Lithium-ion battery recycling market expected to surpass $32 billion by 2032
From GlobeNewswire: 2024-12-04 06:30:00
The lithium-ion battery recycling market is set to reach USD 32 billion by 2032, with a focus on recovering valuable materials like lithium, cobalt, and nickel from used batteries. This is crucial due to the environmental impact of improper disposal. Manufacturers are investing in recycling to secure a stable supply chain.
The automotive sector is driving the market, with projections of exceeding USD 17 billion by 2032. The shift to electric vehicles and global efforts to reduce carbon emissions are key factors. Stricter environmental policies and mandates for proper disposal are expected to further boost demand for recycling.
The lithium nickel manganese cobalt oxide (NMC) segment is expected to grow at a CAGR of over 19.5% through 2032. NMC batteries offer economic advantages and reduce reliance on environmentally harmful mining practices. The demand for high-performance batteries for electric vehicles and energy storage will drive adoption of NMC technology.
In the Asia-Pacific region, the lithium-ion battery recycling market is forecasted to surpass USD 14 billion by 2032. The growth of electric vehicles and consumer electronics, along with government incentives, will drive industry development. Stricter regulations mandating recycling networks and compliance with extended producer responsibility will create opportunities for market expansion.
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