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The Lithium-ion Battery (LIB) Recycling Solution Market size is forecast to increase by USD 12.02 billion and is estimated to grow at a CAGR of 19.85% between 2023 and 2028. The report includes historic market data from 2018-2022. The market is witnessing a growing demand due to factors such as the opening of new battery recycling facilities, the adoption of unique approach in battery recycling, and the launch of consumer battery recycling programs by market players.
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Opening of new battery recycling facilities is the primary trend shaping market growth. The need for effective recycling solutions has increased as lithium-ion batteries continue to be increasingly sought due to increasing demand stemming from the proliferation of EV and renewable energy storage systems. As a consequence, there is an important tendency on the part of firms and entrepreneurs to invest in and build new recycling facilities dedicated to responsibly disposing of hazardous materials produced by end-of-life batteries.
For example, on September 27, 2023, Li-Cycle Holdings Corp, a prominent lithium-ion battery (LIB) recycling solution market player specializing in the recovery of lithium-ion battery resources, marked the grand opening of its inaugural Spoke recycling facility in Europe. The facility is situated in Sulzetal near Magdeburg, located in Saxony-Anhalt, Germany. Therefore, the opening of new battery recycling facilities is anticipated to fuel the growth of the market during the forecast period.
The LiCoO2 segment is estimated to witness significant growth during the forecast period. A cathode containing lithium cobalt oxide is used for LiCoO2 batteries, which provides an energy density and a lighter design. The key components are the lithium cobalt oxide cathode, graphite anode, and sodium salt electrolyte. LiCO2 batteries are widely used across a wide variety of devices, from mobile phones to laptop computers, which in turn, drives Li-ion battery recycling solution market growth.
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The high energy density of LiCoO2 batteries makes them suitable for applications where compact size and extended usage are essential. Besides, concerns about the environmental impact and the scarcity of cobalt are rising. Thus, such factors are expected to drive the demand for LiCoO2 battery recycling, thus boosting the growth of the lithium-ion battery recycling solution market through LiCoO2 segment during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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