Lithium-ion battery recycling market had a value in 2017 of about $1.78 billion. The forecast by 2030 is 23.72 billion, with an annual growing rate (CARG) of 22.1%. The consumption of lithium-ion batteries has increased thanks to the diffusion of consumer electronics, as well as electric vehicles.
As used batteries are dangerous, many companies have started recycling them, further to the fact that raw materials such as lithium and cobalt are difficult to find. The automotive industry is the largest sector for battery recycling, followed by energy. The request for Lithium-ion batteries has been raising due to their high energy potential and power density; for these reasons, the battery recycling marketing should be the largest market in the next 10 years.
Concerning the geographic areas, Asia-Pacific will be the main market, with a great and stable growth, due to the development of the automotive sector in China, Japan and India.
However, there are also risks in this sector, including the difficulty of ensuring safety in the transport of used batteries; nevertheless, the market for battery recycling continues to expand, with Belgium and Switzerland as leading countries.