The limited availability of lithium is pushing up the popularity of lithium-ion battery recycling across the world. Due to the rising concerns being raised over the escalating pollution levels caused due to the indiscriminate mining of lithium, the governments of many countries are limiting the mining of the metal. Lithium mining causes severe environmental degradation and the pollution of water bodies, on account of the leakage of toxic chemicals into the water supply.
Moreover, there are only a few lithium reserves around the world and there are alternative substances that can replace lithium in various applications. This is massively propelling the demand for the recycling of lithium-ion batteries. This process allows battery manufacturing companies to use lithium judiciously and avoid the exploitation of the material for commercial use. The other major factor fueling the expansion of the global market for lithium-ion battery recycling is the increasing deployment of electric vehicles across the world.
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Depending on battery type, the lithium-ion battery recycling market is classified into lithium-iron phosphate (LFP), lithium-cobalt oxide (LCO), lithium-ion manganese oxide (LMO), lithium-nickel-cobalt-aluminum oxide (NCA), and lithium-nickel-manganese-cobalt oxide (NMC) categories. Out of these, the lithium-iron phosphate (LFP) category is predicted to exhibit the fastest growth in the market in the coming years, on account of the several advantages of these energy storage devices such as lower weights, higher discharge rate, and better charging efficiency.
Globally, the lithium-ion battery recycling market will demonstrate the highest growth in Asia-Pacific (APAC) in the forthcoming years. This is attributed to the ballooning requirement for electric vehicles in the regional countries such as Vietnam, Indonesia, China, and the Philippines. In addition to these, the presence of several leading lithium-ion battery recycling organizations and the abundant availability of salvaged materials such as manganese, lithium, cobalt, and nickel in the regional countries are propelling the market advancement in this region.
Therefore, it is clear from the above paragraphs that the demand for lithium-ion battery recycling will surge all over the world in the coming years, primarily because of the limited mining of lithium and the growing usage of electric vehicles.
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