Due to the scarcity of lithium and the rapidly rising adoption of electric vehicles (EVs) across the world, the global lithium-ion (Li-ion) battery recycling market attained a valuation of $165.3 million in 2019. The market is further predicted to register a CAGR of 18.3% between 2020 and 2030. Besides the declining availability of lithium, the environmental damage caused because of its large-scale mining is also majorly responsible for the soaring popularity of lithium-ion battery recycling all over the world.

The global shortage of lithium is a major factor propelling the growth of the lithium-ion battery recycling market. Although lithium is available in huge quantities in Asia, Africa, Europe, South America, and North America, almost half of the total lithium in the world is produced and mined in Bolivia, Chile, and Argentina. However, the enactment of strict policies and laws in these countries in recent times have severely limited the mining of lithium, which has, in turn, fuelled the requirement of lithium-ion (Li-ion) battery recycling.

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Apart from the above-mentioned factor, the surging adoption of electric vehicles is also massively contributing toward the progress of the lithium-on (Li-ion) battery recycling market. On the basis of battery type, the market is categorized into lithium-iron phosphate (LFP), lithium-nickel-manganese-cobalt oxide (NMC), lithium-cobalt oxide (LCO), lithium-nickel-cobalt-aluminium oxide (NCA), and lithium-ion-manganese oxide (LMO). Amongst these, the LCO category is predicted to generate the highest revenue in the market in the future years.

Depending on end user, the lithium-ion (Li-ion) battery recycling market is divided into electrical and electronics, power, and automotive industries. Out of these, the automotive category will record the highest and the fastest growth in the market in the forthcoming years. This is credited to the increasing incorporation of the lithium-on batteries in electric vehicles. Furthermore, the rising deployment of EVs in several countries coupled with the declining availability of the Li metal is making the automobile manufacturers switch to recycled batteries.

Geographically, the lithium-ion battery recycling market is expected to exhibit the fastest and the highest growth in the Asia-Pacific (APAC) region in the upcoming years, as per the findings of the market research organization, P&S Intelligence. This is attributed to the mushrooming utilization of electric vehicles in Philippines, Vietnam, Indonesia, and China. In addition to this, the presence of numerous lithium-ion battery recycling organizations in the region causes the high availability of several recyclable materials such as lithium, cobalt, manganese, and nickel.

Thus, it is clear from the aforementioned paragraphs that the market will demonstrate substantial growth in the years to come, primarily because of the growing utilization of electric vehicles and reducing mining of lithium throughout the world.