Lithium-ion Battery Recycling Market worth USD 23.72 billion by 2030
The report by Markets and Markets “Lithium-ion Battery Recycling Market by Chemistry (Lithium-nickel Manganese Cobalt, Lithium-iron Phosphate, Lithium-Manganese Oxide, LTO, NCA, LCO), Industry (Automotive, Marine, Industrial, Power), and Region – Global Forecast to 2030”, The lithium-ion battery recycling market is estimated at USD 1.78 billion in 2017 and is projected to reach USD 23.72 billion by 2030, at a CAGR of 22.1 % from 2017 to 2030. The rising demand for electric vehicles to control increasing pollution has spurred the consumption of lithium-ion batteries. Lithium-ion batteries have a lower rate of self-discharge than other rechargeable cells such as Ni-Cad and NiMH. These offer high energy and power density, and are thus used in various applications, from cellular phones, industrial equipment, to electric-drive vehicles
The report provides a comprehensive analysis of companies listed below:
- Umicore (Belgium)
- Glencore (Switzerland)
- Retriev Technologies (US)
- Raw Materials Company (Canada)
- American Zinc Recycling (INMETCO) (US) and
- Battery Recycling Made Easy (US), among others..
Key market players have focused on the adoption of strategies such as new supply contracts, acquisitions, and expansions to cater the demand for lithium-ion battery recycling across various industries such as, marine, automotive, power, and industrial applications.
Research Coverage
The report defines, segments, and projects the lithium-ion battery recycling market based on industry, chemistry, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and industry-specific challenges. It strategically profiles key players and comprehensively analyses their market shares and core competencies as well as tracks and analyses competitive developments such as partnerships, contracts, joint ventures; mergers & acquisitions; expansions; new product launches; and research & development activities in the market.
In April 2016, Umicore planned the capacity expansion of Nickel-manganese Cobalt (NMC) cathode materials to meet the increasing demand. The expansion program entailed an investment of approximately USD 177 million over a period of three years at the company’s existing facilities in Cheonan (South Korea) and Jiangmen (China), as well as greenfield investment on adjacent land in both locations. With this expansion, the company further strengthened its position in the European and North American markets.
In January 2017, Umicore acquired three NMC patent families for cathode materials used in a wide range of lithium-ion rechargeable batteries from 3M. Through this deal, Umicore acquired all existing and future licensing rights to the three patents that it had previously been using under license from 3M. These patents collectively cover South Korea, China, Japan, Europe, and the US and are valid between 2021 and 2024. With this acquisition, the company further strengthened its presence in the Asia Pacific region.
In 2015, KBT (Kinsbursky Group Company) established a battery technology center in Brea, California to support OEM hybrid vehicle producers such as Toyota remanufacture hybrid batteries, and to provide logistics support related to battery transportation and direct from dealer battery recoveries. The center also provides contract field services for the recovery of damaged or nonresponsive large format electric vehicle batteries in the US, Puerto Rico, Canada, and Mexico. This expansion is in line with the strategy of the company to develop a North American distribution network for spent lithium-ion batteries.
Lithium-iron phosphate is projected to be the fastest-recycled battery type of the lithium-ion battery recycling market
Based on chemistry, the market for the lithium-iron phosphate battery is expected to grow at the highest CAGR from 2017 to 2030. The lithium-iron phosphate battery is widely used in the high-power devices and equipment including transportation (EVs) and lightweight marine batteries. Lithium-iron Phosphate (LFP) batteries do not explode or catch fire and are stable at high temperatures. LFP batteries generally have a long life and last up to 10 years and 10,000 cycles.
Power is the fastest-growing industry in the lithium-ion battery recycling market
Based on industry, power is expected to grow at the highest CAGR from 2017 to 2030. Each year EU produces around 24 kg electrical and electronic waste per citizen, which includes lithium used in high-tech industries. The EU has implemented regulations which require battery collection rates of at least 25% by the end of September 2012, and gradual increase to 45% by the end of September 2016. The power industry is working on generating renewable energy and storing it for multiple uses. The low self-discharge rate of lithium-ion batteries is one of the major driving factors for their adoption in smart grid and renewable energy storage systems. This is expected to lead the power industry generating a high output of spent lithium-ion batteries for recycling.
Automotive is the largest lithium-ion battery recycling market
Based on industry, automotive is projected to be the largest segment of the lithium-ion battery recycling market and is expected to lead in the coming years. Increasing adoption of electric vehicles has driven the demand for lithium-ion batteries, since there is low accessibility to raw materials such as lithium and cobalt, and most countries and companies are recycling discarded spent lithium-ion batteries.
Asia Pacific is the fastest-growing region of the lithium-ion battery recycling market
The lithium-ion battery recycling market in the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The Asia Pacific region comprises China, Japan, and India, among other countries. The region is the fastest-growing and one of the largest markets for lithium-ion battery recycling in various application areas, such as electric vehicles and energy storage. China and India are the fastest-growing economies in the world, and demand for lithium-ion batteries is very high in the Asia Pacific owing to the ever increasing population and growing need for industrial applications.
Download Free PDF Brochure here
Target Audience
- Lithium-ion Battery Recyclers, Dealers, and Suppliers
- Automotive OEM’s
- Government Bodies
- End-use Industries
- Industry Associations
- Investment Banks
- Consulting Companies/Consultants in the Chemical and Material Sectors
This study answers several questions for stakeholders, primarily the market segments which they need to focus upon during the next two to five years, so that they may prioritize their efforts and investments accordingly.
The objectives of this study are:
- To define, describe, and forecast the lithium-ion battery recycling market based on industry, and region in terms of value
- To define, describe, and forecast the lithium-ion battery recycling market based on chemistry, industry, and region in terms of volume
- To strategically analyse micro-markets with respect to individual growth trends, prospects, and contribution to the total market
- To analyse the opportunities in the market for stakeholders and provide a competitive landscape of the market
- To forecast the market size in terms of value with respect to key regions (along with countries), namely, Asia Pacific, North America, and Europe
- To strategically profile key players and comprehensively analyze their core competencies
- To analyze competitive developments such as expansions, investments, new product developments, and Research & Development (R&D) activities in the lithium-ion battery recycling market.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets™s flagship competitive intelligence and market research platform, “RT” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.