Meticulous Research®, a premier global market research firm, has announced the release of its latest report titled, “Li-ion Battery Recycling Market by Model (Contractual Services, Direct-to-Market), Battery Type (LCO, LFP, LMO, NCA, NMC, LTO), Process (Pyrometallurgical, Hydrometallurgical), and Geography – Global Forecasts to 2030.”
According to the newly published report, the Li-ion battery recycling market is on a high-growth trajectory, projected to expand at a Compound Annual Growth Rate (CAGR) of 21.3% from 2023 to 2030. The market is expected to reach a valuation of $6.9 billion by 2030. This significant growth is primarily driven by the escalating demand for electric vehicles, increased need for effective disposal of used batteries, and the decreasing prices of batteries.
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However, challenges such as the lack of adequate recycling infrastructure pose constraints to market growth. The report highlights that despite these challenges, favorable government incentives for battery recycling and the rising recovery of valuable materials are set to create substantial growth opportunities. On the other hand, the high cost associated with Li-ion recycling remains a major hurdle. The report identifies advancements in recycling technology as a key trend influencing the market.
Market Segmentation and Insights:
- By Business Model: The market is divided into contractual services and direct-to-market. In 2023, contractual services are anticipated to dominate the market share and exhibit a higher CAGR, driven by increasing disposal needs and regulatory incentives.
- By Battery Type: The market is segmented into Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Lithium Manganese Oxide (LMO), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Nickel Manganese Cobalt Oxide (NMC), and Lithium Titanate Oxide (LTO). LCO is projected to hold the largest market share in 2023 due to its advantages such as high power output and widespread use. However, the NMC segment is expected to register the highest CAGR due to its superior energy density and thermal stability.
- By Recycling Process: The market is categorized into pyrometallurgical, hydrometallurgical, and other recycling processes. The pyrometallurgical process is predicted to lead in market share due to its high efficiency and cost-effectiveness. The hydrometallurgical process is projected to exhibit the highest CAGR, driven by its lower environmental impact and ability to extract a wide range of materials.
- By Geography: The report segments the market into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to capture the largest share in 2023 and witness rapid growth, propelled by new policies, rising consumer electronics demand, and increased environmental sustainability efforts.
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Key Players: The report provides a detailed analysis of major players in the market, including Duesenfeld GmbH (Germany), RecycLiCo Battery Materials Inc. (Canada), Li-Cycle Holdings Corp. (Canada), Redux Recycling GmbH (U.S.), and many others. These companies are noted for their significant roles in shaping the market landscape through innovative recycling technologies and strategic initiatives.
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