The global lithium-ion battery recycling market reached a value of $165.3 million in 2019 and is predicted to advance at a CAGR of 18.3% between 2020 and 2030. The prominent factors driving the progress of the market are the rapidly rising sales of electric vehicles (EVs) and the lack of abundant availability of lithium around the world. Moreover, many countries are implementing restrictions on lithium mining, owing to its environmental consequences.
The lack of abundant availability of lithium is one of the biggest factors boosting the popularity of lithium-ion battery recycling across the world. The severe environmental damage caused due to its mining, usually in the form of water pollution because of the leakage of toxic chemicals into water bodies, is also fueling the advancement of the lithium-ion battery recycling market. Additionally, the absence of suitable alternative materials that can provide similar functional characteristics to lithium is boosting the market growth.
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The surging deployment of electric vehicles is another important factor propelling the expansion of the market around the world. With the rapid environmental degradation and deteriorating air quality, the governments of many countries are increasingly focusing on implementing policies that boost the usage of electric vehicles. Moreover, people nowadays are preferring the eco-friendly electric vehicles over the conventionally used fossil fuel-powered automobiles. This is further pushing up the sales of electric vehicles across the globe.
However, due to the limited availability of the metal, the automobile manufacturing companies are adopting recycled batteries and various salvaged raw components and materials in electric vehicle manufacturing. Geographically, the lithium-ion battery recycling market would demonstrate the highest growth in Asia-Pacific (APAC) in the forthcoming years, as per the estimates of the market research company, P&S Intelligence. This is credited to the ballooning usage of electric vehicles in several regional countries such as Indonesia, the Philippines, China, and Vietnam.
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