SEATTLE (Recycling Monster): According to a new market research report by Meticulous Research, the global li-ion battery recycling market is expected to touch $6.9 billion by the end of the current decade, growing at a compounded annual growth rate (CAGR) of 21.3% from 2023 to 2030.

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The projected robust market growth will be mainly driven by the surge in need to manage the disposal of used batteries, the rising demand for electric vehicles and the falling battery prices. The rising recovery of valuable materials and increased incentives for recycling by various governments across the globe will create growth opportunities for market players. On the contrary, lack of proper recycling infrastructure and high cost of li-ion recycling poses threat to the growth of the recycling market, the report noted.

The industries that make use of li-ion batteries were impacted during the Covid-19 pandemic. This led to significant revenue decline in battery recycling market in 2020. At the same time, the medical devices industry witnessed elevated demand for battery-powered devices, which resulted in increased need for li-ion battery recycling. The Covid-19 pandemic had a mixed impact on the recycling market, the report noted. The production of li-ion batteries were impacted by restrictions imposed by many countries on material imports and exports from China.