Lithium-ion Battery Recycling Market Growth Outlook 2022-2029:
Lithium ion Battery Recycling Market is anticipated to produce at a CAGR of 23% during the forecast period 2022-2029. The global lithium-ion battery recycling market is being driven by increasing adoption and investment in the development of electric vehicles by various manufacturers around the world. Motivated by growing environmental concerns as well as oil's limited supply, the automotive industry has continued to develop various alternative fuel vehicles.
Market Growth, Demand Drivers Insights:
Battery electric vehicles (BEVs) are among the most common and widely used non-petroleum-based solutions. According to the International Energy Agency, sales of electric vehicles surpassed 2.1 million globally in 2019, surpassing the previous year's record of 7.2 million electric vehicles. In 2019, electric cars accounted for 2.6 percent of global car sales and about 1 percent of global car stock, representing a 40 percent year-on-year increase. As a result, this growing demand for electric vehicles presents a significant waste-management challenge for recyclers at the end of their useful life.
According to industry analysts, the world will produce 11 million metric tons of used Li-ion batteries per year by 2030. Electric vehicle batteries use a lot of plastics, rare minerals, and metals. Because raw materials such as cobalt or lithium are difficult to obtain, most businesses have implemented methods to recycle lithium-ion batteries, thereby increasing the market for Li-ion battery recycling during the forecast period. The limited availability of Lithium also calls for increased recycling of Lithium-Ion batteries.
Many products use lithium-ion batteries, including electronics, toys, wireless headphones, handheld power tools, small and large appliances, electric vehicles, and electrical energy storage systems. They can harm human health or the environment if they are not properly managed at the end of their useful life.
The dominance is attributed to the Environmental Protection Agency (EPA) focusing on regional air emission standards. Individual batteries should be sent to specialized battery recyclers or retailers that participate in takeback services, or they should be contacted by local solid waste or household hazardous waste programs for further recycling options, according to the US EPA.
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Lithium-ion Battery Recycling Market Regional Insights:
Asia Pacific region is the fastest-growing market in the global market over the forecast period 2022-2029. The energy storage system for residential and commercial applications drives the market in the region. The market is dominated by China and India, both of which have significant lithium-ion manufacturing potential.
According to data, in 2020, China was the largest holder of the passenger vehicles market with total sales amounting to approximately 20 million units According to data, China topped the lithium-ion battery market for electric vehicles, and the country accounts for roughly 40% of global electric vehicle sales. As a result, the region's growing number of end-users and Li-ion battery manufacturing is driving the market for recycling plants.
Some of the Major Companies Profiled in the Global Market:
By End User:
By Technology Process:
Physical and Mechanical Process
Lithium-nickel Manganese Cobalt
Middle East and Africa
Rest of the globe
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