Market Overview
The battery recycling market is expected to grow at a CAGR of 5.4% from 2023 to 2030, reaching a value of USD 34,771.2 million by 2030.
The growth of the market is being driven by a number of factors, including:
· The increasing popularity of electric vehicles (EVs) and renewable energy storage systems, which is leading to a higher demand for batteries and, in turn, driving the need for recycling.
· Government regulations to promote the recycling of batteries and reduce their environmental impact.
· Technological advancements in battery recycling technologies, which are making it more efficient and cost-effective to recycle batteries.
Battery Recycling refers to the reuse of used products because of the increased carbon footprint around the world. There has been an increased awareness among people regarding the usage of lithium-ion batteries.
The raw products from the adopted and disposal materials usually harm the environment in ways that large have the lithium-ion concentration. There have been EDVs around the world that have continuously disrupted the power supplies that have led the manufacturers and retailers to produce more of alternate battery installations.
There has been increased adoption of electric vehicles that have an adjustable effect on the environment considering the pollution level. Another major reason driving the market dynamics is the interrupted power supply that’s provided by lithium-ion batteries. The increasing demand for a clean and pure air level has driven the market to hold a global statistical position in the market domain.
The Battery Recycling Market stood at a global market size of $1.70 billion in 2020. Given the market drivers and restraining factors, the market is predicted to showcase a healthy and substantial growth in its forecast period. The forecast period of the market is predicted from 2023 to 2030. With the current market dynamics, the market is again predicted to stand at $ 34,771.2 Million by the end of 2030.
However, there have been certain factors that have been certain factors that restrained the growth of the market. The pandemic led to multiple restrictions being set by the government, which disrupted the supply chain of the market. The import and export of the raw materials were stopped, which hampered the industrial level of manufacturers and retailers. Labour shortage and unavailability of raw materials have been another major restricting
Key Players:
· Call2Recycle, Inc. (US)
· Battery Solutions, LLC (US)
· Exide Technologies (US)
· Umicore (Belgium)
· Exide Industries Ltd. (India)
· Contemporary Amperex Technology Co. Ltd. (CATL) (China)
· GEM Co., Ltd. (China)
· EnerSys (US)
· Johnson Controls International plc (US)
· Aqua Metals, Inc. (US)
· Retriev Technologies Inc. (US)
· Gravita India Limited (India)
· ECOBAT Logistics (UK)
· Fortum Oyj (Finland)
· Teck Resources Limited (Canada)
· American Manganese Inc. (Canada)
· Glencore International AG (Switzerland)
· TES-AMM Singapore Pte Ltd (Singapore)
· RSR Corporation (US)
· COM2 Recycling Solutions (US)
· East Penn Manufacturing Company, Inc. (US)
· The Doe Run Company (US)
· Raw Materials Company Inc. (RMC) (Canada)
· Neometals Ltd (Australia)
· Terrapure Environmental (Canada)
· Gopher Resource LLC (US)
Market Segmentation
The Battery Recycling Market is majorly divided into multiple parts depending upon their chemistry, application and sources.
By chemistry, the market is divided into nickel-based, lithium based and lead acid based, apart from others. The market is again divided into consumer electronics, industrial and transportation based on its applications. Based on its source, the market is again divided into industrial batteries, consumer and electronic appliance batteries and automotive batteries.
Regional Analysis
By region, the Lithium-ion battery recycling Market Size is majorly spread over the areas of North America, South America, Europe, Africa and Asia-Pacific. Parts like Germany, Italy, France, and the UK, along with South Korea and Japan, China, and India, dominate the global market with influencing factors.
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