lithium-ion battery recycling market growth is driven by the increasing demand for sustainable energy solutions, global shift towards renewable energy, environmental concerns, and the need for energy efficiency.
Austin, March 19, 2025 (GLOBE NEWSWIRE) — Lithium-Ion Battery Recycling Market Size & Growth Insights:
According to the SNS Insider Report, “The Lithium-Ion Battery Recycling Market Size was valued at USD 9.17 Billion in 2023 and is expected to reach USD 42.09 Billion by 2032 and grow at a CAGR of 18.5% over the forecast period 2024-2032.”
Growth and Government Support in the Lithium-Ion Battery Recycling Market
The lithium-ion battery (LIB) recycling market is expanding rapidly, driven by the rising demand for electric vehicles (EVs), increasing environmental concerns, and the need for critical raw materials like lithium, cobalt, and nickel. As the world transitions to sustainable energy solutions, recycling LIBs becomes essential to enhance resource efficiency, reduce waste, and meet the growing demand for these valuable materials. Technological advancements and government regulations further accelerate market growth, ensuring a reduced environmental footprint in battery production and disposal. In response to the increasing adoption of EVs and the necessity for LIB recycling, the U.S. government has taken significant steps to strengthen domestic battery production and recycling infrastructure. The U.S. Energy Department has proposed a USD 3 billion investment for 25 battery production projects across 14 states to boost domestic output and reduce reliance on imports. Additionally, a USD 475 million loan has been finalized for Li-Cycle Holdings to establish a key battery processing facility in New York. These initiatives highlight the government’s commitment to supporting the LIB recycling market, ensuring a sustainable supply of critical materials while mitigating the environmental impact of battery disposal.
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Leading Market Players with their Product Listed in this Report are:
- Glencore International AG (Battery Recycling Services, Cobalt Supply for Battery Production)
- Umicore (Battery Recycling Solutions, Cathode Materials for Lithium-Ion Batteries)
- Cirba Solutions (Battery Collection and Recycling Programs, Battery Lifecycle Management Services)
- Contemporary Amperex Technology Co., Ltd. (Battery Recycling Initiatives, Battery Manufacturing for Electric Vehicles)
- RecycLiCo Battery Materials Inc. (Recycling of Lithium-Ion Battery Materials, Production of Recycled Battery-Grade Lithium)
- Accurec Recycling GmbH (Recycling of Lithium-Ion Batteries, Recycling of Nickel-Cadmium Batteries)
- American Battery Technology Company (Battery Recycling Services, Extraction of Battery Metals)
- Ecobat (Battery Collection and Recycling Services, Lead-Acid Battery Recycling)
- Fortum (Hydrometallurgical Battery Recycling, Battery Material Recovery Services)
- GEM (Battery Recycling Services, Production of Battery Materials)
- Aqua Metals, Inc. (AquaRefining Technology for Battery Recycling, Lead Recycling Services)
- Li-Cycle Corp (Spoke & Hub Battery Recycling Model, Recovery of Critical Battery Materials)
- Neometals Ltd (Battery Recycling Projects, Lithium Refining Initiatives)
- Redwood Materials Inc (Battery Recycling Services, Production of Sustainable Battery Materials)
- Stena Recycling (Battery Recycling Solutions, Material Recovery from End-of-Life Batteries)
- SK Tes (Battery Recycling Services, Resource Recovery from Used Batteries)
- Velio (Battery Recycling Services, Sustainable Battery Disposal Solutions).
Lithium-Ion Battery Recycling Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 9.17 Billion |
| Market Size by 2032 | USD 42.09 Billion |
| CAGR | CAGR of 18.5% From 2024 to 2032 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Chemistry (Lithium Cobalt Oxide, Lithium Iron Phosphate, Lithium Manganese Oxide, Lithium Nickel Cobalt Aluminum Oxide, Lithium Nickel Manganese Cobalt Oxide) • By Source (Electronics, Electric Vehicles, Power Tools, Others) • By Process (Physical/Mechanical, Hydrometallurgical, Pyrometallurgical) |
| Key Drivers | • Rising Adoption of Electric Vehicles and Renewable Energy Solutions Drives Demand for Lithium-Ion Battery Recycling. • Technological Advancements in Recycling Processes Enhance Efficiency and Profitability of Lithium-Ion Battery Recycling. |
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Lithium-ion battery recycling trends focus on evolving chemistries and advanced processes like hydrometallurgy and pyrometallurgy.
By Chemistry
The lithium cobalt oxide (LCO) segment dominated the lithium-ion battery market in 2023, holding a 32% revenue share due to its high energy density, making it ideal for consumer electronics and electric vehicles. Major companies like Tesla, LG Energy Solution, and Samsung SDI integrate LCO batteries into high-performance applications, with LG Energy Solution launching advanced LCO-based EV battery packs for extended lifespans. As demand for LCO batteries rises, efficient recycling solutions become crucial.
Meanwhile, the lithium iron phosphate (LFP) segment is experiencing the highest growth, with a projected CAGR of 19.80%, gaining traction in EVs, renewable energy storage, and power tools due to its superior safety, stability, and cost-effectiveness. Companies like CATL continue expanding LFP production capacity to meet surging demand, driving the need for proper recycling technology.
By Process
The hydrometallurgical recycling segment led the market with 53% revenue share in 2023, offering an efficient way to recover lithium, cobalt, nickel, and manganese while minimizing environmental impact, as seen in Li-Cycle’s Spoke & Hub technology and Umicore’s European expansion.
The pyrometallurgical process is expanding rapidly, with a CAGR of 20.50%, driven by increasing demand for metal recovery from EV batteries. Companies like Glencore are enhancing smelting operations to extract valuable materials like copper, nickel, and cobalt efficiently. Technological advancements are making this high-temperature process more cost-effective and energy-efficient, supporting the growing lithium-ion battery recycling market.
North America’s Dominance and Asia Pacific’s Rapid Growth in Lithium-Ion Battery Recycling
North America led the lithium-ion battery recycling market in 2023, holding 35% of the global market share, driven by increasing demand for EVs, renewable energy storage, and strong government support for recycling technologies. The U.S. Department of Energy’s USD 3 billion investment in battery manufacturing and recycling initiatives further strengthens the region’s leadership by promoting domestic recycling infrastructure and reducing dependence on foreign raw materials. Additionally, regulatory policies such as extended producer responsibility (EPR) laws encourage sustainable recycling practices.
Asia Pacific (APAC) is the fastest-growing region, with a projected CAGR of 20.14%, fueled by the rising adoption of EVs in key countries like China, Japan, and South Korea. China, as the world’s largest EV market, significantly drives lithium-ion battery demand, necessitating efficient recycling solutions. APAC benefits from strong manufacturing capabilities, technological advancements, and supportive government policies, particularly China’s initiatives to establish a closed-loop recycling system. As EV production scales up alongside renewable energy expansion, the need for robust lithium-ion battery recycling solutions in APAC is expected to surge, making it a pivotal player in the global market.
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Recent Development
- On December 17, 2024, Technology Minerals Plc’s Recyclus Group Ltd secured a deal with Glencore to supply black mass from lithium-ion battery recycling, starting with a 100-tonne trial sale, strengthening its global reach amid delays with its LOHUM agreement.
- On July 15, 2024, RecycLiCo Battery Materials Inc. secured a European Unitary Patent for its hydrometallurgical lithium-ion battery recycling technology, strengthening its global IP portfolio with its 16th patent.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Recycling Capacity and Infrastructure (2023)
5.2 Regulatory Compliance and Policies
5.3 Fab Capacity Utilization (2023)
5.4 Battery End-of-Life Management
6. Competitive Landscape
7. Lithium-Ion Battery Recycling Market, by Process
8. Lithium-Ion Battery Recycling Market, by Source
9. Lithium-Ion Battery Recycling Market, by Chemistry
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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