Market Reports

By 2030, the market for recycling lithium-ion batteries will be worth $22.8 billion.

Published: February 11, 2023
Author: TEXTILE VALUE CHAIN

The report Lithium-ion Battery Recycling Industry 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″, 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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•  139 Market data Tables
•  47 Figures
•  199 Pages and in-depth TOC on “Lithium-ion Battery Recycling Market – Global Forecast to 2030”

Some of the prominent key players are:

  • Umicore (Belgium)
  • Glencore International AG (Switzerland)
  • Retriev Technologies Inc. (US)
  • Raw Materials Company Inc. (RMC) (Canada)
  • American Zinc Recycling (US)

Opportunity: Increasing production is expected to lead to a decline in prices of lithium-ion batteries, rising adoption in new applications, and recycling after end-of-life

The prices of lithium-ion batteries have been a major hurdle in acceptance since introduction in the 1990s. A state-of-the-art lithium-ion battery consists of many components which are provided at subsidized costs. However, recent developments and claims made by lithium-ion battery manufacturing companies and automobile companies suggest that the prices of these batteries are expected to decline substantially.

Developments such as manufacture on a large scale, lower component prices, adoption of technologies to boost battery capacity are factors leading to a decline in prices. The declining prices of lithium batteries are expected to lead to the growth of the renewable energy storage market, which are expected to prefer lithium-ion batteries over any other rechargeable batteries. This in turn is expected to lead to an increase in the demand for recycling spent lithium-based batteries.

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.

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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.

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