- The valuation for the lithium-ion market was USD 2.09 Billion in 2018
- It is expected to reach USD 13.61 Billion by 2026
- North America to witness consistent growth in lithium-ion battery recycling
- Demand for lithium-ion batteries has increased due to increased adoption of EVs
According to a new report published by Reports and Data, the global lithium-ion battery recycling market is all set to reach USD 13.61 Billion by 2026.
The report highlights that increasing the application of Lithium-Ion batteries in cell phones, laptops, and the automotive industries are some of the factors that have fueled the growth of the global Lithium-Ion battery recycling market. The growing trend of extraction of battery materials and repacking & second life to the battery are some of the positive factors for the lithium-ion battery recycling market.
The key regions showing progress
North America is a key region for the lithium-ion battery recycling market and is likely to witness a consistent growth. The report noted that limited availability of raw materials in the region are forcing the manufacturers to adopt the approach of recycling hence driving the market significantly.
Recycling of lithium-ion batteries is becoming important because the price of raw materials used such as lithium and cobalt are increasing day by day due to high demand and low availability.
The report stated that chemical manufacturers are supportive of the government and understand the toxic effect of the lithium-ion batteries on the environment. Therefore, they are working on new research and developments for recovering maximum possible materials from a Lithium-Ion cell.
Lithium-Ion battery contains heavy metals such as cobalt, copper, nickel sulfate, aluminum, and graphite, among others. The disposal of these toxic materials is very crucial and raises concern over water pollution and soil contamination. Thus, it offers opportunities to the lithium-ion battery recycling market to grow.
The adoption of battery electric vehicles in the majority of the countries in the region to support the green revolution is further driving the market for lithium-ion battery recycling.