company and others
|By Battery Chemistry, By Sources, By Recycling Process, By End-User
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
We are always looking to hire talented individuals with equal and extraordinary proportions of industry expertise, problem solving ability and inclination interested? please email us email@example.comJOIN US
BrandEssence® Market Research and Consulting Pvt ltd.
124, City Road, London EC1V 2NX
© Copyright 2024-25 BrandEssence® Market Research and Consulting Pvt ltd. All Rights Reserved | Designed by BrandEssence®