Lithium-Ion Battery Recycling Market Size, Share, Growth Analysis, By Chemistry(Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP)), By Source(Electronics, Electric Vehicles), By Recycling Process(Physical/Mechanical, Hydrometallurgical) - Industry Forecast 2024-2031

Global Lithium-Ion Battery Recycling Market size was valued at USD 3.22 billion in 2022 and is poised to grow from USD 3.79 billion in 2023 to USD 14.95 billion by 2031, growing at a CAGR of 21.6% in the forecast period (2024-2031).

Among various rechargeable technologies, the lithium-ion battery recycling is likely to dominate the market in the latter half of the forecast period close it, mainly because of the demand for lithium-ion batteries and its potential as such a better power-to-load ratio. Additionally, growing concerns about battery dumping and tighter government policies have been exacerbated as lithium-ion battery adoption has increased due to falling lithium-ion battery prices and electric vehicles with increasing acceptance, drive the Lithium-Ion Battery Recycling market during the forecast period.

However, materials for lithium-ion batteries are available at low cost, while the cost of recycling is high cost, lack of strong supply chain takes of recycled batteries, and limited production may restrain the growth of recycled batteries during the forecast period.

The market has witnessed various public and private players implementing significant expansion strategies to expand the Lithium-Ion Battery Recycling industry scenario to increase their recycling capacity. The establishment of a new recycling program is expected to significantly increase the sales volume of reusable lithium-ion batteries. It is also expected to meet the high-technology requirements for rechargeable lithium-ion batteries in the coming decades. For example, in December 2020, Canadian Li Cycle, a Li-ion battery recycling company, announced the opening of its new recycling plant in Rochester, New York They developed waste generation of the product so that the recovery rate is about 95%