Battery Recycling Market Size to Grow USD 66.6 Billion by 2030 at a CAGR of 19.5% | Valuates Reports
BANGALORE, India, Sept. 11, 2023 /PRNewswire/ — Battery Recycling Market is Segmented by Chemistry (Lead-Acid Based Battery, Lithium Based Battery, Nickel Based Battery, and Other Battery Types), Source (Industrial Batteries, Automotive Batteries, and Customer & Electronic Appliances Batteries), Application (Transportation, Consumer Electronics, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030.
The global battery recycling market size was valued at USD 11.1 Billion in 2020 and is expected to reach USD 66.6 Billion by 2030, registering a CAGR of 19.5% from 2021 to 2030.
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Major factors driving the growth of the Battery Recycling Market
The worldwide battery recycling market is anticipated to expand as a result of elements including governmental restrictions, environmental safety, and public awareness. The availability of protective layers to reduce the risk of fire and short-circuiting, as well as the attractive design of batteries, are predicted to open up new growth potential in the worldwide market.
TRENDS INFLUENCING THE GROWTH OF THE BATTERY RECYCLING MARKET
The Nissan Leaf is one of the first-generation electric cars whose batteries are only now nearing the end of their useful lives and need to be recycled. This element is anticipated to fuel the demand for battery recycling. Battery recycling firms start a chemical recycling process after obtaining batteries from their various partners. During this process, the pertinent materials like nickel, cobalt, and copper are stripped off and refined. The manufacturing of batteries can then use a portion of that improved material again.
Recycling considerably lessens Europe’s reliance on raw materials. Lithium resource utilization is now extremely rare in Europe. Although there are a few lithium deposits in Europe, the start-up is in doubt since the locals are opposed to a mining operation in their neighborhood. Every tonne of reclaimed lithium is very much appreciated.
Additionally, when recycling volumes rise, price volatility may be somewhat reduced.
Li-ion battery recycling makes it possible to collect and repurpose such priceless raw materials for the production of new batteries. This may contribute to a more reliable, diverse, and nearby raw material supply. This begins to lessen the dependency on mining for raw minerals, which has positive environmental effects.
As new techniques emerge, researchers have studied the advantages of recycling Li-ion batteries and continue to do so. Batteries may be reused for a further five to seven years utilizing modern techniques, which is better for the environment. For instance, repurposing used batteries might lower overall energy consumption and curb global warming. The benefits suggested might result in considerable decreases in greenhouse gas emissions and the need for material and metal extraction, which would lower the cost of transportation and energy used in the manufacture of electric vehicles and the recycling of their batteries.
Battery materials are anticipated to continue to be a significant electrification barrier in the absence of recycling. As a result, the rate of the crucial shift from internal combustion to an electric world might be determined by the growth and profitability of the EV battery recycling market.
BATTERY RECYCLING MARKET SHARE
In terms of revenue growth, Europe led the world market in 2020, and it is predicted that it will continue to dominate over the projection period. This is due to a variety of reasons, including the large customer base and the presence of important players in the area. Regulations against environmental pollution and the region’s rapidly expanding electric car sector are also predicted to support market expansion in Europe.
- LI-CYCLE CORP
- Accurec Recycling GmbH
- Battery Solutions
- Redwood Materials, Inc
- Glencore International
- Retriev Technologies
- AkkuSer Oy
- Duesenfeld GmbH
- Neometals Ltd
- Green Li-ion Pvt., Ltd
- SungEel MCC Americas
- Redux GmbH
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– The global Electric Vehicle Battery Recycling market size is projected to reach USD 2426.4 million by 2028, from USD 1176.3 million in 2021, at a CAGR of 10.8% during 2022-2028.
– Lithium-ion Battery Recycling market size is projected to reach USD 24930 million by 2028, from USD 2543 million in 2021, at a CAGR of 38.1% during 2022-2028.
– Primary Battery Recycling market size is projected to reach USD 284.3 million by 2028, from USD 175.6 million in 2021, at a CAGR of 7.0% during 2022-2028.
– Transportation battery recycling market is envisioned to garner USD 9,947.5 million by 2030, growing from USD 4,748.3 million in 2021 at a CAGR of 8.2% from 2022 to 2030.
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