Lithium-ion Battery Recycling Market Size

Lithium-Ion Battery Recycling Market Analysis

The Lithium-ion Battery Recycling Market size is estimated at USD 3.25 billion in 2024, and is expected to reach USD 8.97 billion by 2029, growing at a CAGR of 22.49% during the forecast period (2024-2029).

Among different types of battery recycling technology, the lithium-ion battery (LIB) recycling market is expected to dominate the global battery recycling market in the latter part of the forecast period, majorly due to the demand for lithium-ion batteries and its ability such as favorable capacity-to-weight ratio. Moreover,  Rising concerns over battery waste disposal and stringent government policies clubbed with the increase in usage of lithium-ion battery due to the declining lithium-ion battery prices and growing adoption of electric vehicles, are likely to drive the lithium-ion battery recycling market during the forecast period. However, the raw materials for the manufacturing of lithium-ion batteries are available at a low cost, whereas a high cost is incurred in recycling. The high cost, along with the lack of a strong supply chain and low yield related to battery recycling, is likely to restrain the growth of the battery recycling market during the forecast period.

• The power sector witnessing significant growth owing to requirement for energy storage solutions in the wake of policy-level initiatives to promote renewable power generation and massive deployment of electric vehicles. 
• Advancements in battery technologies leading to the creation of technologically advanced batteries being developed by manufacturers are likely to create a massive opportunity for the battery recycling companies to invest and redirect their resources to make a breakthrough battery recycling technology.
• Asia-Pacific is expected to lead the lithium-ion battery recycling market, during the forecast period, due to the growth of the manufacturing sector, renewables power and the EV demand.