Lithium-Ion Battery Recycling Market Insights, Share, Growth Drivers and Forecast to 2030
The adoption of electric vehicles across the globe has increased substantially over the past few years, which can be primarily be attributed to the initiatives for decarbonizing personal transportation to meet targets for reducing greenhouse gas emissions. These targets are particularly aiming towards improving the air quality in urban cities. Other than government initiatives, the general public is also becoming aware regarding the deteriorating condition of the environment, attributed to which people are increasingly opting for electric vehicles rather than conventional fuel-based vehicles. The electric vehicles sales in 2017 was over one million cars per years across the world.
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This increased adoption of electric vehicles further created a high need for lithium-ion (Li-ion) batteries. It is expected that the increased utilized of electric vehicles will result in high volume of unprocessed battery pack waste, as the vehicles reach the end of their lives. Attributed to this, the demand for recycling and re-using Li-ion batteries after the end of their lives is increasing swiftly. As per a report by P&S Intelligence, the global lithium-ion battery recycling market generated a revenue of $165.3 million in 2019, and it is expected to progress at a 18.3% CAGR during the forecast period (2020–2030).
The reason for this is increased integration of these batteries in electric vehicles and the growing adoption of electric vehicles due to surging concern regarding greenhouse gas emissions. Furthermore, because of the limited availability of lithium metal, automobile manufacturers are widely using recycled batteries for meeting the requirement for clean mobility. Geographically, Asia-Pacific emerged as the largest lithium-ion battery recycling market in the past, which is particularly due to the presence of major battery recycling companies in China. Moreover, the surging popularity of electric vehicles in Japan, China, and Southeast Asian countries is creating demand for recycled Li-ion batteries.
In conclusion, the demand for recycled Li-ion batteries is increasing because of the rising adoption of electric vehicles.
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