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The Lithium-ion Battery (LIB) Recycling Solution Market size is forecast to increase by USD 12.02 billion and is estimated to grow at a CAGR of 19.85% between 2023 and 2028. The report includes historic market data from 2018-2022. The market is witnessing a growing demand due to factors such as the opening of new battery recycling facilities, the adoption of unique approach in battery recycling, and the launch of consumer battery recycling programs by market players.
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Opening of new battery recycling facilities is the primary trend shaping market growth. The need for effective recycling solutions has increased as lithium-ion batteries continue to be increasingly sought due to increasing demand stemming from the proliferation of EV and renewable energy storage systems. As a consequence, there is an important tendency on the part of firms and entrepreneurs to invest in and build new recycling facilities dedicated to responsibly disposing of hazardous materials produced by end-of-life batteries.
For example, on September 27, 2023, Li-Cycle Holdings Corp, a prominent lithium-ion battery (LIB) recycling solution market player specializing in the recovery of lithium-ion battery resources, marked the grand opening of its inaugural Spoke recycling facility in Europe. The facility is situated in Sulzetal near Magdeburg, located in Saxony-Anhalt, Germany. Therefore, the opening of new battery recycling facilities is anticipated to fuel the growth of the market during the forecast period.
The LiCoO2 segment is estimated to witness significant growth during the forecast period. A cathode containing lithium cobalt oxide is used for LiCoO2 batteries, which provides an energy density and a lighter design. The key components are the lithium cobalt oxide cathode, graphite anode, and sodium salt electrolyte. LiCO2 batteries are widely used across a wide variety of devices, from mobile phones to laptop computers, which in turn, drives Li-ion battery recycling solution market growth.
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The high energy density of LiCoO2 batteries makes them suitable for applications where compact size and extended usage are essential. Besides, concerns about the environmental impact and the scarcity of cobalt are rising. Thus, such factors are expected to drive the demand for LiCoO2 battery recycling, thus boosting the growth of the lithium-ion battery recycling solution market through LiCoO2 segment during the forecast period.
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APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is the leading region in the global lithium-ion battery recycling solution market due to its significant contributions to the Li-ion battery recycling solution market growth. Countries such as China, India, Japan, and South Korea are key countries, boasting strong manufacturing capabilities in the EV and consumer electronics sectors, driving the demand for effective battery recycling solutions.
Furthermore, the APAC region boasts the presence of well-known Li-ion battery recycling solution market players, such as Ganfeng Lithium Group Co., Ltd and GEM Co., Ltd. These companies are at the forefront of developing innovative recycling technologies. Hence, the presence of key market players in the region is further expected to drive the growth of the lithium-ion battery recycling solution market in APAC during the forecast period.
Increasing adoption of EVs globally is the key factor driving market growth. According to the International Energy Agency (IEA) Global EV Outlook 2023, the electric car industry is undergoing significant growth, with sales surpassing 10 million in 2022. This year, EVs accounted for 14% of all new car sales, marking a considerable increase from approximately 9% in 2021 and less than 5% in 2020. As major automakers increasingly commit to transitioning to electric fleets, the demand for lithium-ion batteries surges, directly impacting the lithium-ion battery recycling solution market.
In addition, governments across the globe are supporting the EV transition through incentives and policies, supporting the interdependence between the electric vehicle industry's growth and the demand for sustainable lithium-ion battery recycling solutions. Thus, such factors are expected to drive the growth of the market during the forecast period.
Health and environmental safety concerns associated with lithium-ion battery recycling is a challenge that affects market growth. Proper handling, storage, and disposal are necessary to mitigate risks and protect both the environment and human health. The presence of toxic materials, such as lithium and cobalt, further emphasizes the need for stringent safety protocols. Exposure to such materials can have negative health effects, making it important for workers in recycling facilities to use protective equipment and follow established safety guidelines.
Furthermore, adopting more environmentally friendly waste disposal techniques can mitigate or reverse these damages, promoting sustainability in material recovery processes. Consequently, health and environmental safety concerns associated with lithium-ion battery recycling may impede market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Lithium-ion Battery Recycling Solution Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The lithium-ion battery recycling solution market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Lithium-ion Battery Recycling Solution Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 19.85% |
Market Growth 2024-2028 |
USD 12.02 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
18.44 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 39% |
Key countries |
US, China, Japan, South Korea, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accurec Recycling GmbH, ACE Green Recycling Inc., Akkuser Oy, American Battery Technology Co., Ascend Elements Inc., Attero Recycling Pvt. Lyd., Contemporary Amperex Technology Co. Ltd., Duesenfeld GmbH, Ecobat LLC, Fortum Oyj, Ganfeng Lithium Co. Ltd., GEM Co. Ltd., Glencore Plc, Li Cycle Holdings Corp., Lithion Technologies, Neometals Ltd., RecycLiCo Battery Materials Inc., Redwood Materials Inc., Stena Metall Group, Umicore SA, and Veolia Environnement SA |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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