The lithium-ion battery recycling market is estimated at USD 1.5 billion in 2019 and projected to grow from USD 12.2 billion in 2025 to USD 18.1 billion by 2030, at a CAGR of 8.2% from 2025 to 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 2025 to 2030. The rising demand for electric vehicles over ICE vehicles around the world is propelling the demand for lithium-ion batteries. This, in turn, is resulting in an increasing demand for lithium-ion battery recycling.
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Among the non-automotive end use segments, the lithium-ion battery recycling market is projected to be led by the industrial segment, while the power segment is projected to grow at the highest CAGR during the forecast period, 2025-2030.
Asia Pacific, North America, 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. Europe market is expected to grow at the highest CAGR in global lithium-ion battery recycling market during the forecast period. The high demand for electric vehicles in European countries and ban on combustion vehicles are the key factors contributing to the high usage of lithium-nickel manganese cobalt (Li-NMC) and lithium-iron phosphate (LFP) batteries in this region. These factors are propelling the demand in the market in Europe.
