Lithium-Ion Battery Recycling Global Business Report 2024
Global Lithium-Ion Battery Recycling Market to reach 23.6 billion US-Dollar by 2030.
Market research store Research and Markets has added a report to its offering, which predicts that the global market for Lithium-Ion Battery Recycling is projected to reach 23.6 billion US-Dollar by 2030, growing at a CAGR (compound annual growth rate) of 18.8 percent from 2023 to 2030. Last year, this worldwide market was estimated at 5.9 billion US-Dollar.
“In the global economic landscape, competition within the lithium-ion battery recycling market is intensifying,” the information said. “Key competitors’ percentage market shares for 2023 highlight the competitive dynamics of this crucial sector. The indispensability of batteries in modern life brings battery recycling to the forefront of the recycling revolution. As batteries are ubiquitous and essential in the 21st century, there is an urgent need to make them cleaner and greener.”
As underlined, lithium-ion batteries are particularly significant due to lithium’s central role in sustainability efforts. Recent market activities and world brands were pivotal in shaping the current landscape of lithium-ion battery recycling. According to Research and Markets, Lithium-Nickel Manganese Cobalt (Li-NMC) Battery Chemistry, one of the segments analyzed in the report, is projected to record 20 percent CAGR and reach 14.9 billion US-Dollar by the end of the analysis period. Growth in the Lithium-Iron Phosphate (LFP) Battery Chemistry segment is estimated at 17 percent CAGR for the next eight-year period.
Growth in USA and China
The Lithium-Ion Battery Recycling market in the USA was estimated at 1.2 billion US-Dollar in the year 2023. “China, the world’s second largest economy, is forecast to reach a projected market size of 7.6 billion US-Dollar by the year 2030 trailing a CAGR of 22.5 percent over the analysis period 2023 to 2030,” the market research store reported. “Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 16 percent and 16.3 percent respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 18.3 percent CAGR.”
researchandmarkets.com/reports/5302807
(Published in GLOBAL RECYCLING Magazine 2/2024, Page 5, Photo: Landratsamt Kitzingen studio zudem / abfallbild.de)
