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According to a new market research report titled, 'Li-ion Battery Recycling Market by Model (Contractual Services (Source, End-use Industry), Direct-to-Market), Battery Type (LCO, LFP, LMO, NCA, NMC, LTO), Process (Pyrometallurgical, Hydrometallurgical), and Geography - Global Forecasts to 2030,' the Li-ion battery recycling market is expected to grow at a CAGR of 21.3% from 2023 to 2030 to reach $6.9 billion by 2030.

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Recycling batteries helps to reduce environmental pollution, conserve natural resources, and prevent the accumulation of hazardous materials in landfills. Li-ion battery recycling is crucial in reducing the environmental impact of battery production and disposal, conserving valuable resources, and promoting a more sustainable and circular economy. Li-ion battery (LIB) recycling is recovering valuable materials such as lithium, cobalt, nickel, manganese, and copper from used or end-of-life lithium-ion batteries. Recycled Li-ion batteries are used in various applications, such as portable electronic devices, wireless headphones, electronic appliances, electric vehicles, and energy storage systems.

The growth of this market is attributed to the surge in need to manage the disposal of used batteries, the growing demand for electric vehicles, and the declining prices of batteries. However, the lack of proper recycling infrastructure restrains the growth of the global Li-ion recycling market. Growing government incentives for battery recycling and the rising recovery of valuable materials are expected to create growth opportunities for the players operating in this market. However, the high cost of Li-ion recycling is a major challenge for the growth of Li-ion battery recycling.

The Impact of COVID-19 on the Li-ion Battery Recycling Market

The spread of COVID-19 had an unprecedented impact on various sectors. Most industries struggled due to disrupted supply chains, workforce & raw material shortages, and employee safety challenges. Lithium-ion batteries (LIBs) serve diverse applications, including electric vehicles, power tools, medical devices, smart watches, drones, satellites, and utility-scale storage. The industries using LIBs for these applications were affected during the COVID-19 pandemic due to the impact on manufacturing. Consequently, there was a decline in the adoption of Li-ion batteries. Thus, the Li-ion battery recycling market reported a significant revenue decline in 2020. The medical devices industry was positively impacted due to the elevated demand for battery-powered devices such as bone growth stimulators and glucose monitoring systems. Thus, there was a growth in the utilization of LIBs, with an increased need for LIB recycling. Thus, the COVID-19 pandemic had a mixed impact on the Li-ion battery recycling market.

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Furthermore, many countries-imposed restrictions on material imports and exports from China, impacting the production of Li-ion batteries. This shortage of raw materials increased the need to recycle used Li-ion batteries to produce new batteries. Li-ion battery recycling is a crucial part of the supply chain for electric vehicles and renewable energy storage systems. Several leading market players leveraged this crisis as an opportunity to restructure and revisit their existing strategies and develop portfolios of advanced Li-ion recycling technologies. The market still holds considerable potential to bounce back due to the rising popularity of electric vehicles, which mainly rely on lithium-ion batteries for power.

Additionally, governments of several countries, including the U.S., China, Germany, and South Korea, are undertaking initiatives for battery recycling, which are expected to aid market growth during the forecast period. For instance, in May 2022, the U.S. government announced USD 3.1 billion in battery manufacturing, processing, and recycling funding. Thus, showing a positive sign for market growth in the coming years.

Some of the developments in the Li-ion battery recycling market are as follows:

In May 2022, ACE Green Recycling, Inc. (ACE) announced plans to build and operate four new lithium-ion battery recycling facilities with an annual capacity of over 10,000 tons in Thailand and India.
In November 2022, Attero Recycling Pvt. Ltd. (India), a recycler of electronic waste and lithium-ion batteries, announced investing USD 81.0 million (INR 600 crores) in setting up a Li-ion battery recycling factory with a recycling capacity of 19,500 MT in Telangana (India).

Surge in the need to manage the disposal of used batteries is expected to drive market growth

The demand for batteries from electronics, including laptops, cell phones, and digital cameras to electric vehicles, has increased. Similarly, lithium-ion (Li-ion) batteries are seeing huge adoption across applications such as electronics, toys, handheld power tools, small & large appliances, wireless headphones, electrical energy storage systems & electric vehicles. These batteries are made of materials, including graphite, cobalt, and lithium, considered critical minerals that are strategically and economically important. Thus, at the end of their useful life, the batteries must be properly managed as they can cause significant harm to the environment and human health.

Moreover, suppose the batteries or electronic device containing a Li-ion battery is disposed of in the trash with household recyclables. In that case, it may become crushed or damaged in transport or from processing & sorting equipment. This creates a fire hazard; hence, the batteries should not go into the household recycling bins or garbage. This creates a demand for reprocessing and reusing batteries to reduce the number of batteries disposed of. The federal, state, and local governments around the globe are working towards environmentally friendly recycling and disposal of batteries. For instance, in September 2022, the U.S. Senate passed the Strategic EV Management Act. This act aims to maximize the recycling and reuse of end-of-life electric vehicle batteries in federal fleet vehicles. In addition, this act is a part of the U.S. government's strategy to reduce dependence on global markets for battery components. Therefore, the global li-ion recycling market is significantly driven by a surge in need to manage the disposal of used batteries.

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To provide efficient analysis, Meticulous Research® has segmented this market based on business model (contractual recycling services (source (lithium-ion cell manufacturing waste, electronic portable devices, electric vehicles, energy storage systems, other sources), end use industry (consumer electronics, automotive, industrial, power & utility, other industries)), direct-to-market (source (lithium-ion cell manufacturing waste, electronic portable devices, electric vehicles, energy storage systems, other sources), end-use industry (consumer electronics, automotive, industrial, power & utility, other industries), material (graphite, nickel, cobalt, copper, manganese, lithium, aluminum, iron, and other materials)), battery type (lithium cobalt oxide (LCO), lithium iron phosphate (LFP), lithium manganese oxide (LMO), lithium nickel cobalt aluminum oxide (NCA), lithium nickel manganese cobalt oxide (NMC), and lithium titanate oxide (LTO)), recycling process (pyrometallurgical process, hydrometallurgical process, other recycling processes),and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa).

Based on business model, the global Li-ion battery recycling market is broadly segmented into contractual services and direct-to-market. In 2023, the contractual services segment is expected to account for the larger share of the global Li-ion battery recycling market. This segment is also projected to register the higher CAGR during the forecast period. This segment's large market share and high growth are attributed to the growing government incentives and regulatory compliance for battery recycling, the increasing need to manage the disposal of used batteries, and the rising need to reduce the cost of raw materials for new EV batteries.

Based on battery type, the global Li-ion battery recycling market is broadly segmented into lithium cobalt oxide, lithium iron phosphate, lithium manganese oxide, lithium nickel cobalt aluminum oxide, lithium nickel manganese cobalt oxide, and lithium titanate oxide. In 2023, the lithium cobalt oxide segment is expected to account for the largest share of the global Li-ion battery recycling market. However, the lithium nickel manganese cobalt oxide segment is projected to register the highest CAGR during the forecast period. The growth of this market is driven by its advantages over other types of lithium-ion batteries and properties, including high energy density, long cycle life, and high thermal stability making it well-suited for use in electric vehicles, the growing need to recover raw materials and Li-ion reused batteries, high containment ratios of nickel, manganese, and lithium to produce new batteries.

Based on recycling process, the global Li-ion battery recycling market is broadly segmented into pyrometallurgical process, hydrometallurgical process, and other recycling processes. In 2023, the pyrometallurgical process segment is expected to account for the largest share of the global Li-ion battery recycling market. The large market share of this segment is attributed to its high recycling rate, the increasing need to remove organic material from Li-ion batteries, the need for efficient and cost-effective recycling methods, the increasing need to recover valuable materials from used Li-ion batteries to reduce the need for new mining, stringent environmental regulations, and growing demand for a scalable, flexible, and low-cost recycling process. However, the hydrometallurgical process segment is projected to register the highest CAGR during the forecast period.

Based on geography, the global Li-ion battery recycling market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global Li-ion battery recycling market, followed by Europe and North America. The large market share of Asia-Pacific is mainly attributed to the increasing awareness and concern for environmental sustainability, growing demand for lithium-ion batteries for EVs battery production, growing implementation of new policies and regulations to promote the recycling of lithium-ion batteries and reduce environmental pollution, and increasing demand of EVs.

Some of the key players operating in the Li-ion battery recycling market are Duesenfeld GmbH (Germany), RecycLiCo Battery Materials Inc. (Canada), Li-Cycle Holdings Corp. (Canada), Redux Recycling GmbH (U.S.), Redwood Materials, Inc. (U.S.), Glencore plc (Switzerland), Fortum Corporation (Finland), Trishulavel Eshan Pvt Ltd (Li-Circle) (India), SNAM S.A.S (A subsidiary of Floridienne S.A) (France), Cirba Solutions (U.S.), Accurec-Recycling GmbH (Germany), Primobius GmbH (Germany), MTB Recycling (France), Tata Chemicals Limited (India), OnTo Technology (U.S.), American Battery Technology Company (U.S.), Attero Recycling Pvt. Ltd. (India), Umicore SA (Belgium), and Lithion Recycling Inc. (Canada).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/li-ion-battery-recycling-market-5481

Scope of the report:

Li-ion Battery Recycling Market, by Business Model
Contractual Recycling Services
Contractual Recycling Services, By Source
Lithium-ion Cell Manufacturing Waste
Electronic Portable Devices
Electric Vehicles
Energy Storage Systems
Other Sources
Contractual Recycling Services, By End-use Industry
Consumer Electronics
Automotive
Industrial
Power & Utility
Other Industries
Direct-to-Market
Direct-to-Market, By Source
Lithium-ion Cell Manufacturing Waste
Electronic Portable Devices
Electric Vehicles
Energy Storage Systems
Other Sources
Direct-to-Market, By End-use Industry
Consumer Electronics
Automotive
Industrial
Power & Utility
Other Industries
Direct-to-Market, By Material
Graphite
Nickel
Cobalt
Copper
Manganese
Lithium
Aluminum
Iron
Other Materials

Li-ion Battery Recycling Market, by Battery Type
Lithium Cobalt Oxide (LCO)
Lithium Iron Phosphate (LFP)
Lithium Manganese Oxide (LMO)
Lithium Nickel Cobalt Aluminum Oxide (NCA)
Lithium Nickel Manganese Cobalt Oxide (NMC)
Lithium Titanate Oxide (LTO)

Li-ion Battery Recycling Market, by Recycling Process
Pyrometallurgical Process
Hydrometallurgical Process
Other Recycling Processes

Li-ion Battery Recycling Market, by Geography
North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Switzerland
Belgium
Norway
Poland
Finland
Rest of Europe
Asia-Pacific
Japan
China
India
South Korea
Singapore
Australia & New Zealand
Malaysia
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
UAE
Saudi Arabia
Rest of the Middle East & Africa

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