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The global Lithium Ion Battery Market is estimated to surpass $98.5 billion mark by 2026 growing at an estimated CAGR of more than 10.1% during the forecast period 2021 to 2026. Lithium – ion batteries are the secondary (Rechargeable) batteries commonly used in consumer electronics such as cell phones, laptops, tablets and other portable devices. Lithium – Polymer battery is also categorized under lithium – ion batteries. The lithium-ion battery market is owing to the growing emphasis on electric vehicles throughout the world. The automotive sector uses the lithium-ion battery at multiple stages of the production line of the vehicle. Rising investments in the development of electric vehicles are some of the key opportunities for the lithium-ion battery recycling market. Most companies have started recycling lithium-ion batteries as there is low accessibility for some of the raw materials such as lithium and cobalt. The rising dependence on NMC, Lithium cobalt oxide and Lithium iron phosphate batteries are in particular witnessing increased adoption in electric vehicles and consumer electronics.

Competitive Landscape:

The top 5 players in the Protein Supplements industry are –

1. Umicore

2. Glencore 

3. Li-Cycle

4. Northvolt

5. Retriev Technologies

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Segmental Analysis:

1. The advancement in technology and the rising need of electric vehicles has raised the demand for lithium-ion battery. Lithium-ion battery play an important role in charging the various types of electric vehicles. Moreover, the rising electric vehicle production and sales, in order to reduce carbon emissions and toxicity level has led to the growing demand for automotive Lithium Ion Battery Recycling during the forecast period.

2. Automotive is the fastest growing market with a CAGR of 13.9% through the forecast period. Majority of electric cars are powered by wet lithium-ion batteries, which use liquid electrolytes to transfer energy around. 

3. APAC region holds the largest market share of 37.2% in 2020. The APAC region driven by China is projected to drive market growth. China surpassed the US in 2015 to become the world leader in electric cars production, continuing to build a potential domestic market for battery makers like CATL through 2019. In 2019, China held around 61% of global li-ion battery production capacity. 

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Market Drivers and Challenges:

1. Rising Amount of Research into Lithium Ion Battery Recycling: Driven by the enormous quantity of spent Li-ion batteries expected soon from aging electric vehicles and ubiquitous portable electronics, start-up companies are commercializing new battery-recycling technology.

2. Rising Adoption of Li-NMC Batteries: Li-NMC batteries are preferred due to their low self-heating rate. Electric vehicles require high capacity and high power, which can only be provided by the NMC battery type.

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