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Global Battery Recycling Market Comprehensive Study: Forecasted Market Size And Growth Rate
Battery Recycling Market Outlook 2024: Exclusive Report By The Business Research Company
The Business Research Company offers in-depth market insights through Battery Recycling Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The battery recycling market size has grown rapidly in recent years. It will grow from $17.61 billion in 2023 to $19.87 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period can be attributed to rise in electronic waste and the need for proper disposal, increased adoption of rechargeable batteries in consumer electronics, growth of the electric vehicle market, stringent environmental regulations promoting recycling practices, awareness of the finite nature of metal resources.
The battery recycling market size is expected to see rapid growth in the next few years. It will grow to $32.22 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. The growth in the forecast period can be attributed to focus on sustainable practices, government incentives and policies promoting battery recycling, rising demand for energy storage solutions, increasing consumer awareness and preferences for sustainable products, growing focus on circular economy and closed-loop supply chain. Major trends in the forecast period include focus on developing innovative business models for battery recycling, technological advancements in battery recycling processes, collaboration between industries, integration of blockchain technology for transparent and traceable battery recycling, exploration of urban mining for extracting valuable materials from used batteries.
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Market Segmentation:
The battery recycling market covered in this report is segmented -
1) By Type: Lead-Acid Battery, Nickel-Based Battery, Lithium-Based Battery, Other Battery Types
2) By Processing State: Extraction Of Material, Reuse, Repackaging And Second Life, Disposal
3) By Application: Automotive, Consumer Electronics, Industrial, Other Applications
Major Driver - Electric Vehicle Surge Fuels Battery Recycling Market Growth
The increasing adoption of electric vehicles is expected to drive the growth of the battery recycling market in the forecast period. Electric vehicles (EV) are automobiles which are completely or partially powered by electricity. Disposing an electric vehicle battery is expensive, particularly if the waste contains valuable materials. Recycling is an opportunity to minimize life cycle costs by recovering high-value materials and avoiding the expense of hazardous waste disposal. With the growth in EV sales, the number of lithium-ion batteries in the market increases. The limited life of these batteries requires an effective recycling medium in order to stabilize domestic source of materials for battery production, reduce the demand for raw materials and minimize geopolitical disruptions of the supply chain. After a period of 5-8 years the power generated by these batteries is not enough for the EV, but it can be used in other low-grade applications such as in households, energy backups, renewable energy storage and off-peak energy storage. Recycling EV batteries also helps recover the metals - cobalt, lithium, nickel, and others, which can then be used for manufacturing new batteries, saving resources and cost of production. According to International Energy Agency, global electric vehicle sales are projected to reach 125 million by 2030. Therefore, the increasing adoption of electric vehicles propels the growth of the battery recycling market.
Competitive Landscape:
Major companies operating in the battery recycling market report are Li-Cycle Holdings Corp., Battery Solutions LLC, Exide Industries Ltd., Umicore NV/SA, Aqua Metals Inc., Gravita India Limited, East Penn Manufacturing Company, ENERSYS Corp., Fortum Oyj, Accurec Recycling GmbH, Eco-Bat Technologies Ltd., Terrapure Environmental Services Inc., Guangdong Brunp Recycling Technology Co. Ltd., Anhua Taisen Recycling Technology Co. Ltd., Doe Run Company, RSR Corporation, Gopher Resource LLC, Glencore plc, American Battery Technology Company, Call2recycle Inc., G. & P. Batteries Limited, Retriev Technologies Inc., Stena Recycling Sp. z o. o., TES India Private Limited, The International Metals Reclamation Company, Cirba Solutions Co., RecycLiCo Battery Materials Inc., Sitrasa Co., Recupyl SAS, Raw Materials Company Inc., Battery Recycling Systems Co., Johnson Controls International plc
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Top Trend - Strategic Collaborations Drive Battery Recycling Market Efficiency
Major companies operating in the battery recycling market are entering into strategic collaborations to improve know how and enhance battery recycling efficiency. For instance, in 2021, Johnson Matthey, a UK-based sustainable technologies company, partnered with Stena Recycling Group , a Sweden based leading recycler of industrial waste and end of life products, to develop an efficient value chain for the recycling of lithium-ion batteries and cell manufacturing materials in Europe. Similarly, in July 2022, Volkswagen Group of America, a subsidiary of Germany-based Volkswagen Group, partnered with a US-based battery recycling startup, Redwood Materials to create supply chain for EV battery recycling. The partnership is expected to establish a supply network for recycling Volkswagen and Audi electric vehicle batteries in the US with the aim of giving American drivers more affordable and environmentally friendly access to electric mobility.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Battery Recycling Market Characteristics
3. Battery Recycling Market Trends And Strategies
4. Battery Recycling Market - Macro Economic Scenario
5. Battery Recycling Market Size And Growth
…..
27. Battery Recycling Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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