Latest News- Lithium-Ion Battery Recycling Market: Non-mobility is expected to lead the Source segment during 2025-2029

The Lithium-Ion Battery Recycling Market is being driven by Increase in demand for EVs

The Lithium-Ion Battery Recycling Market is expected to grow at a CAGR of 28.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 5537.7 million. The lithium-ion battery recycling market is experiencing significant growth due to increasing demand for sustainable battery solutions. To meet this demand, leading vendors, such as Li-Cycle, a US-based global lithium-ion battery resource recovery company, have initiated commercial operations at their new recycling facilities. For instance, Li-Cycle's first Spoke recycling facility in Europe, located in Magdeburg, Germany, began operations on August 1, 2023. Additionally, Umicore, a Belgium-based global materials technology and recycling group, launched a new business unit, Battery Recycling Solutions, in March 2023. Governments of various countries are also investing in battery recycling centers to reduce dependence on foreign sources of battery materials and promote a circular economy. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Source
  • Non-mobility
  • Mobility
• Method
  • Hydrometallurgical
  • Physical and mechanical
  • Pyrometallurgical
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in demand for EVs
• Government support for lithium-ion battery recycling
• Increasing urbanization in emerging markets

However, the market also witnesses some limitations, which are as follows:

• Safety issues related to storage and transportation of spent batteries
• Low yield of lithium-ion recycling battery
• Issue related to pyrometallurgy method

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Market Scope in Lithium-Ion Battery Recycling Market Research Report

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Research Analysis Overview

The Lithium-Ion Battery (LIB) recycling market is gaining momentum due to the increasing usage of electric vehicles (EVs) and the availability of subsidies. However, safety issues and environmental concerns surrounding the disposal of spent LIBs have led to recycling initiatives. These batteries contain hazardous chemicals like acids and heavy metals, including copper and lithium. Transportation and storage of these batteries pose challenges, but public-private partnerships are driving innovation in battery recycling. Recycling LIBs not only addresses resource depletion and raw material scarcity, but also mitigates the risks associated with their disposal.

Market Research Overview

The Lithium-Ion Battery Recycling Market is a significant segment within the broader context of the global renewable energy industry. This market encompasses businesses specializing in the collection, processing, and reuse of spent Lithium-Ion batteries from electric vehicles and energy storage systems. Key drivers for this market include subsidies for electric vehicles and renewable energy, as well as growing safety concerns regarding battery disposal. The market's expansion is further fueled by the increasing adoption of renewable energy sources and the subsequent demand for efficient battery recycling solutions. By providing essential services to the renewable energy sector, these companies contribute to the growth of the global renewable electricity market, which includes independent power producers, gas and power marketing and trading specialists, integrated energy merchants, and renewable electricity manufacturers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/