Battery Recycling Market Share is Projected to Reach USD 34,771.2 Million, with a CAGR of 5.4% by 2030 – Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Battery Recycling Market Growth Boost by Rising Concerns Over Battery Waste Disposal and Growing Adoption Of Electric Vehicles
New York, US, May 19, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Battery Recycling Market Information by Chemistry, Application, Source, and Region - Forecast till 2030”, Battery Recycling Market could thrive at a rate of 5.4% between 2023 and 2030. The market size will be reaching around USD 34,771.2 Million by the end of the year 2030
Battery Recycling Market Overview
Battery recycling is the process of recovering materials from used batteries and reusing them to manufacture new batteries or other products. It helps to reduce environmental pollution and conserves natural resources by extracting valuable metals, such as cobalt, nickel, and lithium, which can be reused in the production of new batteries. Battery recycling is an essential aspect of the sustainable management of electronic waste (e-waste) and is gaining momentum globally.
Market Competitive Landscape:
The affluent companies in the Battery Recycling industry include
American Manganese Inc. announced a breakthrough innovation in its lithium-ion battery recycling process. The company was successful in achieving a purity level of 100% for recovered nickel, cobalt, and manganese, which are the key metals used in lithium-ion batteries.
Battery recycling has numerous applications and uses across various industries, including automotive, consumer electronics, energy storage systems, and aerospace. The growing demand for electric vehicles, increasing use of portable electronics, and rising demand for renewable energy storage systems are driving the growth of the battery recycling market.
COVID 19 Analysis
The COVID-19 pandemic has had a significant impact on the battery recycling market, leading to a decrease in demand for recycling services due to the suspension of manufacturing activities across various industries. However, with the gradual resumption of manufacturing activities and the increasing need for sustainable waste management, the market is expected to recover post-COVID-19.
Report Scope:
Report Metrics
Details
Market Size 2030
2030: USD 34,771.2 Million
CAGR during 2022-2030
5.4% CAGR
Base Year
2021
Forecast
2022-2030
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Chemistry, Application and Source
Key Market Opportunities
stringent government regulations and EPA (Environmental Protection Agency) guidelines aimed at reducing harmful emissions and reducing global pollution
Key Market Drivers
rising concerns over battery waste disposal
strict government policies in light of the increased usage of lithium-ion battery
Browse In-depth Market Research Report (188 Pages) on Battery Recycling Market:
The battery recycling market's growth is primarily driven by increasing environmental awareness and stringent government regulations related to e-waste management. Additionally, the growing demand for electric vehicles and the need to reduce dependence on raw materials are expected to drive the market's growth in the coming years. Moreover, technological advancements in battery recycling processes are also anticipated to propel the market growth.
Market Restraints:
The battery recycling market has enormous potential to reduce the environmental impact of batteries and increase the supply of critical materials. However, several market restraints may hinder the market's growth. One of the significant challenges is the lack of awareness and infrastructure for recycling in developing regions. In many developing countries, there is a lack of awareness regarding the importance of battery recycling, and there are inadequate recycling facilities. This can result in the improper disposal of batteries, which can cause significant environmental damage.
Moreover, the high costs associated with battery recycling may pose a challenge to the market's growth. The cost of recycling batteries can be much higher than the cost of manufacturing new batteries. This is mainly due to the complex nature of batteries and the high costs associated with the recycling process, which involves several stages such as sorting, shredding, and chemical processing.
The Chemistry in the market includes Lead-Acid, Nickel-Based, Lithium-Based, and others
By Application
The Application in the market includes Transportation, Consumer Electronics, Industrial, and Others
By Source
The Application in the market includes Automotive Batteries, Industrial Batteries, and Consumer & Electronics Appliance Batteries
Regional Insights
The Asia Pacific region is expected to dominate the battery recycling market in the coming years, driven by the increasing demand for electric vehicles and the growing use of portable electronics. Countries such as China, Japan, and South Korea are expected to be the major contributors to the market's growth in this region. China is the world's largest electric vehicle market, and the government has set a target of 20% of new vehicles sold in the country to be electric by 2025. This has led to a significant increase in demand for battery recycling services in the country.
Europe and North America are also expected to witness significant growth in the battery recycling market. These regions are driven by stringent government regulations and the presence of major battery recycling players. The European Union has implemented various policies and directives to promote sustainable waste management, including the Waste Framework Directive and the Battery Directive. The presence of major battery manufacturers in Europe, such as Tesla, also creates a significant demand for battery recycling services.
In North America, the United States is the largest market for electric vehicles, and the government has implemented various policies to promote the adoption of electric vehicles and reduce greenhouse gas emissions. Additionally, several major battery manufacturers, such as Tesla and Johnson Controls, are present in the region, creating a significant demand for battery recycling services.
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