Lithium-ion batteries have a high energy density and are rechargeable in nature. These batteries are used in portable electronic gadgets, electric cars, and other industrial energy storage applications. Most lithium-ion batteries are disposed of in landfills after their life cycle. It is critical to recycle them to reduce the pollution caused by these dangerous batteries. However, while battery recycling was once thought to be a legislative activity, it is now a more profitable way to recover metals by recycling various batteries, including lead-acid, lithium-ion, and nickel-metal hydride.
The global lithium-ion battery market is expected to proliferate in the coming years because of the increased use of various automobiles, such as electric and hybrid vehicles. This, in turn, is expected to fuel the growth of the lithium-ion battery recycling market.
Environmental Pollution Through the Disposal of Batteries to Drive the Global Lithium-Ion Battery Recycling Market
Batteries are made up of metals and other toxic materials that are incredibly harmful to the environment. As a result, battery recycling is no longer just about repurposing metals; it is also necessary. Since batteries emit hazardous chemicals, they pose a potential toxic risk to aquatic ecosystems. Corrosive liquids and dissolved metals are released due to improper handling and careless battery waste management, posing a severe threat to plants and animals. As a result, battery recycling is a way to eliminate these negative consequences, but it also has the added benefit of repurposing recycled metal. As a result, the high risk of battery disposal is a primary factor driving the demand for battery recycling, which causes the market's growth.
Higher Energy Efficiency Requirements and Widescale Adoption of Electric Vehicles to Create New Opportunities for the Global Lithium-Ion Battery Recycling Market
Technological advancements have added new features to these devices in today's business environment, increasing battery consumption. Due to increased processor utilization, various applications and additional features such as games, cameras, music players, and video players require more energy. As a result, the energy requirements of these devices are higher, and they need a high-capacity battery that can last longer, driving up demand for lithium-ion batteries. Furthermore, during the forecast period, an increase in consumer gadget applications is expected to create numerous opportunities for the lithium-ion battery recycling market.
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COVID-19 had a negative influence on various businesses and governments around the world. A decline in the growth rate of companies such as construction and building, transportation, oil and gas, and energy has been observed globally due to the imposed lockdown. As a result, the demand for various critical equipment and appliances with energy storage sections has decreased, which is projected to slow the growth of the lithium-ion battery recycling market in the coming year. To prevent the spread of coronavirus, European economies such as Germany, France, Spain, and Italy have implemented strict measures to establish social distance and limit travel, resulting in the closure of production and recycling facilities. Moreover, consumer expenditure on electronics and electrical appliances, and automobiles fell throughout the epidemic. As a result of these reasons, the global lithium-ion battery recycling market grew slowly in 2020.
Europe garnered a dominant market share in 2021 and is anticipated to maintain this trend during the forecast period. It is estimated to reach an expected value of USD 13,360 million by 2030 at a CAGR of 39.9%. This is due to many reasons, like a large consumer base and the presence of key players in the region. Furthermore, environmental regulations and the rapid growth of the electric vehicle industry in the region are expected to boost the lithium-ion battery recycling market in Europe.
Asia-Pacific grows at the highest rate in revenue in the lithium-ion battery recycling market. It is estimated to reach an expected USD 8,930 million by 2030 at a CAGR of 40.8% during the lithium-ion battery recycling forecast period. The major contributors to this region's market growth are China, Japan, India, South Korea, and Australia. Furthermore, the rapid growth of the Asia-population Pacific and its economy propels the lithium-ion battery industry, which will increase demand for battery recycling in the region.
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