Introduction of the Lithium-ion Battery Recycling Market Report

A lithium-ion battery is referred to as a less toxic battery that is easy to reuse and recycle. With the rise in the application of lithium-ion batteries in diverse consumer products, the danger of explosion and their disposal has become tough, and hence, it becomes inevitable to recycle them. The recycling of these batteries could be done by various technological processes, including pyro-metallurgy process, hydrometallurgical process, and other mechanical processes.

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Market Dynamic

Key Drivers and Emerging Trends

The rising applications of lithium-ion batteries in the end-use verticals, including automotive, marine, and power generation, among others and the elimination of the toxic effect of metals used in batteries are the major factors driving the lithium-ion battery recycling market. The growing recycling rate associated with a lead-acid battery, rise in focus on the lithium-ion battery, and limited presence of the metal accelerates the lithium-ion battery recycling market growth. The high application of these batteries owing to various chemical properties, increasing adoption of Electric Vehicles (EVs) across the globe, and initiatives are taken by the government in the form of regulations, and financial support to EV manufacturers and buyers positively impact the lithium-ion battery recycling market. In addition to that, growing demand for recycled products and materials, increase in demand for electric vehicles, and depletion of earth metals influence the lithium-ion battery recycling market. Furthermore, increasing production with the aim of declining the prices of lithium-ion batteries, government subsidies to support battery recycling, and growing adoption in new applications extend profitable opportunities to the lithium-ion battery recycling market players.

Impact of COVID-19 on the Lithium-ion Battery Recycling Market

The COVID-19 pandemic has put a significant halt on the operations across different verticals. The countries with no required recycling infrastructure tend to supply exhausted batteries to different regions for treatment. Also, limitations in cross-border trades to mitigate the spread of the virus to low affected countries is one of the key factor negatively impacting the supply chain and logistics. For example, in 2020, the World Trade Organization (WTO) forecasted that global trade was likely to witness a decline between 13% to 32% owing to uncertainties caused by the pandemic across the globe.

Restraint in the Lithium-ion Battery Recycling Market

However, the high cost associated with the recycling and scarcity of technologies for the extraction of lithium from spent lithium-ion battery recycling is major factors restraining the lithium-ion battery recycling market growth.

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Battery Chemistry – Segment Analysis

Based on the Battery Chemistry, the Lithium-nickel Manganese Cobalt (Li-NMC) segment is expected to grow at a high CAGR during the forecast period. One of the most advanced li-ion cathode formulas developed is obtained by blending nickel, manganese, and cobalt. Lithium-Nickel-Manganese-Cobalt-Oxide (LiNiMnCoO2), referred to as NMC, has become the go-to cathode powder to produce power tools, batteries, e-bikes, and other electric powertrains. It provides strong overall performance, excellent specific energy, and the lowest self-heating rate of all mainstream cathode powders, which makes it the most appropriate option for automotive batteries. Hence, due to such factors, this segment is expected to account for largest lithium-ion battery market share during the forecast period.

End-Use – Segment Analysis

Based on the End-Use, the Automotive segment is expected to grow at a high CAGR during the forecast period.  LIBs are currently the most desirable energy storage device for powering electric vehicles (EVs) due to their attractive characteristics, including high energy efficiency, lack of memory effect, high power density, long cycle life, and high energy density. These advantages allow them to be compact and lighter than other conventional rechargeable batteries like lead-acid batteries, nickel-cadmium batteries (Ni-Cd), and nickel-metal hydride batteries (Ni–MH). For instance, Nissan’s Lithium-ion battery technology utilizes materials that offer a higher density of lithium ions to be stored. Hence, this results in an increase in travel distance.

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Regional – Segment Analysis:

Based on the region, the Asia-Pacific is projected to dominate the market during the forecast period. The proximity of multiple lithium-ion battery recycling companies, various battery manufacturers, favorable battery energy storage policies, large battery installed base are some of the factors propelling the Lithium-ion Battery Recycling market size. For instance, in 2020, GS Engineering & Construction Corp., a South Korean civil engineering company, declared the construction of a new plant for the recycling of lithium-ion batteries at an investment of around USD 86 million by 2022. The company declared that the new plant with a projected capacity of 4.5-kilo tons is awarded by Pohang City and North Gyeongsang Province administrations to propel the industry outlook.

Top Market Players

Various notable players operating in the market include Umicore N.V., Glencore, American Zinc Recycling, Retriev Technologies, Raw Materials Company, Snam SPA, Sumitomo Metal Mining Co., Ltd., Lithion Recycling, BATREC INDUSTRIE AG, Fortum, among others. 

Key Developments: 

• • In 2021, Glencore signed a MoU for the potential supply of ethically sourced and traceable raw materials for inclusion in FREYR’s lithium-ion battery (LIB) cells, which will be manufactured at planned facilities in Norway.
  • In 2020, Umicore N.V. announced a collaboration with Northvolt for a new pilot plant that will produce lithium-ion battery (LIB) cells for BMW. Umicore N.V. will contribute to the production of a sustainable battery cell in Europe.
  • In 2020, Snam signed an agreement with funds managed by Blackstone Tactical Opportunities for acquiring a strategic stake of about 33% in Industrie De Nora S.p.A., a global technology supplier of clean energy and water treatment based on a 100% enterprise value of approximately €1.2 billion.

Segments covered in the Report:

The global Lithium-ion Battery Recycling market has been segmented on the basis of Battery Chemistry, End-Use, and regions. Based on Battery Chemistry, the market is segmented into Lithium-nickel Manganese Cobalt (Li-NMC), Lithium-iron Phosphate (LFP), Lithium-manganese Oxide (LMO), Lithium-titanate Oxide (LTO), Lithium-nickel Cobalt Aluminum Oxide (NCA). Based on End-Use, the market is segmented into Automotive, Power, Industrial and Marine. 

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Key questions answered in this research report:

• • At what pace is global Lithium-ion Battery Recycling market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Lithium-ion Battery Recycling market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Lithium-ion Battery Recycling market?
  • Which Battery Chemistry generated maximum revenues in 2020 and identify the most promising Battery Chemistry during the forecast period?
  • What are the various End-Use areas of global Lithium-ion Battery Recycling market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2020
Market Forecast Period	2021-2028
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Battery Chemistry, By End-Use, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Umicore N.V., Glencore, American Zinc Recycling, Retriev Technologies, Raw Materials Company, Snam SPA, Sumitomo Metal Mining Co., Ltd., Lithion Recycling, BATREC INDUSTRIE AG, Fortum, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Lithium-ion Battery Recycling Market by Battery Chemistry

• • Lithium-nickel Manganese Cobalt (Li-NMC)
  • Lithium-iron Phosphate (LFP)
  • Lithium-manganese Oxide (LMO)
  • Lithium-titanate Oxide (LTO)
  • Lithium-nickel Cobalt Aluminum Oxide (NCA)

Global Lithium-ion Battery Recycling Market by End-Use

• • Automotive
  • Power
  • Industrial
  • Marine

Global Lithium-ion Battery Recycling Market by Region

• • North America Lithium-ion Battery Recycling Market (Option 1: As a part of the free 25% customization)
    • North America Lithium-ion Battery Recycling Market by Battery Chemistry
    • North America Lithium-ion Battery Recycling Market by End-Use
    • US Lithium-ion Battery Recycling Market All-Up
    • Canada Lithium-ion Battery Recycling Market All-Up
  • Europe Lithium-ion Battery Recycling Market (Option 2: As a part of the free 25% customization)
    • Europe Lithium-ion Battery Recycling Market by Battery Chemistry
    • Europe Lithium-ion Battery Recycling Market by End-Use
    • UK Lithium-ion Battery Recycling Market All-Up
    • Germany Lithium-ion Battery Recycling Market All-Up
    • France Lithium-ion Battery Recycling Market All-Up
    • Spain Lithium-ion Battery Recycling Market All-Up
    • Rest of Europe Lithium-ion Battery Recycling Market All-Up
  • Asia-Pacific Lithium-ion Battery Recycling Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Lithium-ion Battery Recycling Market by Battery Chemistry
    • Asia-Pacific Lithium-ion Battery Recycling Market by End-Use
    • China Lithium-ion Battery Recycling Market All-Up
    • India Lithium-ion Battery Recycling Market All-Up
    • Japan Lithium-ion Battery Recycling Market All-Up
    • Rest of APAC Lithium-ion Battery Recycling Market All-Up
  • RoW Lithium-ion Battery Recycling Market (Option 4: As a part of the free 25% customization)
    • RoW Lithium-ion Battery Recycling Market by Battery Chemistry
    • RoW Lithium-ion Battery Recycling Market by End-Use
    • Brazil Lithium-ion Battery Recycling Market All-Up
    • South Africa Lithium-ion Battery Recycling Market All-Up
    • Saudi Arabia Lithium-ion Battery Recycling Market All-Up
    • UAE Lithium-ion Battery Recycling Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Lithium-ion Battery Recycling Market All-Up

Major Players Operating in the Lithium-ion Battery Recycling (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Umicore N.V.
  • Glencore
  • American Zinc Recycling
  • Retriev Technologies
  • Raw Materials Company
  • Snam SPA
  • Sumitomo Metal Mining Co., Ltd.
  • Lithion Recycling
  • BATREC INDUSTRIE AG
  • Fortum