Nearly 12 Million Tonnes of Li-ion Batteries Will be Recycled by 2042

SEATTLE (Scrap Monster): The lithium-ion battery recycling market is expected to boom over the next two decades, says a new study conducted by UK-based research company IDTechEx. The report titled “Li-Ion Battery Recycling Market 2022-2042” says that nearly 12 million tonnes of li-ion batteries will be recycled by 2042, thus registering a CAGR growth of over 22% during the forecast period.

The report notes that Li-ion batteries dominate the electric vehicle (EV) market and are a major component of consumer electronics market. The recycling of these batteries could help to recover the embedded value of battery metals, thereby creating extra revenues and a circular supply chain.

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The EV batteries are beginning to reach the end of their life in the coming decades. This will result in an exponential growth of retired EV batteries available for recycling, which in turn will generate huge value opportunities. The efficient recycling of Li-ion batteries needs to address several key issues such as poor battery collection network and lack of proper design for recycling at available facilities.

More than 8% of cobalt demand and 6% of lithium demand will be supplied by recycled lithium-ion batteries by 2030, the report noted. A ramp up of recycling investments could further boost these rates, it added.