The lithium-ion battery recycling market is being driven by the collection of dead batteries from different end sources such as automotive, industrial, power tools, and electrical and electronics. The demand for lithium-ion batteries in the electric vehicles is expected to propel the market of recycling in the future. Various countries are taking initiatives to promote the sales of electric vehicles. Additionally, rising governmental concerns regarding air pollution levels and harmful vehicular emissions are leading to the growth in the number of eco-friendly vehicles across the world.

Additionally, high energy consumption in residential and commercial sectors has led to the rise of lithium-ion battery-based energy storage systems, globally. The consumer electronic sector is currently the largest users of lithium-ion batteries in the world. Although automotive segment is expected to grow in the coming years, the demand for lithium-ion batteries and their subsequent recycling in the electrical and electronics sector is expected to remain prominent during the forecast period.

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China is currently the largest revenue-generating region in the lithium-ion battery recycling market. The concerted efforts by both the government and the manufacturing sector in promoting the usage of lithium-ion batteries have played a pivotal role in making this region the frontrunner in the field of lithium-ion battery recycling market. In the Asia-Pacific region, South Korea has the highest contribution in the market, followed by Japan. Technological advancements, extensive investments for dedicated R&D facilities, and development of gigafactories of lithium-ion batteries are some of the major drivers that are propelling the growth of recycling market in the region.

The competitive landscape of the lithium-ion battery recycling market consists of different strategies undertaken by major players across the entire value chain to gain market presence. Some of the strategies adopted by lithium-ion battery recyclers are business expansion, mergers and acquisitions, partnerships, and collaborations. Among all the strategies adopted, business expansion dominated the competitive landscape. GEM Co., Ltd, Glencore plc, SungEel HiTech Co. Ltd. And Umicore N.V./S.A. are some of the leading players in the global lithium-ion battery recycling market.

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Most of the lithium-ion battery recyclers are of similar financial capability, and the industry landscape is quite competitive because of the large number of players in the market. Therefore, innovations and developments have been the key factors for large-scale growth in this market. To increase their overall global footprint, the recyclers are expanding their businesses and are also entering into strategic partnerships to smoothen the process of battery collection and sorting. SungEel HiTech Co. Ltd. and GS Engineering & Construction Corp. (GS E&C) are some of the companies which have remained in the limelight since the last few years due to their developments in the lithium-ion battery recycling market.

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