The global Battery Recycling Market is poised to experience substantial growth, reaching a value of $54.3 billion by 2030, according to a recent study by MarketsandMarkets™.
The market is projected to grow at a compound annual growth rate (CAGR) of 10.5% from 2023 to 2030. The surge in demand for electric vehicles, which aims to combat rising pollution levels, has been a key driver for the increased consumption of batteries.
Battery technologies, known for their high energy and power density, are extensively used in various applications ranging from mobile devices to industrial equipment and electric-drive vehicles.
Key Players in Battery Recycling Market:
The Battery Recycling Market features several key players driving the industry’s growth, including ACCUREC Recycling GmbH, American Battery Technology Company, Aqua Metals, Inc., Call2Recycle, Inc., Cirba Solutions, Contemporary Amperex Technology Co., Limited, East Penn Manufacturing Company, Ecobat, Element Resources, and EnerSys.
The study highlights key findings and insights about the Battery Recycling Market:
The automotive batteries segment is projected to dominate the market in 2023, accounting for the largest share.
The rising number of automotive batteries reaching the end of their useful lives due to the growing demand for electric vehicles has fueled the demand for battery recycling in this segment.
The lead acid batteries segment held the largest market share in 2022. The demand for secondary lead, produced through the recycling of used lead acid batteries, drives this segment.
Industries such as construction, battery manufacturing, and automotive sectors utilize secondary lead.
Asia Pacific is estimated to account for the largest market share during the period from 2023 to 2030.
The region’s dominance can be attributed to factors such as the increasing demand for electric vehicles and the presence of major battery manufacturers.
4. Opportunities and Challenges:
The study identifies rising demand for renewable energy storage as a significant opportunity for the Battery Recycling Market.
However, challenges such as the high cost of recycling and the scarcity of technologies need to be addressed.
The study forecasts the fastest-growing segments within the Battery Recycling Market:
1. Automotive Batteries:
he automotive batteries segment is expected to be the fastest-growing segment from 2023 to 2030. With the growing adoption of electric vehicles, the demand for efficient battery recycling solutions is rising.
Recovered materials from automotive battery recycling can be used to manufacture new batteries, reducing the need for primary resource extraction.
2. Lithium-based Batteries:
The lithium-based batteries segment is projected to experience rapid growth from 2023 to 2030. The proliferation of portable electronic devices, such as smartphones, tablets, and laptops, has driven the demand for lithium-ion batteries.
To manage the end-of-life batteries effectively and sustainably, efficient recycling solutions are needed to recover valuable metals like lithium, cobalt, and nickel.
The Battery Recycling Market is on track to witness substantial growth, reaching a value of $54.3 billion by 2030. The increasing demand for electric vehicles, coupled with the need for renewable energy storage, drives the market’s expansion. Automotive batteries and lithium-based batteries are expected to be the fastest-growing segments, propelled by the growing popularity of electric vehicles and portable electronic devices. Addressing challenges related to recycling costs and technology scarcity will be crucial to sustain the market’s growth and ensure a more sustainable future for battery production and usage.