New York, US, Nov. 29, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), Battery Recycling Market Research Report: Data by Chemistry, Region, Source, and Application- Forecast till 2030, the global market for battery recycling is anticipated to thrive considerably during the assessment timeframe from 2022 to 2030 at a healthy growth rate of approximately 5.35%. The reports further predict that the market will attain around USD 34.77 billion by the end of 2030.
Battery Recycling Market Overview:
The majority of the machinery and tools are gas or battery powered. Both parts are utilized till they are exhausted. When this occurs, it's typical to alter the car's batteries or fuel and remove the old ones. Insufficient battery removal can lead to considerable environmental destruction. Batteries are highly implemented and incorporate dangerous chemicals. Erasing them may not be the most amazing idea. Rather than throwing away obsolete batteries, reuse them. A battery transforms chemical energy into electrical energy through electrochemical components. Recycling batteries include reprocessing and reusing them to lower waste. The technique lowers waste. Batteries can discharge harmful heavy metals and chemicals into the environment, harming soil and water. To fulfill the health and environmental regulations, recycle batteries. Lead-acid batteries are frequently recycled. Recycled lead can be utilized to make batteries. The global market for battery recycling has demonstrated a massive expansion in recent years. The primary parameter supporting the market's development is the global environmental concern that has made product recycling a primary task to deal with the global demand of lowering humanity's carbon footprint in the long run.
Furthermore, the increasing concerns related to depleting precious and rare earth metals, stringent government regulations and EPA regulations focused on lowering harmful emissions, and increasing demand for recycled batteries, on the whole, are also anticipated to fuel the growth of the market over the review era. Moreover, the factors such as the decline in lithium-ion battery prices, growing adoption of electric vehicles, strict government policies in light of the increased usage of the lithium-ion battery, and rising concerns over battery waste disposal are also predicted to have an influence on the development of the market over the coming years. In addition, because toxic waste that comes from the production of new batteries is far more than the one produced while recycling them, it is predicted to boost the performance of the market over the evaluation era.
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Competitive Analysis
The catalog for the prominent participants across the global Battery Recycling Market includes players such as:
- Call2Recycle, Inc. (US)
- Retriev Technologies Inc. (US)
- Battery Solutions, LLC (US)
- Gravita India Limited (India)
- Exide Technologies (US)
- ECOBAT Logistics (UK)
- Umicore (Belgium)
- Fortum Oyj (Finland)
- Exide Industries Ltd. (India)
- Teck Resources Limited (Canada)
- Contemporary Amperex Technology Co. Ltd. (CATL) (China)
- American Manganese Inc. (Canada)
- GEM Co., Ltd. (China)
- Glencore International AG (Switzerland)
- EnerSys (US)
- TES-AMM Singapore Pte Ltd (Singapore)
- Johnson Controls International plc (US)
- RSR Corporation (US)
- Aqua Metals, Inc. (US)
- COM2 Recycling Solutions (US)
- Raw Materials Company Inc. (RMC) (Canada)
- Gopher Resource LLC (US)
- Neometals Ltd (Australia)
- East Penn Manufacturing Company, Inc. (US)
- Terrapure Environmental (Canada)
- The Doe Run Company (US)
Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 34.77 billion |
| Growth Rate | CAGR of 5.35% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Stringent government regulations and EPA |
| Key Market Drivers | Rising concerns over battery waste disposal |
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Market USP Covered
Market Drivers
The global Battery Recycling Market has proven to have massive expansion in recent years. The primary parameter supporting the market's development is the global environmental concern that has made product recycling a primary task to deal with the global demand of lowering humanity's carbon footprint in the long run. Furthermore, the increasing concerns related to depleting precious and rare earth metals, stringent government regulations, and EPA regulations focused on lowering harmful emissions and increasing demand for recycled batteries are also anticoipated to fuel the market growth over the review era.
Market Restraints
On the other hand, the factors such as high costs associated with recycling and strong supply chains of raw materials are anticipated to limit the market's performance.
Battery Recycling Market COVID-19 Impact
The global Battery Recycling Market has witnessed several unexpected challenges, given the emergence of the global health hazard in the form of COVID-19. The market faced a major revenue loss due to the fall in demand for automobiles worldwide. On the other hand, with global activities returning to normal, the global battery recycling market will likely show massive growth over the coming years.
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Battery Recycling Market Segment Analysis
Among all the application areas, the transportation segment is anticipated to hold the leading position across the global Battery Recycling Market over the assessment period. The segment's growth is ascribed to the factors such as increasing income levels, favorable electric infrastructure growth, continued technological innovations, and a renewed desire for electric cars. On the contrary, the industrial segment is likely to show the highest growth rate over the assessment era, given the aspects such as enhanced life expectancy, high power density, growing demand for high power range systems, and increasing adoption of UPS systems.
Among all the chemistry types, the lead-acid segment is predicted to ensure the top spot across the global Battery Recycling Market over the assessment era. The segment's growth is ascribed to the aspects such as wide application scope, safety, cost efficiency, high capacity, and reliability.
Regional Analysis
The global Battery Recycling Market is analyzed across five major geographies: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.
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The MRFR analysis reports suggest that the Asia-Pacific region is anticipated to hold the top position across the global Battery Recycling Market over the assessment period. The regional market's growth is ascribed to the aspects such as increasing environmental regulations and a rise in the demand for electric vehicles.
The European regional Battery Recycling Market is predicted to show considerable development over the coming years, given the aspects such as growing domestic consumption and demand from developed nations.
Related Reports:
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Electric Vehicle Battery Recycling Market Research Report: Information, by Battery Type, Process, Application and Region - Forecast till 2030
Lithium-ion Battery Recycling Market Information Report by End Use, by Battery Chemistry, and by Region – Forecast till 2030
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