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Battery Recycling Market, Industry Size Forecast Report
Battery Recycling Market
As per the report, 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 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%.
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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.
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 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
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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
Contents of the report:
1. Executive Summary
2. Battery Recycling Market Report Structure
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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