The  global lithium-ion battery recycling market  is to be worth more than USD 32.14 billion by 2033.

The ongoing proliferation in demand for electric vehicles coupled with growing disposable income in developing regions is predicted to support the lithium-ion battery recycling market growth enormously. The analysis has represented vast opportunities in Asia- pacific region where along with the rise in disposable income, consumer interest is also inclining towards green transportation. The growing preference for zero waste generation is propelling more demand for lithium-ion battery recycling by the national government. For instance, in April 2019, the Scottish government declared a global climate emergency under which it planned to reach net zero by 2045, with short-term targets of 75% by 2030 and 90% by 2040.

Another triggering factor for lithium-ion battery recycling market growth lies in the fact that lithium-ion battery prices are falling, which is making the battery more accessible for other applications in the power industry. As per the analysis of Bloomberg, lithium-ion battery pack prices fell from $1,100 per kilowatt-hour in 2010 to $137/kWh in 2020, witnessing a decline of 89% in real terms. Moreover, by 2023, average prices will be nearly $100/kWh as per the latest forecast. This is accredited to growing competition in the lithium-ion battery market coupled with innovations in the automotive industry. Moreover, many companies are taking initiatives to build a zero-waste policy in the coming years. For instance, in May 2021, Ultium Cells LLC, a joint venture between General Motors and LG Energy Solution,signed an agreement with Li-Cycle to recycle up to 100 percent of the material scrap from battery cell manufacturing. This contract is a part of General Motors' zero-waste that initiative aims to sidetrack more than 90 percent of its manufacturing waste from landfills and incineration globally by 2025. The automotive industry forms the major demand for lithium-ion batteries owing to the increasing adoption of electric vehicles. Governments all across the globe are implementing policies for faster adoption of EVs to transform their transportation infrastructure into green infrastructure. For instance , in October 2022, the German government approved a plan to spend 6.3 billion euros ($6.1 billion) till 2025 to swiftly scale up the figure of charging stations for electric vehicles across the country.The plan foresees a 14-fold surge in the number of charging stations, climbing to 1 million by 2030 from around 70,000 in 2022. The rapid growth of the electric vehicles market is creating market opportunities for the lithium-ion battery recycling market.

The companies operating within the lithium-ion battery recycling industry are undergoing mergers, collaboration, acquisition, long-term contracts, and service agreements to increase their global footprint. For instance, In August 2021, Li-Cycle Holdings Corp, the leading lithium-ion ion battery recycler in North America, combined its business with Peridot Acquisition Corp. This merger between Li-Cycle Holdings Corp and Peridot Acquisition Corp represents a combined company pro forma equity value of $1.55 billion. This merger is a part of Li-cycle's attempt to close the battery supply chain loop. This merger has provided Li-cycle with the capital to exploit momentous growth opportunities, develop their revolutionizing commercial technology, and build lithium-ion recycling facilities across the globe.

According to the CXOs and primary research conducted, the rise in disposable income and the growing demand for electric cars in developing or developed regions would aggressively impact the lithium-ion battery recycling market growth. On the other hand, the supply chain of lithium-ion Being concentrated is complex as well. Many components and raw materials are scarce and subject to geopolitical risk, which can hinder the market growth of lithium-ion battery recycling.

The lithium-ion battery recycling market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In line with the analyzed region, the Asia-pacific region will witness the highest market growth, followed by Europe , Asia-Pacific, Latin America, and Middle East & Africa. Quick adoption of new demands for electric cars, falling lithium-ion battery prices, rise in disposable income, and the presence of major industry players within the region are primary factors supporting market potential within the Asia- Pacific region. The major companies operating within the market are Fortum, Glencore International AG, International Metals Reclamation Company, Neometals Ltd, OnTo Technologies LLC, Raw Materials Company Inc. (RMC), Redwood Materials Inc., Recupyl Sas , Retriev Technologies Inc., and Umicore.

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