The battery recycling global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Battery Recycling Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The battery recycling market size has grown rapidly in recent years. It will grow from $17.61 billion in 2023 to $19.87 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period can be attributed to rise in electronic waste and the need for proper disposal, increased adoption of rechargeable batteries in consumer electronics, growth of the electric vehicle market, stringent environmental regulations promoting recycling practices, awareness of the finite nature of metal resources.
The battery recycling market size is expected to see rapid growth in the next few years. It will grow to $32.22 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. The growth in the forecast period can be attributed to focus on sustainable practices, government incentives and policies promoting battery recycling, rising demand for energy storage solutions, increasing consumer awareness and preferences for sustainable products, growing focus on circular economy and closed-loop supply chain. Major trends in the forecast period include focus on developing innovative business models for battery recycling, technological advancements in battery recycling processes, collaboration between industries, integration of blockchain technology for transparent and traceable battery recycling, exploration of urban mining for extracting valuable materials from used batteries.
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Scope Of Battery Recycling Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The increasing adoption of electric vehicles is expected to drive the growth of the battery recycling market in the forecast period. Electric vehicles (EV) are automobiles which are completely or partially powered by electricity. Disposing an electric vehicle battery is expensive, particularly if the waste contains valuable materials. Recycling is an opportunity to minimize life cycle costs by recovering high-value materials and avoiding the expense of hazardous waste disposal. With the growth in EV sales, the number of lithium-ion batteries in the market increases. The limited life of these batteries requires an effective recycling medium in order to stabilize domestic source of materials for battery production, reduce the demand for raw materials and minimize geopolitical disruptions of the supply chain. After a period of 5-8 years the power generated by these batteries is not enough for the EV, but it can be used in other low-grade applications such as in households, energy backups, renewable energy storage and off-peak energy storage. Recycling EV batteries also helps recover the metals – cobalt, lithium, nickel, and others, which can then be used for manufacturing new batteries, saving resources and cost of production. According to International Energy Agency, global electric vehicle sales are projected to reach 125 million by 2030. Therefore, the increasing adoption of electric vehicles propels the growth of the battery recycling market.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The battery recycling market covered in this report is segmented –
1) By Type: Lead-Acid Battery, Nickel-Based Battery, Lithium-Based Battery, Other Battery Types
2) By Processing State: Extraction Of Material, Reuse, Repackaging And Second Life, Disposal
3) By Application: Automotive, Consumer Electronics, Industrial, Other Applications
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Regional Insights –
North America was the largest region in the battery recycling market in 2023. The regions covered in the battery recycling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the battery recycling market report are Li-Cycle Holdings Corp., Battery Solutions LLC, Exide Industries Ltd., Umicore NV/SA, Aqua Metals Inc., Gravita India Limited, East Penn Manufacturing Company, ENERSYS Corp., Fortum Oyj, Accurec Recycling GmbH, Eco-Bat Technologies Ltd., Terrapure Environmental Services Inc., Guangdong Brunp Recycling Technology Co. Ltd., Anhua Taisen Recycling Technology Co. Ltd., Doe Run Company, RSR Corporation, Gopher Resource LLC, Glencore plc, American Battery Technology Company, Call2recycle Inc., G. & P. Batteries Limited, Retriev Technologies Inc., Stena Recycling Sp. z o. o., TES India Private Limited, The International Metals Reclamation Company, Cirba Solutions Co., RecycLiCo Battery Materials Inc., Sitrasa Co., Recupyl SAS, Raw Materials Company Inc., Battery Recycling Systems Co., Johnson Controls International plc
Table of Contents
1. Executive Summary
2. Battery Recycling Market Report Structure
3. Battery Recycling Market Trends And Strategies
4. Battery Recycling Market – Macro Economic Scenario
5. Battery Recycling Market Size And Growth
…..
27. Battery Recycling Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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