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 increase in electric-drive vehicles (EDVs) and their battery packs reaching end-of-life (EoL) present a major opportunity to the lithium-ion battery recycling market. Subsidies to encourage battery recycling and the development of a number of hybrid and electric vehicle (EV) batteries are expected to provide growth opportunities to the battery recycling market.
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Lithium-ion battery recycling is the reprocessing of spent batteries that aims to reduce the number of spent batteries being disposed of as municipal solid waste (MSW) or material waste. Batteries contain several toxic chemicals and heavy metals and disposing them off by the same process as trash raises environmental and health concerns about water pollution and soil contamination. As the number of electric-drive vehicles (EDVs) on roads increases and the battery packs they contain reach end-of-life (EoL), major opportunities to recapture and recycle the materials in the batteries are expected. It is essential that environmentally sound management (ESM) practices are adopted to ensure that recycling takes place in a manner that is protective of human health and environment.
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.
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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. 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. North America dominated the global lithium-ion battery recycling market in 2020, in terms of value. Countries such as the US, Canada, China, The Netherlands, and Germany, among others, have undertaken various initiatives and are implementing strict regulations to support the growth of the market for electric vehicles. This is expected to lead to the high output of spent batteries for recycling, thus, supporting the growth of the market.
