A new report by Reports and Data suggests that the global lithium-ion battery recycling market is projected to reach USD 17.21 Billion by 2027. The demand for lithium-ion batteries in various end-user industries such as automotive, power, and consumer electronics is high, but the raw materials used to manufacture them are limited. Moreover, the materials used in the batteries are hazardous to the environment. The recycling of lithium-ion batteries helps to conserve resources, making the market for lithium-ion battery recycling popular worldwide.

The market for lithium-ion battery recycling is positively influenced by the increasing demand for electric and hybrid electric vehicles, which extensively use lithium-ion batteries. The adoption of these vehicles leads to a rise in battery material prices such as cobalt and lithium, making the recycling of lithium-ion batteries more profitable.

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Although consistent advancements in the lithium-ion battery recycling market through innovative efforts have enhanced the efficiency of the recycling process, safety issues while storing and transporting spent batteries can limit the market's growth. However, each factor would have a definite impact on the market during the forecast period.

The Asia Pacific region is a key region for the lithium-ion battery recycling market and is expected to grow at a fast rate during the forecast period. The established lithium-ion battery manufacturers in the region, especially in China, and government regulations, in which manufacturers are responsible for setting up facilities to collect and recycle spent batteries, are likely to fuel the market's growth.

The report highlights key findings such as the Lithium Iron Phosphate (LFP) battery type is forecasted to grow with the highest CAGR of 27.2% during the forecast period, and the Hydrometallurgical process segment held the largest share of 42.1% in 2019, considered the most suitable process for recycling spent lithium-ion batteries.

The automotive segment held the largest market share of 39.3% in 2019, primarily due to the significant demand for lithium-ion batteries in electric automobiles. The Asia Pacific region is expected to grow with the highest CAGR of 26.9% during the forecast period, mainly due to the adoption of electric and smart vehicles in China, India Japan.

Key participants in the lithium-ion battery recycling market include Umicore, Glencore, Retriev Technologies, Raw Materials Company, American Zinc Recycling (INMETCO), Battery Recycling Made Easy, Brunp Recycling, SungEel HiTech, Taisen Recycling, and 4R Energy Corp, among others.

The report segments the global lithium-ion battery recycling market based on battery type, technology, end-use industries, and region.

Lithium-ion Battery Recycling Market: Drive Factors

The lithium-ion battery recycling market is driven by several factors. Firstly, the limited availability of raw materials used in the manufacture of lithium-ion batteries, coupled with high demand from various end-users such as automotive, power, and consumer electronics, among others. Secondly, the materials used in these batteries are hazardous to the environment, making recycling a crucial aspect of preserving resources.

The market is further fueled by the rising demand for electric and hybrid electric vehicles, which extensively use lithium-ion batteries. As the adoption of these vehicles increases, the cost of battery materials such as cobalt and lithium also rises, making the recycling of lithium-ion batteries a profitable venture.

Although safety concerns during storage and transportation of spent batteries pose limitations in the market, consistent advancements in lithium-ion battery recycling through innovative efforts have enhanced the efficiency of the recycling process.

The Asia Pacific region is expected to witness significant growth in the lithium-ion battery recycling market, fueled by the adoption of electric and smart vehicles, especially in China, India, and Japan. The region is home to established lithium-ion battery manufacturers, and government regulations that require manufacturers to set up facilities to collect and recycle spent batteries are also driving the market's growth.

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