Global Battery Recycling Market to Grow at 7.2% during 2024-2032, Catalyzed by Increasing Adoption of Electric Vehicle (EVs)

According to the latest report by IMARC Group, titled "Battery Recycling Market Report by Type (Lead-acid Batteries, Nickel-based Batteries, Lithium-based Batteries, and Others), Source (Industrial, Automotive, Consumer Products, Electronic Appliances, and Others), End-Use (Reuse, Repackaging, Extraction, and Others), Material (Manganese, Iron, Lithium, Nickel, Cobalt, Lead, Aluminium, and Others), and Region 2024-2032," the global battery recycling market size reached US$ 15.6 Billion in 2023. Battery recycling is the process of reusing and reprocessing batteries to minimize the disposal of batteries as municipal solid waste. These batteries comprise toxic chemicals and heavy materials that contribute to soil contamination and water pollution. Battery recycling is widely adopted by various end users as the process recovers harmful metals, such as mercury, lead, cadmium, and nickel, that usually end up in landfills and makes new products out of the generated waste. This has also minimized the need to mine for rare metals, including cobalt and nickel. Almost all the batteries available in the market, including lead-acid, lithium-ion (Li-ion), nickel-cadmium (Ni-Cd), nickel-metal hydride (Ni-MH) and nickel-zinc (Ni-Zn), are recyclable in nature but certain variants, such as lead batteries, can be recycled entirely.

Global Battery Recycling Market Trends:

The global market is primarily driven by the burgeoning sales of hybrid and electric vehicles (EVs) across the globe. In line with this, governments of various countries are significantly investing in the manufacturing of EVs and undertaking several initiatives such as offering incentives to facilitate their adoption. Furthermore, stringent government regulations for battery disposal, in confluence with the rising concerns over battery waste disposal and enhanced focus toward sustainable development, are providing a thrust to the market growth. In addition to this, there is a growing utilization of recycled batteries in the consumer electronics sector. These batteries form a crucial component in the manufacturing of smartphones, power tools, laptops, gaming consoles and remote-control units. The employment of robotics technology to improve the recovery rates of metals is acting as another major growth-inducing factor. Moreover, the limited availability of the raw materials for the production of lithium-ion batteries is further facilitating the recycling of discarded batteries. Some of the other factors influencing the market growth include rapid industrialization, technological advancements in the EV battery recycling, launch of aesthetically appealing battery designs, and extensive research and development (R&D) undertaken by industry players to encourage innovation in battery recycling. On account of the aforementioned factors, the market is anticipated to register a CAGR of 7.2% during 2024-2032.

Market Summary:

• Based on the type, the market has been divided into lead-acid, nickel-based, lithium-based and other batteries.
• On the basis of the source, the market has been classified into industrial, automotive, consumer products, electronic appliances and others.
• On the basis of the end use, the market has been segregated into reuse, repackaging, extraction and others.
• Based on the material, the market has been categorized into manganese, iron, lithium, nickel, cobalt, lead, aluminium and others.
• On the geographical front, the market has been segregated into North America (United States and Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
• The competitive landscape of the market has also been studied with the detailed profiles of the key players operating in the market. Some of these players include Accurec Recycling GmbH, Aqua Metals, Battery Solutions, Call2recycle Inc., Eco-Bat Technologies, Enersys, Exide Technologies, Gravita India Limited, Johnson Controls, G. & P. Batteries Limited Retriev Technologies and Umicore.

Report Coverage:

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