Lithium-ion Battery Recycling Market is Forecasted to Reach US$ 14.49 billion in 2028, Says Stratview Research

The global lithium-ion battery recycling market is projected to witness a growth rate of 19.48% annually from 2023 to 2028, with an anticipated size of US$ 14.49 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global lithium-ion battery recycling market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 14.49 billion
Growth (CAGR): 19.48% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 3
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Lithium-ion Battery Recycling Market:

The global lithium-ion battery recycling market is segmented based on end-use type, battery chemistry type, and region.

Based on end-use type - Based on the end-use type, the market is segmented as automotive and non-automotive. Automotive is estimated to be the dominant segment of the market, in terms of both value and volume, during the forecast period.
The non-automotive segment is further segmented as power, industrial, and marine. Automotive is expected to be the more significant segment of the market globally, and in the industrial and power segments as well. Lithium-ion batteries are being heavily used for the propulsion of automobiles and offer excellent features such as high energy and power density. The demand for these batteries is growing which is fueling the market growth during the forecast period.

Based on battery chemistry type - Based on the battery chemistry type, the market is segmented as lithium-nickel manganese cobalt, lithium-iron phosphate, lithium-manganese oxide, lithium-titanate oxide, and lithium-nickel cobalt aluminum oxide. Lithium-nickel manganese cobalt is estimated to be the leading segment of the market, in terms of volume, during the forecast period.
On the other hand, lithium-ion manganese oxide is projected to be the highest-recycled battery type and has an increasing number of implementations for the manufacturing of power tools, medical devices, and electric powertrains which is one of the major factors fueling the market growth across the world.

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America is estimated to be the leading region in the market during the forecast period. This growth outlook is majorly attributed to the following-

• The US and Canada being the major countries with lucrative growth opportunities.
• The Environment Protection Agency has implemented strict rules and regulations about air emission standards in the region, which in turn, is increasing the demand for the market in North America during the forecast period.
• Asia-Pacific and Europe are also expected to offer substantial growth opportunities during the forecast period.

Lithium-ion Battery Recycling Market Drivers:

Some of the key drivers listed in the report are given below.
• Rise in adoption of Electric Vehicles (EVs) - EV Volumes expect ~14 million EVs to be sold by the end of 2023, which is a more than 30% rise as compared to 2022 annual sales. Also, the International Energy Agency (IEA) estimates that the global E-cars stock may expand to ~350 million by 2030, which would represent >60% of total vehicles sold globally. Lithium-ion batteries are commonly used in electric vehicles and with the growing demand for electric vehicles, the need for more efficient and advanced batteries will rise, promoting recycling the older batteries.
• Government policies and incentives - Several governments across the globe are providing EV battery recycling funds to retailers. For instance, the government of India has offered export promotion schemes such as the Export Promotion Capital Goods (EPCG) Scheme, under which the govt. encourages lithium-ion battery recycling businesses to expand their presence across the globe. Such push from the governments will promote lithium-ion battery recycling initiatives.
• Growing demand for critical metals - Major components that contribute to improved performance of any lithium-ion batteries are lithium, manganese, cobalt, steel, nickel, graphite, etc. With the growing demand for lithium-ion batteries, the demand for crucial metals will also grow. Recycling the old batteries can help to extract those raw materials and reuse them. This will not only reduce the cost of new batteries, but also can conserve resources, and reduce pollution.

Top Companies in the Lithium-ion Battery Recycling Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• American Manganese Inc.
• Glencore plc
• International Metals Reclamation Company, LLC
• Li-Cycle Corp.
• Neometals Ltd.
• Raw Materials Company Inc.
• Recupyl Sas
• Retriev Technologies Inc.
• Sitrasa
• Umicore

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Lithium-ion Battery Recycling Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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Related Reports:
• Lithium-Ion Battery Market: https://www.stratviewresearch.com/1154/lithium-ion-battery-market.html
• Lithium-ion Battery Separator Market: https://www.stratviewresearch.com/3728/lithium-ion-battery-separator-market.html

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