increasing demand for electric vehicles is driving the Lithium-Ion Battery Recycling Market in US
Technavio analyzes that the Lithium-Ion Battery Recycling Market in US is expected to grow at a CAGR of 24.3% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 56.2 million.There are various factors that contribute to the growth of the market. The Lithium-Ion Battery Recycling Market in the US is experiencing significant growth due to the increasing demand for electric vehicles. As the adoption of electric cars gains momentum, the need to recycle and reuse lithium-ion batteries becomes increasingly important. These batteries contain valuable metals such as lithium, cobalt, and nickel, which can be recovered and reused in new batteries. The recycling process not only reduces the environmental impact of disposing of these batteries but also contributes to the sustainability of the electric vehicle industry. Furthermore, the implementation of regulations and incentives by the US government to promote battery recycling is expected to boost market growth.
The Lithium-Ion Battery Recycling Market in the US encompasses the mechanical processing of batteries sourced from the non-mobility sector, including consumer electronics, power tools, and energy storage systems. With the increasing prevalence of portable electronic devices, the demand for lithium-ion batteries is surging, leading to a substantial contribution of used batteries to the e-waste stream. The consumer electronics segment, driven by the widespread use of smartphones, laptops, and other battery-powered gadgets, dominates this market. Regulations such as the Responsible Battery Recycling Act of 2022 encourage consumer battery return, enhancing collection rates and ensuring the recovery of valuable materials like lithium, cobalt, nickel, plastics, aluminum, and copper from the black mass. Hydrometallurgical processing, including chemical precipitation, is employed to extract these critical metals from the recycled materials, addressing the scarcity of these minerals and contributing to the production of new batteries.
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Lithium-Ion Battery Recycling Market in US Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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Lithium-ion battery recycling in the US is gaining momentum with companies like Redwood Materials leading the way. They recycle batteries from electric vehicles, production scrap, golf carts, and other sources. Emergencies such as roadway incidents, natural disasters, and overturned trucks pose challenges, requiring quick response from first responders and companies like Graymar Environmental to handle contaminated material. Battery production, climate change, and supply chain disruptions caused by storms like Hurricane Milton and Helene increase the need for sustainable recycling processes. Damaged batteries from energy storage systems also require mechanical processes for safe and efficient recycling.
Redwood Materials, a leading player in the US lithium-ion battery recycling industry, specializes in the recovery and processing of batteries from electric vehicles, production scrap, and other sources. In the event of emergency response situations such as roadway incidents or natural disasters resulting in overturned trucks or fires, Redwood Materials ensures swift and effective cleanup and handling of contaminated materials in collaboration with partners like Graymar Environmental. The lithium-ion battery recycling market in the US is poised for growth due to increasing demand for renewable energy sources, supportive policies, and the need for sustainable battery disposal solutions. This market encompasses companies involved in the generation, distribution, and manufacturing of raw materials and equipment for the renewable electricity sector, including lithium-ion battery recyclers like Redwood Materials. The expansion of this market is driven by ambitious renewable energy targets and policies, making it a significant contributor to the global renewable electricity market.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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