Battery Recycling Market size to increase by USD 9.20 billion between 2022 to 2027, Accurec Recycling GmbH, Aqua Metals Inc., Battery Solutions LLC, and more among key companies, Technavio

NEW YORK, March 18, 2024 /PRNewswire/ -- The battery recycling market size is expected to grow by USD 9.20 billion from 2022 to 2027. In addition, the growth momentum of the market will progress at a CAGR of 10.46% during the forecast period. 

We provide a detailed analysis of 20 companies operating in the market including Accurec Recycling GmbH, Aqua Metals Inc., Battery Solutions LLC, Call2Recycle Inc., Contemporary Amperex Technology Co. Ltd., Ecobat LLC, EnerSys, ENGITEC TECHNOLOGIES SPA, Exide Industries Ltd., GEM Co. Ltd., Gopher Resource LLC, Gravita India Ltd., SungEel Hi-Tech Co. Ltd., Terrapure Environmental, Umicore SA, East Penn Manufacturing Co. Inc., Fortum Oyj, Li Cycle Holdings Corp., Onto Technology LLC, and Raw Materials Co. Inc..

The report offers an up-to-date analysis of the market, and to know the exact growth variance and the Y-O-Y growth rate, Request a Sample Report.

Accurec Recycling GmbH - The company offers services for Nickel Cadmium batteries, Nickel Metal hybrid batteries and Lithium batteries. 

The market is segmented by Source (Automotive, Electronic appliance, and Others), Battery Type (Lead-acid, Lithium, and Others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa). 

• APAC will account for 36% of the global market during the forecast period. The APAC region holds a dominant position in the global market, primarily attributed to the presence of numerous major manufacturers and manufacturing facilities for battery-powered equipment and automobiles within the region. Furthermore, the increasing use of consumer electronics and vehicles is propelled by growing household incomes and elevated living standards across APAC.
• The automotive segment will witness significant growth during the forecast period.

Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View PDF Sample Report

Addressing environmental concerns associated with battery disposal to drive growth

The industry focuses on sustainable energy storage and eco-friendly battery disposal through recycled batteries and battery waste management. Lithium-ion battery recycling and battery recovery technologies play a crucial role in promoting a circular economy for batteries. By reprocessing batteries, the market generates secondary raw materials while addressing environmental concerns associated with battery disposal, advancing toward a greener future.

Analyst Review

The Battery Recycling Market is witnessing significant growth owing to various factors, including government regulations and initiatives such as EPA guidelines aimed at pollution control and energy efficiency. One of the primary drivers of this market surge is the increase in demand for electric vehicles (EVs), driven by shifting consumer preferences towards sustainable transportation solutions. As the adoption of EVs rises, so does the need for efficient battery recycling practices to manage spent batteries, which contain hazardous materials like acids, heavy metals (including mercury), and other potentially harmful substances.

Safety concerns surrounding the storage and transportation of spent batteries underscore the importance of implementing robust recycling processes. Additionally, with the renewable energy sector experiencing exponential growth, there is a rising demand for energy storage solutions, particularly in solar and wind power applications. This trend further emphasizes the necessity for efficient battery recycling practices to ensure a sustainable supply chain.

However, the battery recycling market faces challenges such as the high cost of recycling and a dearth of technologies capable of efficiently recycling various battery chemistries, including lithium-ion, lead acid, and sodium-sulfur batteries. Moreover, the scarcity of critical materials like cobalt and rare earth metals adds to the complexity of the recycling process.

The Battery Recycling Market ecosystem comprises various stakeholders, including Element Resources, a key player specializing in automotive and lead acid battery recycling. The Asia Pacific region, witnessing rapid industrialization and urbanization, presents significant opportunities for market players like Stena Recycling, Umicore, ACCUREC Recycling GmbH, Ecobat, EnerSys, Fortum, TES, and Terrapure.

These companies are actively involved in the collection, processing, and recycling of various battery chemistries, including lead, lithium-ion, nickel, and lithium batteries. Through innovative recycling technologies and strategic partnerships, they aim to address the growing demand for sustainable battery recycling solutions globally.

In conclusion, the Battery Recycling Market is poised for substantial growth driven by factors such as the surge in EV adoption, renewable energy expansion, and stringent environmental regulations. By addressing challenges such as cost-effectiveness and technological advancements, industry players can capitalize on the burgeoning demand for battery recycling services while contributing to environmental sustainability.

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Market Overview

The Battery Recycling Market is experiencing a surge, primarily due to government regulations and initiatives like EPA guidelines aimed at pollution control. With the increasing demand for electric vehicles (EVs), there's a pressing need for efficient battery recycling processes to handle spent batteries, which contain hazardous materials such as acids and heavy metals. Shifting consumer preferences towards sustainability and energy efficiency further drive this market. The emphasis on pollution control mandates stringent recycling measures to mitigate environmental impact. Consequently, the battery recycling sector plays a pivotal role in the sustainable lifecycle management of EV batteries, ensuring responsible disposal and resource conservation.

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Related Reports:

The aviation battery market size is estimated to grow at a CAGR of 7.26% between 2022 and 2027. The size is forecast to increase by USD 317.81 million.

The train battery market is estimated to grow at a CAGR of 5.45% between 2022 and 2027. The size is forecast to increase by USD 179.11 million. 

ToC:

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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