A new report by Reports and Data shows the lithium-ion battery recycling Market Size is set to hit $13.6 billion by 2026 on the back of government subsidies that are encouraging battery recycling.
According to the Reports and Data report the global lithium-ion battery recycling market is forecast to reach $13.61 billion (€12.52 billion) by 2026. Raw materials used to manufacture lithium-ion battery are limited, whereas the demand is sky high from different end-users such as automotive, power, and consumer electronics, among others. Furthermore, the materials used in the batteries are hazardous to the environment. Reusing the utilised materials in the lithium-ion battery further helps in the preservation of resources; hence, the market for lithium-ion battery recycling is gaining popularity throughout the world.
The market for lithium-ion battery recycling is influenced by the rising demand for electric as well as hybrid electric vehicles where lithium-ion batteries are used extensively. Adoption of these vehicles results in a price hike of battery materials such as cobalt and lithium, hence making the recycling of lithium-ion battery industries more profitable.
The report comes at an interesting time for the toner and inkjet reuse sector where the collection and recycling of specialist batteries is an emerging new opportunity that already has well-proven collection channels and could link up with established battery recycling organisations.
The above-mentioned factors collectively create opportunities for market growth while factors such as safety issues while storage and transportation of spent batteries pose limitations in the market. However, each factor would have a definite impact on the market during the forecast period. Consistent advancements in the lithium-ion battery recycling market owing to innovative efforts have enhanced the efficiency of recycling process.
The Asia Pacific is a key region for the lithium-ion battery recycling market and is forecasted to grow at a very fast rate during the forecast period. Established lithium-ion battery manufacturers in the region, especially in China and the government regulations in which the manufacturers are responsible for setting up facilities to collect and recycle spent batteries are likely to fuel the market for lithium-ion battery recycling in the region.
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