The global lithium-ion battery recycling market is projected to grow from USD 4.6 billion in 2021 to USD 22.8 billion by 2030, at a CAGR of 19.6% during the forecast period 2021-2030. The major reasons for the growth of the battery recycling market include the increasing concerns regarding environmental pollution and the enforcement of stringent environmental regulations across regions to control excessive industrial and air emissions. The rising concerns about depleting earth metals and government initiatives to recycle batteries are drivers for the battery recycling market globally.
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Based on end use, the lithium-ion battery recycling market is categorized into two major segments automotive and non-automotive. The non-automotive segment is further categorized into subsegments, namely, industrial, power, and marine. Based on end use, the automotive segment is expected to be the largest segment during the forecast period, from 2021 to 2030. The rising demand for electric vehicles around the world and hence the rising need for sound lithium-ion battery recycling for the recovery of precious metals from these spent batteries such as cobalt, nickel, and others is propelling the demand for lithium-ion battery recycling market.
Among the non-automotive end use segments, the lithium-ion battery recycling market is projected to be led by the industrial segment in 2025, while the marine segment is projected to grow at the highest CAGR between 2021 and 2030. The high demand for lithium-ion batteries over lead-acid batteries in the marine industry is driving the growth of the marine segment in the market. North America, Asia Pacific, and Europe are the major regional markets for lithium-ion battery recycling. Rising demand from the electric vehicles and industrial, marine, and power sectors has resulted in high demand for lithium-ion battery recycling.
By battery chemistry, the automotive lithium-nickel manganese cobalt (Li-NMC) battery chemistry segment accounted for the largest share of the lithium-ion battery recycling market in 2020, by volume. The high growth in demand is expected for the Li-NMC battery chemistry owing to attributes such as high energy density and high power density at low cost.
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The key market players include Umicore (Belgium), Glencore International AG (Switzerland), Retriev Technologies Inc. (US), Raw Materials Company Inc. (RMC) (Canada), American Zinc Recycling (US), American Manganese Inc. (Canada), SITRASA (Mexico), Li-Cycle Corp. (Canada), Neometals Ltd (Australia), Metal Conversion Technologies (MCT) (US), TES (Singapore), Fortum (Finland), GEM Co., Ltd (China), Contemporary Amperex Technology Co. Ltd (CATL) (China), Duesenfeld GmbH (Germany), and Accurec-Recycling GmbH (Germany). These players have adopted collaborations, acquisitions, agreements, partnerships, investments, contracts, new technology developments, expansions, and new production as their growth strategies to enhance their positions in the market.
Umicore is a global material technology and recycling group. In December 2019, Umicore and Audi AG (Germany) collaborated in a closed-loop sustainable battery recycling pilot project. The recovered cobalt and nickel produced are employed in the production of new battery cells. The collaboration is expected to lead to the retrieval of precious resources and reduction of CO2 emissions. This development is leading to the retrieval of precious resources and reduction of CO2 emissions.
Another important player in the lithium-ion battery recycling market is Raw Materials Company Inc. (RMC). In November 2019, Raw Materials Company Inc. (RMC) entered a partnership with Call2Recycle, Inc. (US) to enhance the collection and recycling of used consumer batteries across Ontario (Canada). Under this partnership, the two parties offer residents, businesses, and municipalities of Ontario increased access to battery collection and recycling. This partnership aided both companies in establishing an efficient producer responsibility program to enhance consumer drop-off locations for spent batteries. The partnership also results in the augmentation of collection and recycling consumer batteries across Ontario.
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