Dublin, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The "Lithium-Ion Battery Recycling Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Lithium-Ion Battery Recycling Market is projected to reach USD 14.08 billion by 2028, registering a CAGR of 18.3%.
The market has been gaining momentum in recent years due to the increasing demand for lithium-ion batteries and the need to reduce electronic waste. Lithium-ion batteries are widely used in various applications such as electric vehicles, consumer electronics, and energy storage systems. However, these batteries have a limited lifespan and need to be disposed of properly to prevent environmental pollution. Lithium-ion battery recycling has emerged as a viable solution to this problem and is expected to play a significant role in the future of sustainable energy.
The global lithium-ion battery recycling market is anticipated to witness a significant growth outlook due to surging demand for electric vehicles and energy storage systems.
The market is predicted to dominate the worldwide battery recycling market in the latter half of the forecast period, owing to the high demand for lithium-ion batteries and its capabilities, such as their advantageous capacity-to-weight ratio. Furthermore, rising concerns about battery waste disposal and stringent government policies, combined with an increase in lithium-ion battery usage due to falling battery prices and growing adoption of electric vehicles, are expected to drive the lithium-ion battery recycling market during the forecast period.
Although the individual raw materials used in the production of lithium-ion batteries are cost-effective, their recycling is a costly process. The high cost and issues with supply chain and low yield associated with battery recycling are anticipated to restrain market growth of the battery recycling sector in the forecast period. Lithium-Ion industry participants reported flat or declining revenue growth in the Lithium-Ion Battery business.
Increased Demand Clean Energy Sources and Adoption of EVs
Increasing demand for clean energy sources is driving growth in the Lithium-Ion Battery Market. Lithium-ion batteries are widely used in electric vehicles (EVs) and renewable energy systems, such as solar and wind power, as a reliable and efficient energy storage solution. The global transition to clean energy and the adoption of EVs is expected to continue to increase, leading to higher demand for lithium-ion batteries. In addition, advancements in technology are leading to increased efficiency and reduced costs for these batteries, making them even more attractive for use in a range of applications.
Furthermore, government initiatives and incentives aimed at reducing carbon emissions and promoting the use of clean energy sources are also driving demand for lithium-ion batteries. For example, many countries have set targets for the adoption of EVs, and some have introduced incentives such as tax breaks and subsidies for consumers who purchase electric vehicles. Overall, the increasing demand for clean energy sources and the continued development of technology and government initiatives are expected to drive growth in the Lithium-Ion Battery Market in the coming years.
Many governments around the world are implementing initiatives and regulations that require the use of Lithium-Ion Battery Recycling technology for various applications, As the demand for EVs continues to rise, the need for battery recycling becomes increasingly important. Lithium-ion batteries used in EVs are large and expensive, so recycling them can help reduce costs and environmental impact.
Increasing Awareness About Environmental Sustainability
With more focus on environmental sustainability, governments, organizations, and individuals are becoming more conscious of the importance of recycling lithium-ion batteries to reduce waste and conserve natural resources.
Technological Advancements & Government Regulations and Incentives
As the technology for lithium-ion battery recycling continues to improve, the process is becoming more efficient and cost-effective, making it a more attractive option for companies and organizations. Governments around the world are introducing regulations and incentives to promote the recycling of lithium-ion batteries. For example, in the EU, regulations require that 95% of batteries in EVs must be recyclable by 2025.
Challenges for the Global Lithium-Ion Battery Recycling Market
Lithium-ion battery recycling is a relatively new industry, and the cost of the process is currently quite high. This can make it difficult for companies to justify the expense of recycling batteries, especially when they can purchase new batteries for a lower cost. The recycling infrastructure for lithium-ion batteries is still developing, and there are relatively few recycling facilities around the world. This can create logistical challenges for companies that need to transport their batteries to recycling centers.
Lithium-ion batteries can be dangerous if mishandled during the recycling process, as they contain flammable and toxic materials. This can make it difficult to ensure worker safety and to meet regulatory requirements for safe handling. Lithium-ion batteries can vary widely in their chemical composition, depending on factors such as the manufacturer and intended use.
This can make it difficult to standardize the recycling process and to ensure that all materials are recovered and recycled. Many consumers are not aware of the importance of recycling lithium-ion batteries and may not take the necessary steps to properly dispose of them. This can result in batteries being disposed of in landfills or incinerated, which can contribute to environmental damage. Overall, these challenges highlight the need for continued investment and innovation in the Lithium-Ion Battery Recycling Market to address issues such as cost, infrastructure, safety, and consumer awareness.
Report Scope
In this report, the global Lithium-Ion Battery Recycling market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Lithium-Ion Battery Recycling Market, By Industry:
- Automotive
- Marine
- Power
- Others
Lithium-Ion Battery Recycling Market, By Technology:
- Hydrometallurgical Process
- Pyrometallurgy Process
- Physical/Mechanical Process
Lithium-Ion Battery Recycling Market, By Region:
- Asia-Pacific
- North America
- Europe
- Middle East & Africa
- South America
A selection of companies mentioned in this report includes:
- Green Technology Solutions, Inc.
- Li-Cycle Corporation
- Glencore PLC
- Recupyl SAS
- Umicore SA
- American Manganese Inc.
- Metal Conversion Technologies LLC
- Retriev Technologies Inc.
- Raw Materials Company
- TES-AMM Pte. Ltd.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 173 |
| Forecast Period | 2022-2028 |
| Estimated Market Value (USD) in 2022 | $5.13 Billion |
| Forecasted Market Value (USD) by 2028 | $14.08 Billion |
| Compound Annual Growth Rate | 18.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/ayhgxr
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