Dublin, Aug. 18, 2023 (GLOBE NEWSWIRE) -- The "Lithium-ion Battery Recycling Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
According to this report, the global lithium-ion battery recycling market size is estimated to be USD 2.65 billion in 2023 and is projected to reach USD 7.32 billion by 2028, growing at a CAGR of 22.49% during the forecast period (2023 - 2028).
Key Market Highlights
The lithium-ion battery recycling market is expected to dominate the global battery recycling market in the latter part of the forecast period due to the rising demand for lithium-ion batteries in various applications, such as electric vehicles and energy storage systems. Strict government policies and increasing concerns over battery waste disposal are also driving the demand for lithium-ion battery recycling. However, the high cost of recycling and the lack of a strong supply chain are expected to restrain market growth.
Market Trends
One of the major trends driving the lithium-ion battery recycling market is the increasing demand in the power industry. The declining prices of lithium-ion batteries have led to their widespread adoption in various power sector applications, such as energy storage systems (ESS) and electric vehicles (EVs). As the adoption of lithium-ion batteries continues to grow in the power industry, the need for recycling these batteries to make their usage more sustainable and eco-friendly is expected to rise.
Regional Dominance
The report highlights that the Asia-Pacific region is expected to lead the lithium-ion battery recycling market during the forecast period. The region's dominance is attributed to the growing manufacturing sector, the demand for renewable power, and the increasing adoption of electric vehicles. China, in particular, is the largest market for electric vehicles and is making efforts to reduce air pollution by promoting EV adoption. India is also investing in the development of the electric vehicle market and local manufacturing of lithium-ion batteries to support the green vehicles market in the country.
Key Players:
- Glencore PLC
- Green Technology Solutions, Inc.
- Li-Cycle Technology
- Recupyl Sas
- Umicore SA
- Metal Conversion Technologies LLC
- Retriev Technologies Inc.
- Raw Materials Company
- TES-AMM Pte Ltd.
- American Manganese
For more information about this report visit https://www.researchandmarkets.com/r/r2hwb7
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