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Lithium-ion Battery Recycling Market Size (2024 - 2029)

The lithium-ion battery recycling market is projected to experience significant growth, driven by increasing demand for lithium-ion batteries and concerns over battery waste disposal. The market's expansion is supported by stringent government policies and the rising adoption of electric vehicles, despite challenges such as high recycling costs and limited supply chain infrastructure. The Asia-Pacific region is anticipated to lead the market due to its manufacturing growth and renewable energy initiatives. Advancements in battery technology present opportunities for recycling companies to develop innovative solutions, further influencing the market's trajectory.

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Market Size of Lithium-ion Battery Recycling Industry

Lithium Ion Battery Recycling Market Summary
Study Period 2020 - 2029
Market Size (2024) USD 3.25 Billion
Market Size (2029) USD 8.97 Billion
CAGR (2024 - 2029) 22.49 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Lithium Ion Battery Recycling Market Major Players

*Disclaimer: Major Players sorted in no particular order

Lithium-Ion Battery Recycling Market Analysis

The Lithium-ion Battery Recycling Market size is estimated at USD 3.25 billion in 2024, and is expected to reach USD 8.97 billion by 2029, growing at a CAGR of 22.49% during the forecast period (2024-2029).

Among different types of battery recycling technology, the lithium-ion battery (LIB) recycling market is expected to dominate the global battery recycling market in the latter part of the forecast period, majorly due to the demand for lithium-ion batteries and its ability such as favorable capacity-to-weight ratio. Moreover,  Rising concerns over battery waste disposal and stringent government policies clubbed with the increase in usage of lithium-ion battery due to the declining lithium-ion battery prices and growing adoption of electric vehicles, are likely to drive the lithium-ion battery recycling market during the forecast period. However, the raw materials for the manufacturing of lithium-ion batteries are available at a low cost, whereas a high cost is incurred in recycling. The high cost, along with the lack of a strong supply chain and low yield related to battery recycling, is likely to restrain the growth of the battery recycling market during the forecast period.

  • The power sector witnessing significant growth owing to requirement for energy storage solutions in the wake of policy-level initiatives to promote renewable power generation and massive deployment of electric vehicles. 
  • Advancements in battery technologies leading to the creation of technologically advanced batteries being developed by manufacturers are likely to create a massive opportunity for the battery recycling companies to invest and redirect their resources to make a breakthrough battery recycling technology.
  • Asia-Pacific is expected to lead the lithium-ion battery recycling market, during the forecast period, due to the growth of the manufacturing sector, renewables power and the EV demand.

Lithium-Ion Battery Recycling Industry Segmentation

The lithium-ion battery recycling market report include:

Industry
Automotive
Marine
Power
Others
Technology
Hydrometallurgical Process
Pyrometallurgy Process
Physical/Mechanical Process
Geography
North America
Asia-Pacific
Europe
South America
Middle-East and Africa
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Lithium-ion Battery Recycling Market Size Summary

The lithium-ion battery recycling market is poised for significant growth, driven by the increasing demand for lithium-ion batteries and the rising concerns over battery waste disposal. The market is expected to dominate the global battery recycling sector due to the favorable characteristics of lithium-ion batteries, such as their capacity-to-weight ratio. The growing adoption of electric vehicles and the declining prices of lithium-ion batteries further bolster this demand. However, challenges such as high recycling costs, a lack of a robust supply chain, and low yield rates may hinder market expansion. The power sector's growth, fueled by the need for energy storage solutions and renewable power generation, presents substantial opportunities for battery recycling companies to invest in advanced technologies.

Asia-Pacific is anticipated to lead the market, supported by the region's manufacturing sector, renewable energy initiatives, and burgeoning electric vehicle demand. The continuous decline in lithium-ion battery prices, attributed to improved battery performance and increased production volumes, is expected to make these batteries more cost-competitive than other types. This trend is likely to enhance the application of lithium-ion batteries in new markets, such as energy storage systems paired with renewable energy sources. The market's growth is further supported by government policies and investments in research and development, particularly in China and India, aimed at promoting electric vehicles and local battery manufacturing. Key players in the moderately fragmented market include Glencore, GS Yuasa Corporation, Li-Cycle Technology, and others, who are instrumental in driving the industry's advancement.

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Lithium-ion Battery Recycling Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast, in USD billion, until 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies & Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Porter's Five Forces Analysis

      1. 1.6.1 Bargaining Power of Suppliers

      2. 1.6.2 Bargaining Power of Consumers

      3. 1.6.3 Threat of New Entrants

      4. 1.6.4 Threat of Substitutes Products and Services

      5. 1.6.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Industry

      1. 2.1.1 Automotive

      2. 2.1.2 Marine

      3. 2.1.3 Power

      4. 2.1.4 Others

    2. 2.2 Technology

      1. 2.2.1 Hydrometallurgical Process

      2. 2.2.2 Pyrometallurgy Process

      3. 2.2.3 Physical/Mechanical Process

    3. 2.3 Geography

      1. 2.3.1 North America

      2. 2.3.2 Asia-Pacific

      3. 2.3.3 Europe

      4. 2.3.4 South America

      5. 2.3.5 Middle-East and Africa

Lithium-ion Battery Recycling Market Size FAQs

The Lithium-ion Battery Recycling Market size is expected to reach USD 3.25 billion in 2024 and grow at a CAGR of 22.49% to reach USD 8.97 billion by 2029.

In 2024, the Lithium-ion Battery Recycling Market size is expected to reach USD 3.25 billion.

Lithium-Ion Battery Recycling Market Report Snapshots

Lithium-Ion Battery Recycling Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)