Lithium-ion battery recycling market will reach US$23.72 billion by 203

According to market research firm Markets and Markets, the lithium-ion battery recycling market will reach $1.78 billion in 2017, and will reach $23.72 billion by 2030, with an annual compound growth rate of approximately 22.1%.
According to the market research organization Markets and Markets, the lithium-ion battery recycling market will reach 1.78 billion U.S. dollars in 2017, and is expected to reach 23.72 billion U.S. dollars by 2030, with an annual compound growth rate of approximately 22.1%.
到2030年锂离子电池回收市场将达237.2亿美元
Lithium-ion battery recycling market will reach US$23.72 billion by 203
To control the increasing pollution, the increase in the demand for electric vehicles has stimulated the consumption of lithium-ion batteries. Lithium-ion batteries have a lower self-discharge rate than other rechargeable batteries such as nickel-cadmium batteries and nickel-metal hydride batteries. Lithium-ion batteries provide high energy and high power density and are therefore used in various applications such as mobile phones, industrial equipment and electric vehicles.
Lithium iron phosphate will be the fastest battery type in the market
Based on chemical composition, the lithium iron phosphate battery market will grow at the highest annual compound growth rate. Lithium iron phosphate batteries are widely used in high-power equipment, including electric vehicles and lightweight marine batteries. Due to the stable performance at high temperatures, lithium iron phosphate batteries will not explode or catch fire. Lithium iron phosphate batteries generally have a long service life, can be used for 10 years, and can be recycled 10,000 times.
The power industry is the fastest growing industry in the market
By industry, the power industry is expected to be the fastest growing. Each year, the European Union produces about 24 kilograms of electronic and electronic waste, including lithium for high-tech industries. The European Union has implemented regulations that require the battery recovery rate to be at least 25% by the end of September 2012. By the end of September 2016, the battery recovery rate has gradually increased to 45%. The power industry is working to produce renewable energy and store it for a variety of uses. The low self-discharge rate of lithium-ion batteries is one of the main factors used by smart grids and renewable energy storage systems. This will lead to a high yield of used lithium-ion batteries for recycling in the power industry.
The automotive sector is the largest lithium-ion battery recycling market
In 2017, the automotive sector will become the largest part of the lithium-ion battery recycling market and is expected to continue to maintain its leading position in the next few years. Due to the low availability of raw materials such as lithium and cobalt, and most countries and companies are recycling abandoned used lithium-ion batteries, the use of electric vehicles has increasingly driven the demand for lithium-ion batteries.
Asia Pacific is the fastest growing region
By 2030, the Asia Pacific market is expected to grow at the highest compound annual growth rate. The Asia Pacific region includes countries such as China, Japan, and India. Among various application fields such as electric vehicles and energy storage, the Asia Pacific region is one of the fastest and largest markets for recycling and recycling lithium-ion batteries. Because China and India are the fastest-growing economies in the world and their population and industrial applications continue to grow, the demand for lithium-ion batteries in the Asia-Pacific region is very high.
Leading companies in the lithium-ion battery recycling market include Umicore (Belgium), Glencore (Switzerland), Retriev Technology (US), Raw Materials (Canada), International Metal Recycling (USA), and others.

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