Global Lithium-Ion Battery Recycling Market to Reach US$10.7 Billion by the Year 2026
The ubiquitous and continuously expanding applications for lithium ion battery technology is poised to exert pressure on recycling commitments and need and encourage evolution of technology & infrastructure needed for recycling lithium ion batteries.
In short, as the Li-ion battery market continues to grow and adoption increases in various industries, there are growing concerns over waste management necessitating focus onto Li-ion recycling management. Strict government policies globally are also supporting recycling market, in view of the potential implications of Li-ion batteries on human health and the environment.
In order to address concerns over the potential impact of waste Li-ion batteries, China and European countries have adopted regulations on Recycling of Motive Lithium Ion Batteries. A key focus of Li-ion battery recycling is to recover cobalt owing to its high economic value. Besides the EU, the recycling initiatives are gathering pace in China due to the large EV industry and the rapid rise in spent Li-ion batteries. Battery recycling companies are benefiting tremendously from the rising demand for hybrid and e-vehicles, which use LI-ion batteries.
Global market for Lithium-Ion Battery Recycling estimated at US$3.6 Billion in the year 2020, is projected to reach a revised size of US$10.7 Billion by 2026, growing at a CAGR of 19.4% over the analysis period. Lithium-Nickel Manganese Cobalt (Li-NMC), one of the segments analyzed in the report, is projected to grow at a 20.6% CAGR to reach US$7.7 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lithium-iron Phosphate (LFP) segment is readjusted to a revised 17.9% CAGR for the next 7-year period. This segment currently accounts for a 26.3% share of the global Lithium-Ion Battery Recycling market.
NMC technology is expected to be used as a replacement material for NCA and LCO batteries in mobile phones, tablets and notebooks, due to its lighter weight and slimmer form. Lithium Iron Phosphate (LiFePO4) or LFP is the choice of Li-ion battery chemistry for electric buses in China.
Despite the issue of slow charge rates, LFP technology is preferred due to the higher safety offered that is of high significance for larger-sized batteries. Recycling of lithium batteries is gaining importance as means for preventing future shortage and enabling the sustainable management of lithium, nickel, and cobalt.
Lithium-Manganese Oxide (LMO) Segment to Reach $1.3 Billion by 2026
In the global Lithium-Manganese Oxide (LMO) segment, USA, Canada, Japan, China and Europe will drive the 15.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$443.4 Million in the year 2020 will reach a projected size of US$1.3 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$89.7 Million by the year 2026, while Latin America will expand at a 15.3% CAGR through the analysis period.
The U.S. Market is Estimated at $903.2 Million in 2021, While China is Forecast to Reach $3 Billion by 2026
The Lithium-Ion Battery Recycling market in the U.S. is estimated at US$903.2 Million in the year 2021. The country currently accounts for a 21.1% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$3 Billion in the year 2026 trailing a CAGR of 23% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 16.8% and 17.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 19.1% CAGR while Rest of European market (as defined in the study) will reach US$655.8 Million by the end of the analysis period.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Global Focus on Sustainability Brings Recycling Into the Spotlight
Sustainability Becomes More Important than Ever. Here's Why
Focus on Downstream Sustainability Heightens the Emphasis on Recycling
With New Strains Emerging at an Alarming Rate, Focus Shifts to Booster Doses & Vaccine Tweaking. But How Practical Is It to Implement Them?
Indispensability of Batteries for Life in the 21st Century Brings Battery Recycling Into the Forefront of the Recycling Revolution
What is Meant by Lithium Ion Battery?
Recent Market Activity
Innovations
2. FOCUS ON SELECT PLAYERS (Total 57 Featured)
4R Energy Corp
American Manganese
Batrec
Brunp Recycling
Duesenfeld
GEM
Glencore PLC
Green Technology Solutions, Inc.
Li-Cycle Technology
Metal Conversion Technologies LLC
OnTo Technology
Raw Materials Company
Recupyl Sas
Retriev Technologies Inc.
SungEel HiTech
Taisen Recycling
TES-AMM Pte Ltd.
Umicore SA
3. MARKET TRENDS & DRIVERS
The Rise & Proliferation of Lithium Battery Technology Provides the Cornerstone for the Evolution of Lithium-Ion Battery Recycling
Growing Demand for Lithium-Ion Battery Technology in Energy Storage Bodes Well for Growth in the Market
Lithium-ion Stands Out as the Battery Technology of Choice in Utility Grids
EV Commercialization Push Up Pressure on Lithium-Ion Battery Recycling
Robust Outlook for EVs
Lithium-ion Battery Technology is at the Heart of EVs
How EV Batteries Are Recycled? A Review
Growing Market for Consumer Batteries Doubles the Pressure on Lithium Ion Battery Recycling
Growing Environmental Footprint of Lithium-Ion Battery Brings Recycling Into the Spotlight
Innovations in Lithium-Ion Battery Recycling Amid Challenges Crucial for Future Market Growth
Stringent Government Guidelines Concerning Battery Waste Disposal to Encourage Global Li-ion Battery Recycling Initiatives
