Lithium-ion Battery Recycling Market worth $35.1 billion by 2031 | Key players Cirba Solutions (US), Limited (China), Ecobat (US).

According to recent market research the "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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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.

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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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. The major players operating in the lithium-ion battery recycling market include American Battery Technology Company (US), ACCUREC Recycling GmbH (Germany), Cirba Solutions (US), 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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Umicore is a global materials technology and recycling group which operates one of the world's most sophisticated precious metal recycling facilities. The company manages its lithium-ion battery recycling business through the recycling segment. Umicore offers recycling services for lithium-ion, lithium-polymer, and nickel-metal hydride (NiMH) rechargeable batteries. It caters to various applications, including chemical, electric, electronic, automotive, and special glass. Umicore has a strong global presence with operations in 30 countries and comprises 14 research & development centers. It has a strong and focused research & development team working on areas of improvement and developing new plant technologies.

Glencore is among the world's largest recyclers and processors of nickel-bearing and cobalt-bearing materials such as used lithium-ion batteries. The company manages its lithium-ion battery recycling business through the metals & minerals segment. Glencore comprises over 150 mining & metallurgical sites and offshore oil production assets. It has a network of over 90 offices in 50 countries in major regions, such as Asia, Europe, the Americas, Africa, and Oceania, which provides the company a competitive edge over its competitors.

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