The lithium-ion battery recycling market is projected to grow from USD 6.5 billion in 2022 to USD 35.1 billion by 2031, at a CAGR of 20.6% from 2022 to 2031. The growth of the market is driven by the rising demand for lithium-ion batteries in electric vehicles, smart devices, and other consumer electronic gadgets.
Companies such as Umicore (Belgium), Glencore (Switzerland), Cirba Solutions (US), Contemporary Amperex Technology Co., Limited (China), and RecycLiCo Battery Materials Inc. (Canada) fall under the winners’ category. These are leading players in the lithium-ion battery recycling market, globally. These players have adopted the strategies of partnership, agreement, acquisition, and expansion to increase their market shares.
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Umicore is a global materials technology and recycling group which operates one of the world’s most sophisticated precious metal recycling facilities. The company manages its lithium-ion battery recycling business through the recycling segment. Umicore offers recycling services for lithium-ion, lithium-polymer, and nickel-metal hydride (NiMH) rechargeable batteries. It caters to various applications, including chemical, electric, electronic, automotive, and special glass. Umicore has a strong global presence with operations in 30 countries and comprises 14 research & development centers. It has a strong and focused research & development team working on areas of improvement and developing new plant technologies.
Glencore is among the world’s largest recyclers and processors of nickel-bearing and cobalt-bearing materials such as used lithium-ion batteries. The company manages its lithium-ion battery recycling business through the metals & minerals segment. Glencore comprises over 150 mining & metallurgical sites and offshore oil production assets. It has a network of over 90 offices in 50 countries in major regions, such as Asia, Europe, the Americas, Africa, and Oceania, which provides the company a competitive edge over its competitors.
Cirba Solutions, formerly known as Retriev Technologies, is among the global leaders in battery recycling and management services. In October 2021, Retriev Technologies acquired Battery Solution, a provider of sustainable solutions for end-of-life batteries and later merged with Heritage Battery Recycling to become the largest lithium-ion battery recycler in North America. Through its recycling technology, the company recycles five types of batteries, which are lead-acid, NiCad & NiMH, lithium-ion, primary lithium, and alkaline batteries. It has six processing locations, including two lithium-ion operations across North America to recover metals such as lithium, iron, cobalt, and nickel, as well as plastics from spent lithium-ion batteries.
Contemporary Amperex Technology Co., Limited
Contemporary Amperex Technology Co., Limited is an energy company catering to passenger vehicles, commercial applications, energy storage systems, and battery recycling. The company engages in lithium-ion battery recycling through its subsidiary, Guangdong Brunp Recycling Technology (China). It recovers nickel, cobalt, manganese, and lithium from spent digital batteries and auto power batteries. Its waste battery disposal capacity is approximately 120,000 tons per annum and generates nickel manganese cobalt hydroxides (Ternary precursor), nickel manganese acid lithium cobalt (Ternary material), lithium cobalt oxide, cobalt chloride, nickel sulfate, and cobaltous sulfate, with more than 99% recovery rate. Its battery recycling network covers China, Japan, Korea, Taiwan, and the Americas.
RecycLiCo Battery Materials Inc.
RecycLiCo Battery Materials Inc., earlier known as American Manganese Inc., is engaged in recycling battery cathode waste in lithium-ion batteries. It accepts various battery chemistries, including lithium iron phosphate (LFP), lithium manganese oxide (LMO), nickel manganese cobalt (NMC), nickel cobalt aluminum (NCA), and lithium cobalt oxide (LCO). The company recycles cathode scrap or black mass by applying its patented hydrometallurgical cathode recovery process: The RecycLiCo Patented Process can extract up to 100% of lithium, nickel, manganese, and cobalt. These extracted metals are upcycled into higher value battery materials, which are utilized in new lithium-ion battery production. Also, the company has an interest in exploration and development of minerals. It is majorly operational across North America.
Lithium-ion Battery Recycling Market by Source (Automotive, Non-automotive), Battery Chemistry, Battery Components, Recycling Process (Hydrometallurgical Process, Pyrometallurgy Process, Physical/ Mechanical Process), and Region - Global Forecast to 2031
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