The global lithium-ion battery recycling sector will be worth US$ 22.8 billion (EUR 21 billion) by 2030, up from US$ 4.6 billion last year. This represents a sizeable compound annual growth rate of 19.6% during the forecast period, according to analysts at Research&Markets.
The lithium-ion battery recycling market is will witness ‘intense growth’ across different end-use industries, especially the automotive and industrial industry. The new report says North America dominated the lithium-ion battery market in 2020 and is projected to lead in the next eight years.
Meanwhile, by battery chemistry, lithium-titanate oxide (LTO) battery chemistry is projected to grow at the highest CAGR during the forecast period. Increased use of LTO in electric powertrains by manufacturers such as Mitsubishi Motors Corporation (Japan) and Honda Motor Co., Ltd. (Japan) is expected to lead to the growth of the LTO segment in the lithium-ion battery recycling market.
By market, the marine segment is projected to be the second-largest owing to increasing awareness about the utilisation of sustainable and clean sources of energy. ‘As per the application requirements, leading shipbuilding companies are adopting lithium-ion battery technology to enable enhanced power performance for long-distance navigation. This has propelled the usage of lithium-ion batteries in the marine sector, leading to the generation of spent lithium-ion batteries for recycling,’ analysts write.
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