Battery Manufacturing Recycling Market Unearthing Potential: Exploring the Battery Manufacturing Recycling Market

Battery Manufacturing Recycling Market worth $6.92 Mn by 2031 - Exclusive Report by InsightAce Analytic Pvt. Ltd.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Battery Manufacturing Recycling Market - (By Application (Automotive, Electronics, Energy and Power, Aerospace and Defense, Construction, Others), By Source (Automotive Batteries, Industrial Batteries, Consumer Electronics Batteries, Others), By Technology (Hydrometallurgy, Pyrometallurgy, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Battery Manufacturing Recycling Market is valued at US$ 2.06 Bn in 2023, and it is expected to reach US$ 6.92 Bn by 2031, with a CAGR of 16.5% during the forecast period of 2024-2031.

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Battery Recycling involves collecting lithium-ion batteries from various sources like consumer electronics, industrial equipment, electric vehicles, and more. The global market considers the revenue generated from selling recovered metals or elements, regardless of their final use - whether recycled back into batteries or used for other secondary purposes.

Reports indicate that most recovered metals are currently used for low-power batteries. However, with the growing popularity of electric vehicles, this market is expected to see significant development, furthering the need for advanced battery production waste recycling technologies.

Looking ahead, new trends like decarbonization goals, ethical supply chain initiatives, and increased focus on secondary battery materials are expected to present significant opportunities for market growth. Additionally, growing investments in recycling technologies, coupled with business model changes driven by climate action and the development of environmentally and economically sound technologies, will likely fuel market expansion in the coming years.

List of Prominent Players in the Battery Manufacturing Recycling Market:

• Gopher Resource
• Gravita India Limited
• Li-Cycle Corp.
• Neometals Ltd.
• Raw Materials Company
• RecycLiCo Battery Materials Inc.
• Redwood Materials Inc.
• Shenzhen Highpower Technology Co., Ltd.
• Fortum
• Brunp Recycling
• Hydrovolt AS
• Umicore
• BASF SE
• Tenova S.p.A.
• Duesenfeld
• Aqua Metals Inc.
• Green Li-ion Pte Ltd.
• ACCUREC Recycling GmbH
• American Battery Technology Company
• Call2Recycle, Inc.
• Cirba Solutions
• Contemporary Technology Co., Limited
• East Penn Manufacturing Company
• Ecobat
• Element Resources
• EnerSys
• Exide Industries Ltd.
• GEM Co., Ltd.
• Glencore
• Others

Market Dynamics:

Drivers-
The market is expected to rise rapidly over the projected period as the popularity of electric vehicles (EVs) and renewable energy storage systems drives up demand for batteries, increasing the requirement for recycling. Governments all over the world are passing legislation to encourage battery recycling and reduce environmental impact, which is expected to spur business growth.

Government regulations, environmental safety, and public awareness are projected to fuel expansion in the global battery recycling market. Aesthetic battery design, convenience of battery installation, and the availability of protective layers to reduce the risk of fire and short-circuiting are likely to pave the way for new growth opportunities in the global market.

Challenges:
The battery recycling sector may face considerable challenges due to the high cost of recycling and a lack of solutions. Battery recycling entails a variety of time-consuming and costly steps, including collection, sorting, disassembly, and extraction of important materials such as cobalt, lithium, nickel, as well as rare earth metals.

The expense is further increased by the necessity to ensure the safe & secure handling and elimination of hazardous compounds found in batteries. Another issue is the scarcity of effective battery recycling solutions. Furthermore, recycling techniques must evolve in tandem with battery technology in order to recover valuable materials and reduce waste efficiently. To solve these issues, R&D investment in effective battery recycling technology is required.

Regional Trends:
The North American Battery Manufacturing Recycling market is expected to record a major market share in terms of revenue. It is projected to grow at a high CAGR in the near future. Several factors influence the North America Battery Manufacturing Recycling market, including demand, expansion, and development of recycling technologies and solutions.

The growing battery industry in automotive, electronics, renewable energy storage, and grid applications is increasing the volume of end-of-life batteries accessible for recycling and boosting demand for recycling services and technology. Continuous research, innovation, and technological developments in battery recycling technologies, material recovery procedures, purification methods, and value-added applications are improving the North American market's efficiency, scalability, and sustainability.

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Recent Developments:

• In May 2023, Li-cycle Holdings Group and Glencore International signed a Letter of Intent to jointly investigate the possibility of, and subsequently build, a Hub facility in Portovesme, Italy, to create crucial battery components such as nickel, cobalt, and lithium from recovered battery content.

• In Feb 2023, BASF and Tenova Advanced Technologies formed a collaborative partnership to create an effective method for recycling lithium-ion batteries. Both firms have reached an agreement to collaborate on enhancing the hydrometallurgical recycling process, leveraging TAT's cutting-edge method for extracting and manufacturing lithium. This procedure encompasses lithium solvent extraction (LiSX™) and lithium electrolysis (LiEL™).

Segmentation of Battery Manufacturing Recycling Market-
By Application-
• Automotive
• Electronics
• Energy and Power
• Aerospace and Defense
• Construction
• Others

By Source-
• Automotive Batteries
• Industrial Batteries
• Consumer Electronics Batteries
• Others

By Technology-
• Hydrometallurgy
• Pyrometallurgy
• Others

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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