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The lithium-ion battery recycling market is relatively new market that is poised to grow during the forecast period. The major factor expected to drive the market is the ongoing rapid expansion of the global lithium ion battery market due to the demand from electric mobility, the energy storage segment, and consumer electronics. Since cobalt and lithium are key materials to manufacture lithium-ion batteries, and raw material sourcing is expensive, recycling is being considered the best solution to solve the demand and supply issues.
However, there are significant barriers to market expansion, including a lack of a legal framework, high costs of material recovery, limited availability of recyclable batteries, safety concerns (as used batteries come under hazardous waste), rapidly changing lithium battery chemistry, and competition from new battery technologies. Despite these hurdles, the market is likely to grow further. The lithium-ion battery recycling market is expected to play an important role in establishing a more sustainable and circular economy as demand for sustainable energy storage solutions grows.
Li-ion batteries are made of materials such as lithium, graphite, and cobalt which are considered critical minerals. Critical minerals are raw materials that are economically important and OEMs have a high risk of their supply being disrupted, for which there are no easy substitutes. When these batteries are disposed of in the trash, critical resources are lost outright.
Lithium-ion battery scrap is waste batteries or spent batteries drained, recycled, or disposed of after usage. More than 50% of lithium-ion battery scrap is recyclable; it can be reused to produce new lithium-ion batteries. Typically, collection centers receive used batteries from consumers and transport them to authorized recycling centers for further processing.
Asia-Pacific is expected to be the leading region in the lithium-ion Battery Recycle market during the forecast period, followed by the Middle East, North America, Europe, and South America.
The Asia Pacific is expected to be the largest region for the lithium-ion battery recycling market during the forecast period. The region’s lithium-ion battery recycling business is quickly expanding, fuelled by rising demand for sustainable energy storage solutions, government assistance, industry collaborations, emerging enterprises, a focus on sustainability, and investment and funding.
The Asia Pacific region has countries that have both developing and established Battery Recycle markets. For instance, countries such as China, South Korea, Japan, Australia, and others have an established battery scrap market, while India, Malaysia, and Vietnam are developing their battery recycling market.
China leads the world in lithium-ion battery recycling, vastly outperforming all other countries. China had more than three times the existing and projected lithium-ion battery recycling capacity of the United States as of 2022.
China has policies that have fostered the development of a lithium-ion battery recycling industry. The country began pushing lithium-ion battery recycling through policy in 2012 and has subsequently implemented further measures, including one in 2018 requiring battery makers to engage with Chinese recyclers to improve the recycling process.
The business is likely to expand further in the coming years as demand for lithium-ion batteries and electric vehicles rises in the region. As a result, the Asia lithium-ion battery recycling industry is set to play a vital part in the region's transition to a more sustainable and circular economy.
With a target to reduce emissions, the lithium-ion batteries recycling market will rise, especially in China, Japan, Australia, South Korea, India, and others.
North America is also witnessing a booming lithium battery recycling industry. Driven by rising lithium-ion battery demand and a trend towards sustainable energy storage options.
Through financing and regulatory actions, the US and Canadian governments are actively supporting the expansion of the lithium-ion battery recycling business. The US Department of Energy, For example, the US Department of Energy (DOE) announced USD 73.9 million in funding for 10 projects in November 2022 to enhance technology and procedures for electric vehicle (EV) battery recycling and reuse.
While the Canadian government has established an advanced clean energy program to encourage battery reuse and recycling, the sector is also receiving heavy investments, for instance, Glencore, a miner and commodity trading company, announced a USD 200 million investment in Canada-based lithium-ion battery recycler Li-Cycle in 2022.
Numerous firms, including Umicore, Retriev Technologies Inc, American Manganese Inc, Redwood Materials, and Li-Cycle, are active in the lithium-ion battery recycling sector in the region. To satisfy the increased demand from the electric vehicle market, and sustainable energy storage solutions, these companies are focusing on developing innovative recycling methods and expanding their operations.
Similar to Asia-Pacific, the European lithium battery recycling market is driven by government policies. Since 2006, the European Union has prohibited battery landfilling, and it is about to implement new rules that will hold automakers responsible for recycling spent EV batteries, require new lithium-ion batteries to contain certain amounts of recycled content, and require new batteries to be designed in ways that make them easier to recycle.
The new report from Blackridge Research on the Global Lithium-ion Battery Recycling Market provides comprehensive qualitative and quantitative analyses along with a deep insight into the current and future of the market.
The study covers all the major underlying market dynamics that help the market develop and grow and the factors that constrain global market growth.
The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.
Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.
This market research report discusses the overview of the market, the latest updates, important commercial developments and structural trends, and government policies and regulations.
This section also provides an assessment of COVID-19's impact on recycled lithium-ion battery demand.
The report provides the global lithium-ion battery recycling market size and demand forecast until 2028.
The report examines the critical elements of the lithium-ion battery recycling industry supply chain, its structure, and the participants.
Using Porter's five forces framework, the report covers the assessment of the lithium-ion battery recycling industry's state of competition and profitability.
The report covers detailed profiles of major countries across the world. Each country's analysis covers the current market trends, drivers, restraints, government policies & regulations, and market outlook.
In addition, market size, demand forecast, and growth rates will be provided for all regions. Following are the notable countries covered under each region.
North America - United States, Canada, Mexico, and the Rest of North America
Europe - Germany, France, United Kingdom (UK), and the Rest of Europe
Asia-Pacific - China, India, Japan, South Korea, Rest of APAC
Rest of the world - Middle East, South America, South Africa, and other African countries.
This report presents detailed profiles of Key lithium battery recycling companies in the industry such as LG Energy Solution Ltd., Umicore, Retriev Technologies Inc, American Manganese Inc, Redwood Materials, Li-Cycle Holdings, etc. In general, each company profile includes - an overview of the company, relevant product portfolio and services, a financial overview, business strategy, and recent developments.
The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.
The study also discusses the strategies adopted by leading players in the industry.
The Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.
The report begins with an executive summary chapter and ends with Conclusions and Recommendations.
The report also discusses current and future market possibilities, trends, advancements, the Covid-19 impact, Ukraine and Russian War impact on the lithium-ion battery recycling market, essential developments, regions, and segments poised for the fastest growing competitive landscape.
Further, the global lithium-ion battery recycling market size, and demand forecast, growth rates will also be provided in the report.
Also, check our latest reports on the Global Battery Market
1. Executive Summary
2. Research Scope and Methodology
3. Market Analysis
4. Industry Analysis
5. Regional Market Analysis
6. Key Company Profiles
7. Competitive Landscape
8. Conclusions and Recommendations
List of Tables & Figures
Abbreviations
Additional Notes
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