According to analysts at Data Bridge Market Research, the global battery recycling sector was worth USD 2.17 billion last year. And over the course of the next seven years, this figure is projected to increase by nearly 420 million, representing a compound annual growth rate of 20.95 percent. The biggest reason behind the rapid rise in market is due to the increasing amount of used lithium-ion batteries that are becoming available for recycling. In fact, the production of lithium-ion batteries was worth over 38 billion last year. Analysts say that if this trend continues, there could be well over 109 billion lithium-ion batteries in the production sector by 2026. But will the recycling industry be able to catch up with the booming battery sector?
There are some concerns regarding the safety and disposal of the materials throughout the recycling process, which could hinder electronic recycling processors who handle lithium-ion batteries. However experts are looking into expanding recycling solutions, which would help mitigate this issue to a degree.
Given the fact that falling battery prices are pushing the demand for not only consumer electronics but e-mobility as well, it is safe to say that the increase in adoption and use of lithium-ion batteries has resulted in the rise of recycling of these batteries. The recycling industry has been working with this type of material for a number of years and therefore a spike in volume might take some time to handle, but it will not be an unmanageable task. It also helps that the growing concern regarding the depletion of metals and recycling of batteries helping in recovering these resources has acted as a significant driver for battery recycling. Therefore, seeing as how lithium-ion batteries power just about all of our daily devices, we hardly think they’ll be disappearing any time soon. Meaning, battery recyclers will begin to play an increasingly important role in the handling of these omnipresent devices.