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Lithium-Ion Battery Recycling Solution Market Report Overview
The global lithium-ion battery recycling solution market size was USD 7.85 billion in 2023 and is projected to grow from USD 9.97 billion in 2024 to USD 67.28 billion by 2032, exhibiting a CAGR of 26.96% during the forecast period. Asia-Pacific holds leading position in lithium-ion battery recycling solution market share in 2023.
Lithium-ion battery recycling is the collection of lithium-ion batteries from many sources, including automobiles, industrial equipment, consumer items, and electronic gadgets, along with the recovery of metals through recycling processes. Most recovered metals are just utilized to create batteries. As a result, the limited supply of lithium is a major driver of the growth of the lithium-ion battery recycling industry.
COVID-19 Impact: Growth to Be Affected by COVID-19 Pandemic and Stoppage of Cross-Border Trade
The global COVID-19 pandemic has been unprecedented and staggering, with lithium-ion battery recycling solution market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
The COVID-19 pandemic has caused a number of operations across many industries to be postponed. To stop transmission, the government is enacting new laws like lockout and social seclusion measures. Stopping cross-border trade would have a negative effect on the supply chain network. To better assist our clients in comprehending the current situation, we are providing in-depth insights on the lithium-ion battery recycling sector.
Latest Trends
"Growing Popularity of LCO Batteries to Augment Growth"
During the forecast period, the LCO category is expected to maintain its market dominance. This is mostly attributable to LCO batteries' high energy density, which makes them ideal for portable electronic devices like laptops, cell phones, and tablets. Recycled LCO batteries are also popular for a variety of applications due to their high discharge voltage.
Lithium-Ion Battery Recycling Solution Market Segmentation
- By Type Analysis
According to type, the market can be segmented into LiCoO2 Battery, NMC Battery, LiFePO4 Battery, Other. LiCoO2 Battery will be the leading segment during the forecast period.
- By End Users Analysis
Based on end users, the market can be divided into Automotive, Marine, Industrial, Electric Power, Other. Automotive is anticipated to have the dominant market share.
Driving Factors
"Demand for Clean Energy Sources Will Rise, Boosting Growth"
Nowadays, people are quickly moving toward clean energy sources because they provide effective input for a variety of applications. The installation of numerous batteries for numerous electric vehicles and energy storage has increased significantly throughout the world. This is anticipated to support the replacement of old batteries that produce waste due to low output efficiency. For instance, Total declared in March 2020 that it would build a battery-based energy storage project in France. In the next years, such activities are projected to hasten the expansion of the lithium-ion battery recycling market.
"Electric Vehicle Demand Is Also Stoking The Market, Which Is Growing Quickly"
Due to the rising demand for lithium-ion batteries in the automobile industry, the market for recycling options for these batteries has grown dramatically. Due to growing environmental concerns, electric car usage is rapidly increasing, particularly in wealthy countries and some emerging countries. According to the Sustainable Development Scenario of the International Energy Agency (IEA), there will be 245 million electric vehicles worldwide by 2030 (excluding two- and three-wheelers), which is anticipated to encourage the recycling of lithium-ion batteries to meet the demand for these batteries in electric vehicles in the future.
Restraining Factors
"Safety Concerns Pertaining To the Transportation and Storage Of Used Batteries"
Hazardous compounds found in used batteries include acids and heavy metals like mercury and lead. The remaining charge in spent batteries creates the risk of unintentional discharge, which could cause harm to people and property. Lead acid batteries can be confused with large lithium-based batteries, as those used in automobile applications. if regional battery producers incorrectly identify them. State or federal governments restrict the transportation and storage of expended batteries as a result of these problems.
Lithium-Ion Battery Recycling Solution Market Regional Insights
"Large Battery Production Base to Support Asia Pacific Growth"
Geographically speaking, Asia Pacific dominated the market share in 2021 and will experience rapid growth during the forecast period. Favorable policies for battery energy storage would significantly contribute to this expansion. Along with this, a sizable installed base of batteries as well as an increase in the number of lithium-ion battery recycling businesses would support regional prosperity.
The U.S. DOE in contrast, announced plans to invest USD 20.5 million on its battery recycling infrastructure and open a cutting-edge R&D center in North America. Finally, the market in Europe is anticipated to expand greatly over the next years, supported by the growing number of renewable energy generating targets that the European Union is putting in place to reduce pollution.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
LIST OF TOP LITHIUM-ION BATTERY RECYCLING SOLUTION COMPANIES
- Call2Recycle Inc
- SungEel HiTech Co Ltd
- Contemporary Amperex Technology Co Ltd
- Li-Cycle
- GEM Co Ltd
- Retriev Technologies Inc
- Ecobat Technologies Limited
- Fortum Oyj
- Ganfeng Lithium
- Umicore
- OnTo Technology
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 7.85 Billion in 2023 |
Market Size Value By |
US$ 67.28 Billion by 2032 |
Growth Rate |
CAGR of 26.96% from 2023 to 2032 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
|
By Types
|
|
|
By End Users
|
Frequently Asked Questions
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What value is the global lithium-ion battery recycling solution market expected to touch by 2032?
The global lithium-ion battery recycling solution market size was USD 7.85 billion in 2023 and is projected to grow from USD 9.97 billion in 2024 to USD 67.28 billion by 2032.
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What CAGR is the lithium-ion battery recycling solution market expected to exhibit during 2024-2032?
The lithium-ion battery recycling solution market is expected to exhibit a CAGR of 26.96% over 2024-2032.
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Which are the driving factors of the lithium-ion battery recycling solution market?
Due to the rising demand for lithium-ion batteries in the automobile industry, the lithium-ion battery recycling solution market for recycling options for these batteries has grown dramatically.
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Which are the top companies operating in the lithium-ion battery recycling solution market?
Call2Recycle Inc, SungEel HiTech Co Ltd, Contemporary Amperex Technology Co Ltd, Li-Cycle, GEM Co Ltd, Retriev Technologies Inc, Ecobat Technologies Limited, Fortum Oyj, Ganfeng Lithium, Umicore, OnTo Technology are among the major lithium-ion battery recycling solution market players.
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