Lithium-Ion Battery Recycling Market Segmentation by Chemistry (LMO, LTO, NCA, Li-NMC, LFP, and LCO); by Technology (Hydrometallurgy, Pyrometallurgy, and Physical/Mechanical Process); by Industry (Automotive, Marine, Power, Industrial, and Others) - Global Demand Analysis & Opportunity Outlook 2029

  • Report ID: 3058
  • Published Date: Feb 10, 2023
  • Report Format: PDF, PPT

Lithium-Ion Battery Recycling Market Highlights 2020 – 2029

The lithium-ion battery recycling market is anticipated to record a noteworthy CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to the rising use of battery-operated electric vehicles, and the increasing level of air pollution in recent years due to combustion of diesel and gasoline in conventional automobiles. The total number of electric vehicles (EV) sold worldwide grew by approximately 2 million from 2018 to 2019. More than 7 million EVs were sold in 2019. Apart from these, growing concerns regarding battery disposal and decline in the price of lithium-ion batteries are also estimated to drive market growth in the coming years. Furthermore, the properties of lithium-ion batteries such as favorable capacity-to-weight ratio and lower self-discharge rate than other batteries are expected to boost their demand in the near future.

The market is segmented by chemistry into lithium-manganese oxide (LMO), lithium-titanate oxide (LTO), lithium-nickel cobalt aluminum oxide (NCA), lithium-nickel manganese cobalt (Li-NMC), lithium-iron phosphate (LFP), and lithium-cobalt oxide (LCO), out of which, the lithium-nickel manganese cobalt segment is estimated to hold the leading share over the forecast period on the back of growing adoption of lithium-nickel manganese cobalt batteries for power tools, electric powertrain, and medical devices. Additionally, based on industry, the automotive segment is projected to grab the largest market share by the end of 2029 owing to the staggering adoption of lithium-ion batteries as a result of the ability of these batteries offer high energy and power density to the vehicle. The segment for power industry is also projected to hold a significant market share, which can be credited to the increasing production volumes for the end user of this industry in developing nations.


Major Macro-Economic Indicators Impacting the Market Growth


In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Lithium-Ion Battery Recycling Market Regional Synopsis

On the basis of geographical analysis, the lithium-ion battery recycling market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The Asia-Pacific region is expected to grab the largest share in the market during the forecast period on the back of the rising demand for electric vehicles in major economies of the region such as Japan, China, and India. In addition, China is currently the largest manufacturer of lithium-ion battery for electric vehicles. China manufactured more than 70% of total lithium cells in the world in 2019. Moreover, increasing R&D investment by Indian government for developing efficient hybrid vehicles is also anticipated to fuel the growth of the region. Furthermore, Europe is expected to witness significant market growth in the forecast period owing to huge number of clean energy generation targets in the region and growing willingness of companies to develop technologies to treat different types of battery chemistries.


The lithium-ion battery recycling market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the lithium-ion battery recycling market includes the following segments:

By Chemistry

  • Lithium-Manganese Oxide (LMO)
  • Lithium-Titanate Oxide (LTO)
  • Lithium-Nickel Cobalt Aluminum Oxide (NCA)
  • Lithium-Nickel Manganese Cobalt (Li-NMC)
  • Lithium-Iron Phosphate (LFP)
  • Lithium-Cobalt Oxide (LCO)

By Technology

  • Hydrometallurgy
  • Pyrometallurgy
  • Physical/Mechanical Process
  • Direct Recycling
  • Others

By Industry

  • Automotive
  • Marine
  • Power
  • Industrial
  • Others

Growth Drivers

  • Growing Adoption of Electric Vehicles
  • Environmental Concerns Regarding Safe Disposal of Used Batteries


  • Safety Concerns Related to Recycling of Lithium-Ion Batteries

Top Featured Companies Dominating the Market

  • Dowa Eco-system Co. Ltd.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Glencore PLC
  • Retriev Technologies
  • Umicore SA
  • Zhejiang Huayou Cobalt Co. Ltd.
  • GEM Co. Ltd.
  • Akkuser Oy
  • Accurec Recycling GmbH
  • Fortum Oyj
  • LG Chem Ltd.



In the News

  • March 06, 2020: Nornickel Inc. and BASF Inc. along with Fortum Oyj signed a letter of intent to build a battery recycling cluster in the Harjavalta region of Finland to expand the growth of the electric vehicle market in the region.
  • January 17, 2019: The US Department of Energy Secretary Rick Perry announced the creation of the DOE’s first Li-ion battery recycling R&D center, the ‘ReCell Center’ to help reduce the dependence on foreign sources for cobalt and other battery materials.

Author Credits:  Smruti Ranjan, Rajrani Baghel

  • Report ID: 3058
  • Published Date: Feb 10, 2023
  • Report Format: PDF, PPT

Key Questions Answered in the Report

1) What are the major factors driving the growth of the lithium-ion battery recycling market?

Ans: Growing adoption of electric vehicles and environmental concerns associated with safe disposal of used batteries are major growth drivers for the market.

2) What would be the CAGR of lithium-ion battery recycling market over the forecast period?

Ans: The market is anticipated to attain a noteworthy CAGR over the forecast period, i.e., 2021 – 2029.

3) What are the challenges affecting the lithium-ion battery recycling market growth?

Ans: Safety concerns regarding recycling of lithium-ion batteries is estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of lithium-ion battery recycling market in future?

Ans: Europe will provide more business growth opportunities in the future owing to the large clean energy generation targets in the region.

5) Who are the major players dominating the lithium-ion battery recycling market?

Ans: The major players in the market are Glencore PLC, Retriev Technologies, Umicore SA, Zhejiang Huayou Cobalt Co. Ltd., GEM Co. Ltd., and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the lithium-ion battery recycling market?

Ans: The market is segmented by chemistry, technology, industry, and by region.

8) Which segment captures the largest market size in the industry segment in the lithium-ion battery recycling market?

Ans: The automotive segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.


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