DUBLIN–(BUSINESS WIRE)–The “Li-ion Battery Recycling Market by Model, Battery Type, Process, and Geography – Global Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global Li-ion battery recycling market is expected to reach $6.9 billion by 2030, at a CAGR of 21.3% during 2023-2030
The growth of this market is attributed to the factors such as the surge in need to manage the disposal of used batteries, the growing demand for electric vehicles, and the declining prices of batteries. However, the lack of proper recycling infrastructure restrains the growth of the global Li-ion recycling market.
Growing government incentives for battery recycling and the rising recovery of valuable materials are expected to create growth opportunities for the players operating in this market. However, the high cost of Li-ion recycling is a major challenge for the growth of the Li-ion battery recycling market.
Based on business model, the global Li-ion battery recycling market is broadly segmented into contractual services and direct-to-market.
In 2023, the contractual services segment is expected to account for the larger share of the global Li-ion battery recycling market.
This segment’s large market share is attributed to the surging need to manage the disposal of used batteries, increasing government incentives and regulatory compliance for Li-ion battery recycling, rising need to reduce the cost of raw materials for new EV batteries. This segment is also projected to register the higher CAGR during the forecast period.
Based on battery type, the global Li-ion battery recycling market is broadly segmented into lithium cobalt oxide (LCO), lithium iron phosphate (LFP), lithium manganese oxide (LMO), lithium nickel cobalt aluminum oxide (NCA), lithium nickel manganese cobalt oxide (NMC), and lithium titanate oxide (LTO).
In 2023, the LCO is expected to account for the largest share of the global Li-ion battery recycling market.
This segment’s large market share is attributed to its several advantages over other types of lithium-ion batteries, including high power output, increasing use in applications such as global positioning system devices, tablets, laptop computers, smartphones, electric vehicles, and medical devices where high-power output and long cycle life are essential, LCO batteries limited lifespan, rising need to recover valuable materials from the Li-ion batteries.
However, the NMC segment is projected to register the highest CAGR during the forecast period.
In 2023, Asia-Pacific is expected to account for the largest share of the global Li-ion battery recycling market, followed by Europe and North America.
The region is also expected to witness rapid growth during the forecast period. The large market share of Asia-Pacific is attributed to the growing implementation of new policies and regulations to promote the recycling of lithium-ion batteries and reduce environmental pollution, the growing demand for lithium-ion batteries for EVs battery production, the surging amount of battery waste generated, and the growing awareness and concern for environmental sustainability.
Key questions answered in the report:
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Market Challenges
Trends
Value Chain Analysis
Competitive Landscape
Company Profiles
Scope of the report:
Li-ion Battery Recycling Market, by Business Model
Contractual Recycling Services, By End-use Industry
Direct-to-Market, By End-use Industry
Direct-to-Market, By Material
Li-ion Battery Recycling Market, by Battery Type
Li-ion Battery Recycling Market, by Recycling Process
For more information about this report visit https://www.researchandmarkets.com/r/7d9cl2
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