Lithium-ion Battery Recycling Market - Forecast(2021 - 2026)
Lithium-ion Battery Recycling Market size is forecast to reach US$10.7 billion by 2026, after growing at a CAGR of 24.8% during 2021-2026. The Lithium-ion battery recycling market is influenced by rising demand for electric as well as hybrid electric vehicles, where Lithium-ion batteries are used extensively. The adoption of these vehicles results in a price hike of battery materials such as cobalt and lithium, thus making recycling of Lithium-ion battery industries more profitable. In addition, limited availability of the raw materials used in Lithium-ion battery manufacturing and high demand from various end-use industries fuels the market for Lithium-ion battery recycling. However, low cost sodium ion batteries are in development and although they produce lower power when compared with lithium ion batteries, they are safer to use. In addition, multivalent batteries such as AI3+ are currently under research and are cheaper to manufacture. These products may hamper recycled lithium i...