Lithium-ion Battery Recycling Market worth $35.1 billion by 2031 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 5, 2023 -- The report "Lithium-ion Battery Recycling Market by Source (Automotive, Non-automotive), Battery Chemistry, Battery Components, Recycling Process (Hydrometallurgical Process, Pyrometallurgy Process, Physical/ Mechanical Process), and Region - Global Forecast to 2031", is projected to grow from USD 6.5 billion in 2022 to USD 35.1 billion by 2031, at a CAGR of 20.6%. The growing demand for electric vehicles to control the rising 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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By source, the automotive segment accounted for the largest share of lithium-ion battery recycling market during 2022 to 2031.
The automotive segment, by source, accounted for the highest share. Continuous developments in the EV industry are supporting the growth of the market. Owing to environmental concerns and awareness about clean and sustainable fuel, the demand for electric vehicles rose significantly between 2017 and 2020.
By battery chemistry, the lithium-iron phosphate (LFP) segment is the fastest-growing segment of the lithium-ion battery recycling market during 2022 to 2031.
The lithium-iron phosphate segment, by battery chemistry, is projected to register the highest CAGR, by volume. The phosphate cathode material used in LFP offers excellent electrochemical performance combined with low resistance. It has a long-life cycle, high current rating, high thermal stability, and enhanced safety due to higher tolerance. These attributes enable their use in high-power applications such as EVs, cars, and power tools, among others.
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North America is the largest region in the lithium-ion battery recycling market.
The major factors contributing to the growth of the automotive segment in North America include the rising demand for energy-efficient solutions, high power and energy density of lithium-ion batteries, increased venture capital funding, and initiatives undertaken by government bodies to encourage the adoption of lithium-ion batteries in vehicles across North America.he major players operating in the lithium-ion battery recycling market include American Battery Technology Company (US), ACCUREC Recycling GmbH (Germany), Cirba Solutions (US), Contemporary Amperex Technology Co., Limited (China), Ecobat (US), Fortum (Finland), GEM Co., Ltd. (China), Glencore (Switzerland), Li-Cycle Corp. (Canada), Neometals Ltd. (Australia), Redwood Materials Inc. (US), RecycLiCo Battery Materials Inc. (Canada), Stena Recycling (Sweden), TES (Singapore), The International Metals Reclamation Company (US), and Umicore (Belgium), and others
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