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 and government initiatives to reduce dependence on foreign sources of battery materials. Notable developments include Li-Cycle's commencement of commercial operations at their Spoke recycling facility in Magdeburg, Germany on August 1, 2023, and Umicore's launch of their new Battery Recycling Solutions business unit in March 2023. These initiatives underscore the industry's commitment to advancing battery recycling technologies and reducing environmental impact. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on segments_for_ai.nslist

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 use of electric vehicles (EVs) and subsidies. However, safety issues surrounding spent batteries pose challenges. Recycling initiatives, development grant programs, and public-private partnerships are addressing these concerns. Companies like Toxco, Umicore, Glencore, and prominent players in the LIB industry are investing in this sector. Spent batteries contain acids, heavy metals, mercury, lead, and hazardous chemicals, necessitating careful handling. Residual charge and property damage are also considerations. Lithium, a key raw material, is in high demand, making battery recycling essential for environmental concerns and resource depletion. Copper and lithium reserves are crucial to this process.

Market Research Overview

The Lithium-Ion Battery Recycling Market encompasses businesses specializing in the collection, processing, and reutilization of spent batteries from electric vehicles and energy storage systems. Key growth drivers include subsidies for electric vehicles, safety concerns necessitating recycling, and the increasing demand for raw materials in the renewable energy sector. This market's expansion is further fueled by the global renewable electricity market's growth, driven by supportive policies, ambitious targets, and the involvement of independent power producers, gas and power marketing 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
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