Lithium-ion Battery Recycling market is projected to grow at a CAGR of 19.7% by 2034: Visiongain
Visiongain has published a new report entitled Lithium-ion Battery Recycling Market Report 2024-2034: Forecasts by Source (Consumer Electronics, Electric Vehicles, Industrial), by Recycling Process (Mechanical, Pyrometallurgical, Hydrometallurgical, Direct Recovery), by Industry Vertical (Automotive, Electronics, Industrial, Power, Other), by Type (Lithium-nickel Manganese Cobalt (Li-NMC), Lithium-iron Phosphate (LFP), Lithium-manganese Oxide (LMO), Lithium-titanate Oxide (LTO), Lithium-nickel Cobalt Aluminium Oxide (NCA), Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global lithium-ion battery recycling market was valued at US$2.51 billion in 2023 and is projected to grow at a CAGR of 19.7% during the forecast period 2024-2034.
International Collaboration and Cooperation
International collaboration and cooperation among governments, industry associations, research institutions, and non-governmental organizations (NGOs) are essential for addressing the global challenges associated with lithium-ion battery recycling and promoting sustainable battery management practices. Multilateral initiatives, such as the International Energy Agency (IEA) Advanced Battery Storage (ABS) Program and the Global Battery Alliance (GBA), facilitate knowledge sharing, technology transfer, and best practices exchange among countries and stakeholders to promote the development of a sustainable battery value chain.
By collaborating on research and development projects, policy frameworks, and capacity-building initiatives, international partners can address common challenges, leverage collective expertise, and accelerate the transition to a circular economy for batteries. Furthermore, international standards and certification programs, such as those developed by the International Electrotechnical Commission (IEC) and the International Organization for Standardization (ISO), ensure consistency and harmonization in battery recycling practices, quality control, and environmental management, facilitating cross-border trade and investment in recycling infrastructure and services. Overall, international collaboration fosters synergies, fosters innovation, and promotes shared responsibility for achieving a sustainable and environmentally sound approach to lithium-ion battery recycling on a global scale.
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How has COVID-19 had a significant negative impact on the Lithium-ion Battery Recycling Market?
The Lithium-ion Battery Recycling Market, like many industries, experienced the impact of the COVID-19 pandemic. The initial phase of the pandemic led to disruptions in the supply chain, manufacturing, and overall operations. As lockdowns were imposed globally, several lithium-ion battery recycling facilities faced temporary closures or reduced capacities, affecting the overall market dynamics.
During the lockdowns, the demand for electric vehicles and consumer electronics, major sources of end-of-life lithium-ion batteries, witnessed a decline. This downturn in demand further exacerbated challenges for recycling companies, as the volume of used batteries available for recycling decreased. Many automotive manufacturers faced disruptions in production, affecting the supply of batteries for recycling.
How will this Report Benefit you?
Visiongain’s 364-page report provides 119 tables and 155 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global lithium-ion battery recycling market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Lithium-ion Battery Recycling. Get financial analysis of the overall market and different segments including source, recycling process, industry vertical and type and capture higher market share. We believe that there are strong opportunities in this fast-growing lithium-ion battery recycling market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Growth of the Energy Storage Market
The rapid expansion of the energy storage market, driven by the integration of renewable energy sources, grid modernization initiatives, and the electrification of transportation, is fueling the demand for lithium-ion batteries and, consequently, the need for battery recycling. Energy storage systems, including grid-scale batteries, residential storage solutions, and stationary storage applications, rely on lithium-ion batteries for storing and discharging electricity, supporting grid stability, and enabling renewable energy integration. As the energy storage market continues to grow, the volume of end-of-life batteries entering the recycling stream is expected to increase, driving market expansion and investment in battery recycling infrastructure.
Investments and Funding in Recycling Infrastructure
Increased investments and funding in lithium-ion battery recycling infrastructure, including recycling facilities, research and development initiatives, and recycling technologies, have accelerated the growth of the recycling market. Governments, industry players, and venture capital firms are actively investing in the expansion and modernization of recycling facilities and the development of innovative recycling technologies to meet the growing demand for battery recycling services. For example, partnerships between battery manufacturers, recyclers, and technology providers facilitate the establishment of integrated recycling ecosystems, where spent batteries are collected, processed, and recycled efficiently, contributing to the development of a sustainable battery supply chain.
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https://www.visiongain.com/report/lithium-ion-battery-recycling-market-2024/
Where are the Market Opportunities?
Economic Opportunities and Market Growth Potential
The lithium-ion battery recycling market presents significant economic opportunities for recyclers, manufacturers, and investors, driven by the increasing demand for recycled materials and the potential for revenue generation from battery recycling operations. Recycled lithium, cobalt, nickel, and other metals recovered from spent batteries can be sold to battery manufacturers, metal refiners, and end-users, creating a lucrative market for recycled materials. Additionally, the growth of the electric vehicle market and the proliferation of lithium-ion batteries in consumer electronics and energy storage applications offer ample opportunities for market expansion and investment in battery recycling infrastructure and technologies. As the market matures and economies of scale are achieved, the cost competitiveness of battery recycling is expected to improve, further driving market growth and investment.
Corporate Sustainability and ESG Considerations
Corporate sustainability initiatives and environmental, social, and governance (ESG) considerations are motivating companies across industries to prioritize responsible battery management practices and support battery recycling initiatives. Battery manufacturers, automotive OEMs, electronics producers, and technology companies are incorporating sustainability goals and ESG criteria into their business strategies, supply chain management practices, and product lifecycle management processes. By implementing responsible battery stewardship programs, companies can enhance their brand reputation, meet regulatory requirements, and demonstrate their commitment to environmental stewardship and sustainability to customers, investors, and stakeholders.
Competitive Landscape
The major players operating in the lithium-ion battery recycling market are Accurec Recycling GmbH, American Battery Technology Company, Battery Recycling Made Easy, Contemporary Amperex Technology Co. Limited (CATL), Duesenfeld Gmbh, Ecobat, Envirostream Australia Pty Ltd, Fortum Oyj, Glencore plc, Li-Cycle Corp., RecycLiCo Battery Materials Inc, Redwood Materials, Inc., SMC Recycling Inc., Stena Recycling, The International Metals Reclamation Company
These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
20 Sept 2023, The Chinese battery giant Contemporary Amperex Technology (CATL) has invested to RMB23.8 billion (USD3.5 billion) in an integrated new material industry manufacturing base in order to recover trash batteries and produce lithium materials.
19 Sept 2023, Li-Cycle Holdings Corp., a lithium-ion battery recycler located in Toronto, and Glencore International AG, a mining and metals company based in Switzerland, has entered into collaboration to "fast-track" the manufacture of lithium carbonate at a facility that is currently under construction in Portovesme, Italy.
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