Top Lithium-ion Battery Recycling Market Industry New Revenue Pockets

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CITY, Country, 2021-Aug-10 — /EPR Network/ —

The global lithium-ion battery recycling market is estimated at USD 1.78billion in 2017 and is projectedto reach USD 23.72billion by 2030, at a CAGR of 22.1% from 2017 to 2030.The major reasons for the growth of the lithium-ion battery recycling market include increasing concerns over environmental pollution and the enforcement of stringent environmental regulations across regions to control excessive industrial and air emissions.

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Lithium-ion battery recycling is the reuse and reprocessing of spent lithium-ion batteries that aims to reduce the number of spent batteries being disposed of as municipal solid waste or material waste. Lithium-ion batteries contain several toxic chemicals and heavy metals, and disposing them of as trash has raised environmental and health concerns over water pollution and soil contamination.

Based onindustry type, the automotive segment is expected to grow at the highest CAGR from 2017 to 2030. The environment friendly, long life cyclepropertiesalong with high energy density and government regulations to convert ICE vehicles to EVs areleading to the high usage of lithium-ion batteries, which is expected to result in a growing demand for lithium-ion battery recycling.

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Inchemistry type, the lithium-iron phosphatebattery segment isexpected to grow at the highestCAGR from 2017 to 2030. The superior properties of these materials such as energy density, power density, cost, and performance are the key factorsdriving the growth of the segment.

AsiaPacific, North America, and Europe are the major regional marketsfor lithium-ion battery recycling.Various leading players have been carrying out strategic expansion activities such as plant expansions, and supply contracts in the region to meet the growing demand for spent lithium-ion batteries in these regions.Growing demand fromelectric vehicles and lithium batteries in industrial applications, marine and power industries has resulted in a high demand for lithium-ion battery recycling. Stringentenvironmental regulations in Europeand North America aredriving the demand for lithium-ion battery recycling in the region,andleading players are undertaking strategic expansionstomeet the growing demand from various end users.