Newark, Sept. 08, 2023 (GLOBE NEWSWIRE) -- The report published by The Brainy Insights shows that the global battery recycling market is expected to grow from USD 11.1 billion in 2022 to USD 33.5 billion by 2032, at a CAGR of 11.7% during the forecast period 2023-2032. Europe emerged as the most significant global battery recycling market, with a 45% market revenue share in 2022. Due to the burgeoning start-ups in battery recycling, the European region's battery recycling market has recently seen steady expansion. Other major drivers for the battery recycling market are the region's developing electric vehicle sector and energy storage initiatives. According to the International Energy Agency, new electric car registrations in Europe will quadruple to 1.4 million in 2020, representing a 10% sales share. The batteries are also being manufactured for renewable-plus-storage projects in the area. Europe has acknowledged that a circular economy is required to satisfy environmental goals under such an energy transition scenario.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 11.10 Billion |
| Market Size in 2032 | USD 33.50 Billion |
| CAGR | 11.7% |
| No. of Pages in Report | 236 |
| Segments Covered | Battery Type and Application |
| Drivers | Increasing demand for battery recycling |
| Opportunities | Increasing investment in battery recycling |
| Restraints | High capital investment requirement |
Leading companies in the industry include CYCLE CORP., Umicore, Accurec Recycling GmbH, Redwood Materials, Inc., Battery Solutions, Retriev Technologies, Glencore International, Enersys, AkkuSer Oy, and Duesenfeld GmbH, among others, offer more significant opportunities and continuously focus on new product developments and venture capital investments to obtain market share.
The battery type segment is divided into lead-acid batteries, lithium-ion batteries, nickel-based batteries, and others. The lithium-ion battery segment dominated the market, with a market share of around 40% in 2022. The developing automotive and transportation industries, as well as the increasing use of these batteries in various applications, are likely to drive up the consumption of lithium-ion batteries in the future. The application segment is divided into transportation, industrial, consumer electronics, and others. The transportation segment dominated the market, with a share of around 41% in 2022. Several government regulatory authorities have implemented regulations to help the electric vehicle market. Environmental challenges such as rising pollution, global warming, energy depletion, and biological dangers are predicted to encourage a shift in customer preferences towards electric vehicles, consequently increasing demand for battery recycling.
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Compared to mining, manufacturing lead and other raw materials through recycling is a more energy-efficient process. Furthermore, the energy-saving procedure aids in the reduction of carbon emissions. These variables are predicted to boost lead acid battery recycling during the forecast period. The developed economies of Europe and North America are anticipated to enhance demand for electric vehicles due to technology and infrastructure advancements. This is expected to increase the need for lithium-ion batteries, fuelling the market's growth during the forecast period.
About the report:
The global pharmaceutical packaging market is analysed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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About The Brainy Insights:
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