The lithium-ion battery recycling market will advance at a growth rate of 20.45% during 2022–2030, to reach USD 21,184 million by 2030, as stated by a market research institution, P&S Intelligence.

The key factors driving the industry are the inadequate supply of lithium metal and the expanding acceptance of EVs globally, as a result of the subsidies offered by diverse nations. Fundamentally, the decreasing cost of EVs as a result of road tax relaxations and subsidies of the government is driving their acceptance.

The LCO battery category had the largest share in 2022, and it will continue dominating in the years to come. The discharge voltage of LCO batteries and high energy density, making them more appropriate for power tools, mobiles, tablets, and laptops and hybrid/full EVs, is the main driver in this category.

Get More Insights: Li-Ion Battery Recycling Market Revenue Estimation and Growth Forecast Report

The increasing use of lithium-ion batteries in numerous applications has brought about in the increasing concerns pertaining to the limited obtainability of the base metal. The mining of This metal has a negative impact on the environment, including water pollution as a result of chemical leakage. As a result of this fact, Li-ion battery recycling has picked up of late. 

Furthermore, since no material presently has characteristics similar to lithium, manufacturers are focusing on the reuse of lithium batteries, to provide an acceptable metal for batteries for diverse uses.

Because of the limited availability of lithium, the demand for lithium-ion battery recycling will continue to grow in the years to come.