According to a new report by Expert Market Research titled, “Global Battery Recycling Market Share, Size, Report and Forecast 2024-2032″, the global battery recycling market size reached a value of USD 12.22 billion in 2023. Aided by the increasing demand for sustainable waste management solutions and the growing applications of recycled battery materials in various sectors, the market is projected to further grow at a CAGR of 7.80% between 2024 and 2032 to reach a value of USD 24.04 billion by 2032.
Battery recycling involves the process of collecting, sorting, and reprocessing used batteries to recover valuable materials such as lithium, cobalt, nickel, lead, and others. These materials can then be reused in the production of new batteries, reducing the need for raw material extraction and mitigating environmental impact. Battery recycling plays a crucial role in promoting sustainability and resource efficiency, aligning with global efforts to reduce carbon footprints and environmental degradation.
The increasing demand for sustainable waste management solutions is a primary driver of the battery recycling market growth. With the rapid growth in the use of batteries across various sectors, including automotive, consumer electronics, and energy storage, there has been a corresponding increase in battery waste. Proper disposal and recycling of batteries are essential to prevent environmental pollution and health hazards associated with hazardous materials found in batteries. This growing awareness of environmental sustainability is driving the demand for battery recycling services.
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The rising adoption of electric vehicles (EVs) is another significant factor propelling the market. The transition towards electric mobility is driven by the need to reduce greenhouse gas emissions and dependence on fossil fuels. However, the increased use of electric vehicles has led to a surge in the number of spent batteries, necessitating efficient recycling processes. Battery recycling not only helps manage battery waste but also ensures the availability of critical raw materials needed for manufacturing new batteries, thereby supporting the growth of the electric vehicles sector, consequently driving up the battery recycling market share.
Additionally, government regulations and policies aimed at promoting recycling and waste management are playing a crucial role in driving the market. Many countries have implemented stringent regulations and extended producer responsibility (EPR) programs that mandate battery manufacturers to take responsibility for the end-of-life management of their products. These regulatory frameworks encourage the development of efficient battery recycling infrastructure and processes, further boosting the market growth.
As per the battery recycling market analysis, North America holds a significant share of the market, driven by the high adoption of electric vehicles and stringent environmental regulations in the region. The United States and Canada are key markets, with well-established recycling infrastructure and supportive government policies promoting battery recycling.
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Europe is another prominent market for battery recycling, with increasing investments in sustainable waste management solutions and a strong focus on circular economy practices. Countries such as Germany, France, and the Netherlands are at the forefront of battery recycling initiatives, supported by robust regulatory frameworks and the presence of leading battery recycling companies.
The Asia Pacific region is expected to witness substantial growth in the battery recycling market during the forecast period. The rapid industrialisation, growing automotive sector, and increasing adoption of consumer electronics in countries such as China, Japan, and India are driving the demand for efficient battery recycling solutions. Additionally, government initiatives aimed at promoting sustainable practices and reducing environmental pollution further support the market growth in the region.
Market Segmentation
The market can be divided based on the chemistry, application, and region
Market Breakup by Chemistry
• Lithium-ion
• Lead Acid
• Nickel
• Others
Market Breakup by Application
• Transportation
• Consumer Electronics
• Industrial
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global battery recycling market. Some of the major players explored in the report by Expert Market Research are as follows:
• Umicore
• Ecobat, LLC
• Glencore plc
• Li-Cycle Corporation
• American Battery Technology Company (ABTC)
• East Penn Manufacturing
• RecycLiCo Battery Materials Inc.
• Ganfeng Lithium Group Co., Ltd
• Exide Industries Limited
• EnerSys
• Others
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