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(Transportation-News.com, April 30, 2024 ) The report "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" The lithium-ion battery recycling market is projected to grow from USD 6.5 billion in 2022 to USD 35.1 billion by 2031, at a CAGR of 20.6% from 2022 to 2031.
Browse in-depth TOC on "Lithium-ion Battery Recycling Market”
147 - Market Data Tables
53 - Figures
203 - Pages
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Based on battery chemistry, the lithium-iron phosphate (LFP) segment is projected to be the fastest-growing segment during 2022 to 2031. It is majorly adopted in high-power sectors such as electric buses and power, among others.
Based on source, the marine segment is projected to be the fastest-growing segment in the non-automotive lithium-ion battery recycling during 2027 to 2031. As per the application requirements, leading shipbuilding companies are adopting lithium-ion battery technology to enable enhanced power performance for long-distance navigation. This has propelled the usage of lithium-ion batteries in the marine sector, leading to the generation of spent lithium-ion batteries for recycling.
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Based on region, Europe is projected to be the fastest-growing market for lithium-ion battery recycling during the forecast period. The rising output of spent batteries from various end-use applications such as automotive, industrial, and marine is leading to the growth of the Europe battery recycling market. Stringent environmental regulations for the proper disposal and recycling of batteries in economies such as Norway and France are also among factors expected to drive the European market during the forecast period.
Lithium-ion Battery Recycling Market Key Players
Major players operating in the lithium-ion battery recycling market include Umicore (Belgium), Glencore (Switzerland), Cirba Solutions (US), Contemporary Amperex Technology Co., Limited (China), and RecycLiCo Battery Materials Inc. (Canada). The companies have wide-spread recycling facilities with an established portfolio of lithium-ion battery recycling services, a robust market presence, and strong business strategies. This factors are attributing to their growth in lithium-ion battery recycling market.
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