Press release
Battery Recycling Market: Accelerating at 12.1% CAGR with Drivers and Emerging Trends
The global battery recycling market is set to grow from $19.56 billion in 2024 to $21.91 billion in 2025, and further expand to $35.56 billion in 2029. This surge in market growth is driven by various factors including increased demand for rechargeable batteries and stringent environmental regulations promoting recycling practices.
What Is The Projected Market Size Of The Global Battery Recycling Market And Its Growth Rate?
The battery recycling market has witnessed substantial growth in recent years and its growth trajectory is set to continue:
- Market Size in 2024: $19.56 billion
- Market Size in 2025: $21.91 billion (CAGR: 12.1%)
- Market Size in 2029: $35.56 billion (CAGR: 12.9%)
This growth is driven by increasing consumer awareness, sustainable practices, and government incentives promoting battery recycling.
What Is Driving The Growth In The Battery Recycling Market?
The surge in the adoption of electric vehicles (EVs) is expected to fuel the growth of the battery recycling market in the forecast period. The expense associated with disposing of electric vehicle batteries, particularly if they contain valuable materials, makes recycling an appealing solution. The growing number of lithium-ion batteries from EVs require effective recycling to stabilize domestic sources of materials for battery production. The recycling of these batteries helps recover metals such as cobalt, lithium, and nickel, which can be used for manufacturing new batteries, saving resources and production costs. With global electric vehicle sales projected to reach 125 million by 2030, the increasing adoption of electric vehicles is expected to stimulate the growth of the battery recycling market.
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Who Are the Key Players Driving Battery Recycling Market Growth?
Key players within the battery recycling market include:
- 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
What Are The Key Trends In The Battery Recycling Market?
Prominent trends in the battery recycling market include:
- Focus on developing innovative business models for battery recycling
- Technological advancements in battery recycling processes
- Inter-industry collaborations
- Integration of blockchain technology for transparent battery recycling
- Exploration of urban mining for extracting valuable materials from used batteries
What Are The Segments Of The Global Battery Recycling Market?
The battery recycling market can be divided into the following segments:
- By Type: Lead-Acid Battery, Nickel-Based Battery, Lithium-Based Battery, Other Battery Types
- By Processing State: Extraction Of Material, Reuse, Repackaging And Second Life, Disposal
- By Application: Automotive, Consumer Electronics, Industrial, Other Applications
Which Region Leads The Battery Recycling Market?
North America was the largest region in the battery recycling market in 2024. Other regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The Battery Recycling Market Global Market Report?
- Market Size Analysis: Analyze the Battery Recycling Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Battery Recycling Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Battery Recycling Market growth.
- Growth Drivers: Detail key facts influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Battery Recycling Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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