CHICAGO, Aug. 12,
2024 /PRNewswire/ -- The report
"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 2032", is projected to grow from
USD 16.2 billion in 2024 to
USD 56.9 billion by 2032, at a CAGR
of 17.0% during the forecast period. The market for lithium-ion
battery recycling is mostly driven by the growing demand for
recycled goods and materials. Sustainable practices are becoming
more and more important as environmental awareness rises and rules
get stricter. Due to their high concentration of precious
metals like nickel, cobalt, and lithium, lithium-ion batteries are
now popular candidates for recycling. Battery recycling lessens the
environmental effect of battery production and promotes a circular
economy by recovering these essential ingredients and lowering the
reliance on virgin resources. This increased focus on
sustainability is directly driving the market for recycled
lithium-ion batteries.
Browse in-depth TOC on "Lithium-ion Battery Recycling
Market"
133 – Tables
60 – Figures
195 –
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The Consumer Electronics segment is expected to account for
the largest share of the lithium-ion battery recycling market, by
source, during the forecast period
Given the massive volume and quick turnover of gadgets like
laptops, tablets, smartphones, and wearable technology, the
consumer electronics industry is anticipated to hold the largest
market share in the lithium-ion battery recycling market. With the
introduction of newer versions, these devices—which mostly depend
on lithium-ion batteries, are being thrown out more frequently,
which adds to a significant supply of batteries nearing their end
of useful life. Additionally, the need for effective recycling
solutions is driven by the environment, with increased concerns and
strict rules regulating the disposal of electronic trash. Batteries
from consumer electronics are the most profitable market sector
because of the expensive metals like nickel, cobalt, and lithium
that can be recovered through recycling.
By battery chemistry, the lithium iron phosphate (LFP)
segment is expected to account for the largest market share during
the forecast period.
Due to its growing popularity in a variety of applications,
especially in large-scale energy storage systems and electric
vehicles (EVs), lithium iron phosphate (LFP) batteries are
anticipated to hold the largest market share in the lithium-ion
battery recycling industry. Compared to other lithium-ion battery
chemistries, LFP batteries are preferred due to their extended
lifespan, enhanced safety, and thermal stability. LFP batteries are
more economically appealing to recycle because of the increase in
abandoned batteries and the valuable components like iron, lithium,
and phosphate that can be extracted from them.
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Asia Pacific is projected to
register the largest market share during the forecast
period.
Due to its major role in the production and use of lithium-ion
batteries, the Asia-Pacific region
is expected to hold the largest share of the market in the
lithium-ion battery recycling market. The exponential rise in
end-of-life battery production is a result of the fast development
of businesses like renewable energy storage, electric vehicles, and
consumer electronics in nations like South Korea, Japan, and China. Moreover, the investments in
cutting-edge recycling technologies are being driven by this, as
well as strict environmental restrictions and a growing emphasis on
sustainable practices.
Some of the leading players in this market include Glencore
(Switzerland), Umicore
(Belgium), Cirba Solutions (US),
Contemporary Amperex Technology Co., Ltd. (China), and RecycLiCo Battery Materials Inc.
(Canada), among others.
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