Due to the scarcity of lithium and the rapidly rising adoption of electric vehicles (EVs) across the world, the global lithium-ion battery recycling market attained a valuation of $165.3 million in 2019. The market is further predicted to register a CAGR of 18.3% between 2020 and 2030. Besides the declining availability of lithium, the environmental damage caused because of its large-scale mining is also majorly responsible for the soaring popularity of lithium-ion battery recycling all over the world.


The global shortage of lithium is a major factor propelling the growth of the lithium-ion (Li-ion) battery recycling market. Although lithium is available in huge quantities in Asia, Africa, Europe, South America, and North America, almost half of the total lithium in the world is produced and mined in Bolivia, Chile, and Argentina. However, the enactment of strict policies and laws in these countries in recent times have severely limited the mining of lithium, which has, in turn, fuelled the requirement of lithium-ion (Li-ion) battery recycling.


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Apart from the above-mentioned factor, the surging adoption of electric vehicles is also massively contributing toward the progress of the lithium-on (Li-ion) battery recycling market. On the basis of battery type, the market is categorized into lithium-iron phosphate (LFP), lithium-nickel-manganese-cobalt oxide (NMC), lithium-cobalt oxide (LCO), lithium-nickel-cobalt-aluminium oxide (NCA), and lithium-ion-manganese oxide (LMO). Amongst these, the LCO category is predicted to generate the highest revenue in the market in the future years.


Asia-Pacific (APAC) held the largest revenue share in the lithium-ion battery recycling market in 2019, on account of the strong presence of a number of battery recycling companies in the region, especially China. Further, the popularity of EVs is swiftly rising in China, Japan, and numerous Southeast Asian countries, including Vietnam, Indonesia, and the Philippines. This is creating an additional demand for recycled Li-ion batteries, as the reserves of lithium metal are limited.