The adoption of electric vehicles has increased significantly over the past few years due to the surging concerns regarding the environment and increasing awareness among people. A major component of an electric vehicle is its battery. Ever since the drop in their prices, lithium-ion (Li-ion) batteries are being used in electric vehicles primarily, owing to their high energy density. The surging demand for electric vehicles has then resulted in the wide adoption of these batteries as well.

But the availability of lithium is limited, which is why, the need for using it efficiently is high. The mining of Li further has adverse impact on the environment, majorly water pollution. Lot of chemicals are leaked into water bodies during the mining of Li. In addition to this, the unique properties of this metal make it quite indispensable for the automotive industry. Attributed to all this, the need for recycling Li-ion batteries is increasing by the day.

The global Lithium-ion battery recycling market generated a revenue of $165.3 million in 2019, and it is predicted to progress at an 18.3% CAGR during the forecast period (2020–2030), as per a report by P&S Intelligence. Different types of Li-ion batteries are Li-NMC, Li-NCA, LMO, LFP, and LCO, out of which, the LCO batteries have been recycled the most and the situation is expected to remain the same in the coming years well.

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Geographically, the Li-ion battery recycling market was dominated by Asia-Pacific in the past, because of the growing demand for electric vehicles in Vietnam, China, Indonesia, and the Philippines. In addition to this, a number major companies in the domain are operating in the region, owing to the high availability of salvages materials, such as cobalt, manganese, and nickel, in addition to Li. The expanding electrical & electronics industry is also creating high demand for Li in the region.

Hence, the market is growing due to the increasing demand for electric vehicles and limited availability of Li.