Dublin, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The "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 2031" report has been added to ResearchAndMarkets.com's offering.
According to the report, the global lithium-ion battery recycling market is projected to grow from USD 6.5 billion in 2022 to USD 35.1 billion by 2031, at a CAGR of 20.6% from 2022 to 2031.
Market Dynamics:
The Lithium-ion Battery Recycling Market is driven by several factors that impact its growth. The key market dynamics are as follows:
Drivers:
- Increase in Demand for Electric Vehicles: The growing demand for electric vehicles is a major driver for the lithium-ion battery recycling market. As the adoption of electric vehicles increases, the need for recycling spent lithium-ion batteries also rises.
- Stringent Local and State Government Regulations and EPA Guidelines: The implementation of stringent regulations and guidelines by local and state governments, as well as the Environmental Protection Agency (EPA), for the safe disposal and recycling of lithium-ion batteries is driving the market.
- Rising Demand for Recycled Products and Materials: The increasing demand for recycled products and materials is boosting the recycling of lithium-ion batteries to recover valuable materials and reduce environmental impact.
- Depletion of Earth Metals: The depletion of earth metals used in lithium-ion batteries is encouraging recycling efforts to recover these valuable resources.
Restraints:
- Safety Issues Related to Storage and Transportation of Spent Batteries: Safety concerns related to the storage and transportation of spent batteries present challenges in the recycling process.
Opportunities:
- Subsidies to Encourage Battery Recycling: Government subsidies and incentives to promote battery recycling can create opportunities for market players in the industry.
- Rising Adoption of Lithium-Ion Batteries due to Declining Prices: The declining prices of lithium-ion batteries are driving their adoption in various applications, leading to increased recycling opportunities.
Challenges:
- High Cost of Recycling and Dearth of Technologies: The high cost of recycling and the lack of advanced recycling technologies are challenges for the lithium-ion battery recycling market.
Regional Outlook:
Europe is projected to register the highest CAGR in the lithium-ion recycling market from 2022 to 2031. The region's focus on reducing emissions and promoting electric vehicles is driving the demand for lithium-ion battery recycling.
Competitive Landscape:
The lithium-ion battery recycling market is dominated by key players, such as American Battery Technology Company (US), ACCUREC Recycling GmbH (Germany), Cirba Solutions (US), Contemporary Amperex Technology Co., Limited (China), Ecobat (US), Fortum (Finland), GEM Co., Ltd. (China), Glencore (Switzerland), Li-Cycle Corp. (Canada), Neometals Ltd. (Australia), Redwood Materials Inc. (US), RecycLiCo Battery Materials Inc. (Canada), Stena Recycling (Sweden), TES (Singapore), The International Metals Reclamation Company (US), and Umicore (Belgium), and others.
Scope of the Study:
The report offers a comprehensive evaluation of the Global Lithium-ion Battery Recycling Market, including key market dynamics, trends, segmentation analysis, historical and projected market size, and market shares of key players. It also provides recommendations to companies for strengthening their foothold in the market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 198 |
| Forecast Period | 2022 - 2031 |
| Estimated Market Value (USD) in 2022 | $6.5 Billion |
| Forecasted Market Value (USD) by 2031 | $35.1 Billion |
| Compound Annual Growth Rate | 20.6% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/6jb1xb
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
