As lithium-ion (Li-ion) batteries continue to electrify our world, experts say over 11 million ton of spent Li-ion batteries will be discarded from now to 2030. This means a very significant opportunity exists for the lithium ion battery recycling industry.
The prospect of a growing lithium ion battery (LIB) recycling industry is real, recycling is mandatory for supplying the materials needed by the tremendous growth of the lithium ion batteries industry in the coming years. With the clear signals that the LIB market is to take off owing to a dramatic rise in the use of electric vehicles (EV) in the near future
The Global Lithium Ion Battery Recycling market is expected to reach $8470.66 million by 2025 from $1222.34 million in 2019, growing at a CAGR of 38.08% from 2019 to 2025.
Rising demand for electric vehicles due to government regulations and subsidies encouraging battery recycling, and growing demand for smart devices in emerging economies are the key factors driving the growth of this market.Automotive is projected to be the largest industry segment of the lithium-ion battery recycling market.
Chemical manufacturers across the world have been supporting governments and have also been adhering to the rules and regulations made by respective authorities towards sustainable initiatives and green revolution. The developmental growth of bio-alternatives is also driving the growth of the chemical and material industry. Not only this, various academics and research institutes are cooperating with manufacturers across the world to develop sustainable alternatives for most common chemical substrates which are widely used in the globe.
Several companies are now eyeing further developments in green chemistry. Rapid shift towards environment-friendly chemicals is expected to gain impetus in the years to come after effectively made government regulations and preferences of end users. Increasing the cost of fossil fuels is also expected to drive the industry of chemical and material in a coming decade.
Reduction in the dependency on volume-driven growth can be seen due to increasing recycling practices which are impacting the sales of virgin materials. New materials that are available in the market are showing their potential for growth, however, chemical firms are yet to achieve a large amount of production of these materials along with high-quality maintenance.