Lithium Ion Battery Recycling Market Size Will Achieve USD 23.03 Billion By 2030 growing at 19.6% CAGR - Exclusive Report by Emergen Research

The global Lithium-ion battery recycling Market size was USD 4.6 Billion in 2021 and is expected to register a revenue CAGR of 19.6% during the forecast period, according to latest analysis by Emergen Research. The Lithium Ion Battery Recycling Market has gained significant attention in recent years due to the rising demand for sustainable and renewable energy sources. The market is expected to grow at a significant rate in the coming years, as the adoption of electric vehicles (EVs) continues to rise globally, along with the increasing number of portable electronic devices such as laptops, smartphones, and tablets.

The Lithium Ion Battery Recycling Market is driven by various factors such as the growing demand for electric vehicles, increasing consumer awareness regarding the environmental impact of batteries, and the rising focus on reducing carbon emissions. The need for sustainable battery solutions has led to the development of recycling technologies, which enable the recovery of valuable metals such as lithium, cobalt, and nickel from used batteries.

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One of the major drivers of the Lithium Ion Battery Recycling Market is the increasing adoption of electric vehicles. According to the Emergen Research the number of electric cars on the road surpassed 10 million in 2020, which is a significant increase from 2015 when there were only around 1 million electric cars on the road. As the number of electric cars continues to grow, the demand for lithium-ion batteries is expected to increase, which will lead to a corresponding rise in the demand for battery recycling.

Another driver of the market is the growing consumer awareness regarding the environmental impact of batteries. Lithium-ion batteries contain toxic chemicals and metals, which can cause environmental harm if not disposed of properly. The recycling of used batteries not only reduces environmental harm but also helps in the recovery of valuable metals, which can be used to produce new batteries.

However, despite the various drivers, the Lithium Ion Battery Recycling Market also faces several restraints. One of the major restraints is the lack of proper recycling infrastructure. There are currently only a limited number of lithium-ion battery recycling plants globally, which limits the recycling capacity. The lack of proper recycling infrastructure also leads to an increase in the cost of recycling, which can impact the growth of the market.

Major Companies and Competitive Landscape:

Some major companies in the global lithium-ion battery recycling market report include Umicore, Glencore International AG, Retriev Technologies Inc., Raw Materials Company Inc., American Zinc Recycling, American Manganese Inc., SITRASA, Li-Cycle Corp., Neometals Ltd, Metal Conversion Technologies, TES, Fortum, GEM Co., Duesenfeld GmbH, and Accurec-Recycling GmbH.

The lithium-ion battery recycling market is a rapidly growing industry, driven by the increasing demand for electric vehicles and energy storage systems. The market is highly competitive, with a large number of companies operating in the space.

Li-Cycle is a Canadian-based company that offers a closed-loop recycling process for lithium-ion batteries. The company uses a combination of mechanical and hydrometallurgical processes to recover up to 95% of the materials in a battery.

Umicore is a global materials technology and recycling company based in Belgium. The company offers a range of recycling services for lithium-ion batteries, including pyrometallurgical and hydrometallurgical processes.

Retriev Technologies is a US-based company that specializes in battery recycling and is one of the largest battery recycling companies in North America. The company offers a range of recycling solutions for lithium-ion batteries, including mechanical and hydrometallurgical processes.

American Manganese Inc. is a Canadian-based company that has developed a patented process for recycling lithium-ion batteries. The company uses a hydrometallurgical process to recover up to 100% of the cathode metals in a battery

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Lithium Ion Battery Recycling Market Segmentation :

According to Emergen Research, the global lithium-ion battery recycling market has been segmented based on several factors, including battery chemistry, battery component, end use, recycling process, and region.

In terms of end use, the market has been segmented into automotive, non-automotive, industrial, power, marine, and others. The automotive segment is expected to dominate the market due to the growing demand for electric vehicles. However, the non-automotive segment, which includes consumer electronics and other devices, is also expected to witness significant growth in the coming years.

Based on component, the market has been segmented into active material and non-active material. The active material segment is expected to hold the largest share of the market due to the high value of materials such as cobalt, nickel, and lithium in the batteries.

The market has also been segmented based on battery chemistry, including lithium-nickel Manganese Cobalt (Li-NMC), lithium-iron Phosphate (LFP), lithium-manganese Oxide (LMO), lithium-titanate Oxide (LTO), and lithium-nickel Cobalt Aluminum Oxide (NCA). The Li-NMC segment is expected to hold the largest share of the market due to its widespread use in electric vehicles.

Based on recycling process, the market has been segmented into hydrometallurgical process, pyrometallurgy process, and physical/mechanical process. The hydrometallurgical process is expected to hold the largest share of the market due to its high efficiency and ability to recover a high percentage of materials from the batteries.

The report also provides a regional analysis of the market, with a focus on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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