Chicago, July 14, 2023 (GLOBE NEWSWIRE) -- The global Battery Recycling Market is projected to grow from USD 26.9 billion in 2023 to USD 54.3 billion by 2030, at a CAGR of 10.5% from 2023 to 2030, as per the recent study by MarketsandMarkets™. The mounting demand for electric vehicles to limit the rising pollution levels has spurred the consumption of batteries. While these have lower self-discharge rates than other rechargeable cells such as Ni-Cad and NiMH, they offer high energy and power density and are thus used in various applications, from cellular phones, industrial equipment, to electric-drive vehicles.
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Browse In-Depth TOC On "Battery Recycling Market”
247 - Market Data Tables
49 - Figures
272 - Pages
List of Key Players in Battery Recycling Market:
- ACCUREC Recycling GmbH (Germany)
- American Battery Technology Company (US)
- Aqua Metals, Inc. (US)
- Call2Recycle, Inc. (US)
- Cirba Solutions (US)
- Contemporary Amperex Technology Co., Limited (China)
- East Penn Manufacturing Company (US)
- Ecobat (US)
- Element Resources (US)
- EnerSys (US)
Drivers, Restraints, Opportunities and Challenges in Battery Recycling Market:
- Drivers: Increase in demand for electric vehicles.
- Restraints: Safety issues related to the storage and transportation of spent batteries.
- Opportunity: Rising demand for renewable energy storage.
- Challenges: High cost of recycling and dearth of technologies.
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Key Findings of the Study:
- Based on source, the automotive batteries segment is projected to account for the largest share in 2023.
- By chemistry, the lead acid batteries segment accounted for the largest share of battery recycling market in 2022.
- Asia Pacific is estimated to account for the largest share of battery recycling market during 2023 to 2030.
The automotive segment, by source, is projected to be the largest market during the forecast period. The recovered materials from automotive battery recycling can be used to manufacture new batteries. They undergo purification and refinement processes to meet the required quality standards. The number of automotive batteries reaching the end of their useful lives has increased significantly because of the growing global demand for electric vehicles. Effective recycling solutions are required to handle the rising volume of spent batteries as EV sales continue to soar. This propels the demand for battery recycling in the automotive batteries segment.
The lead acid batteries segment, by chemistry, was the largest market in 2022. The market for battery recycling is significantly influenced by the need for secondary lead, which is produced from used lead acid batteries. Many industries, including construction, battery manufacturing, and automotive sectors, use secondary lead. The growth of this segment is attributed to the demand for secondary lead, which can be produced through battery recycling as it reduces the need for primary lead production.
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Based on source, the automotive batteries segment is projected to be the fastest-growing segment during 2023 to 2030. Lithium-ion batteries are largely used in the automotive industry which comprises various companies involved in the design, manufacture, development, and marketing of electric vehicles. Valuable metals including lithium, cobalt, nickel, and other rare earth elements are found in automotive batteries. These minerals can be recovered through recycling, which lowers the demand for new mining operations and preserves natural resources, thus fueling the growth of this segment.
Based on chemistry, the lithium-based batteries segment is projected to be the fastest-growing segment during 2023 to 2030. The growing number of portable electronic devices such as smartphones, tablets, laptops, and other handheld gadgets has increased the demand for robust batteries with extended life span. Lithium-ion batteries are suitable for portable electronics since they are lightweight and have a high energy density. The rapid growth in portable electronics sectors, coupled with the increasing demand for lithium-based batteries, drives the need for efficient and sustainable recycling solutions to manage the end-of-life batteries.
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