New York, US, May 19, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Battery Recycling Market Information by Chemistry, Application, Source, and Region - Forecast till 2030”, Battery Recycling Market could thrive at a rate of 5.4% between 2023 and 2030. The market size will be reaching around USD 34,771.2 Million by the end of the year 2030
Battery Recycling Market Overview
Battery recycling is the process of recovering materials from used batteries and reusing them to manufacture new batteries or other products. It helps to reduce environmental pollution and conserves natural resources by extracting valuable metals, such as cobalt, nickel, and lithium, which can be reused in the production of new batteries. Battery recycling is an essential aspect of the sustainable management of electronic waste (e-waste) and is gaining momentum globally.
Market Competitive Landscape:
The affluent companies in the Battery Recycling industry include
- Call2Recylce Inc.
- Exide Technologies
- Battery Solutions LLC
- Umicore
- Exide Industries Ltd
- Contemporary Amperex Technology Co. Ltd (CATL)
- Aqua Metals Inc
- Enersys
- Johnson Controls International plc
- Retriev Technologies Inc.
- Gravita India Ltd
- Ecobat Logistics
- Fortum Oyj
- Teck Resources Limited
- American Manganese Inc
- Among others.
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April 2021
American Manganese Inc. announced a breakthrough innovation in its lithium-ion battery recycling process. The company was successful in achieving a purity level of 100% for recovered nickel, cobalt, and manganese, which are the key metals used in lithium-ion batteries.
Battery recycling has numerous applications and uses across various industries, including automotive, consumer electronics, energy storage systems, and aerospace. The growing demand for electric vehicles, increasing use of portable electronics, and rising demand for renewable energy storage systems are driving the growth of the battery recycling market.
COVID 19 Analysis
The COVID-19 pandemic has had a significant impact on the battery recycling market, leading to a decrease in demand for recycling services due to the suspension of manufacturing activities across various industries. However, with the gradual resumption of manufacturing activities and the increasing need for sustainable waste management, the market is expected to recover post-COVID-19.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 34,771.2 Million |
| CAGR during 2022-2030 | 5.4% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Chemistry, Application and Source |
| Key Market Opportunities | stringent government regulations and EPA (Environmental Protection Agency) guidelines aimed at reducing harmful emissions and reducing global pollution |
| Key Market Drivers | rising concerns over battery waste disposal strict government policies in light of the increased usage of lithium-ion battery |
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Market USP Covered:
Market Drivers:
The battery recycling market's growth is primarily driven by increasing environmental awareness and stringent government regulations related to e-waste management. Additionally, the growing demand for electric vehicles and the need to reduce dependence on raw materials are expected to drive the market's growth in the coming years. Moreover, technological advancements in battery recycling processes are also anticipated to propel the market growth.
Market Restraints:
The battery recycling market has enormous potential to reduce the environmental impact of batteries and increase the supply of critical materials. However, several market restraints may hinder the market's growth. One of the significant challenges is the lack of awareness and infrastructure for recycling in developing regions. In many developing countries, there is a lack of awareness regarding the importance of battery recycling, and there are inadequate recycling facilities. This can result in the improper disposal of batteries, which can cause significant environmental damage.
Moreover, the high costs associated with battery recycling may pose a challenge to the market's growth. The cost of recycling batteries can be much higher than the cost of manufacturing new batteries. This is mainly due to the complex nature of batteries and the high costs associated with the recycling process, which involves several stages such as sorting, shredding, and chemical processing.
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Market Segmentation
By Chemistry
The Chemistry in the market includes Lead-Acid, Nickel-Based, Lithium-Based, and others
By Application
The Application in the market includes Transportation, Consumer Electronics, Industrial, and Others
By Source
The Application in the market includes Automotive Batteries, Industrial Batteries, and Consumer & Electronics Appliance Batteries
Regional Insights
The Asia Pacific region is expected to dominate the battery recycling market in the coming years, driven by the increasing demand for electric vehicles and the growing use of portable electronics. Countries such as China, Japan, and South Korea are expected to be the major contributors to the market's growth in this region. China is the world's largest electric vehicle market, and the government has set a target of 20% of new vehicles sold in the country to be electric by 2025. This has led to a significant increase in demand for battery recycling services in the country.
Europe and North America are also expected to witness significant growth in the battery recycling market. These regions are driven by stringent government regulations and the presence of major battery recycling players. The European Union has implemented various policies and directives to promote sustainable waste management, including the Waste Framework Directive and the Battery Directive. The presence of major battery manufacturers in Europe, such as Tesla, also creates a significant demand for battery recycling services.
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In North America, the United States is the largest market for electric vehicles, and the government has implemented various policies to promote the adoption of electric vehicles and reduce greenhouse gas emissions. Additionally, several major battery manufacturers, such as Tesla and Johnson Controls, are present in the region, creating a significant demand for battery recycling services.
Related Reports:
Lithium-ion Battery Recycling Market Research Report Information By Chemistry, By Source, And By Region – Market Forecast Till 2030
Electric Vehicle Battery Recycling Market Research Report By Battery Type, By Process, By Application, and By Region – Market Forecast Till 2030
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
