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Battery Recycling Market Overview
According to a Comprehensive Research Study by Market Research Future (MRFR), Battery Recycling Market Information by Chemistry, Application, and By Region – Forecast till 2030 The battery recycling industry size could touch USD 54.20 Billion by 2030, at a decent rate of 11.7% between 2023 and 2030.
For many years, waste management regulations and environmental consciousness have driven the task of battery recycling. As people’s awareness of environmental issues grows, sustainable resource management is receiving more and more attention. The public’s growing concern also extends to the hazardous qualities of metals and other substances, a concern that undoubtedly includes all types of batteries. All batteries are classified as hazardous waste by European (and possibly global) regulations, meaning they must be treated before being disposed of.
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Battery Recycling Market Competitive Landscape:
Battery Recycling Market Drivers:
The industry is expanding quickly as a result of the rising demand for batteries brought on by the increased use of renewable energy storage systems and electric vehicles (EVs), which also increase the need for recycling. Governments all over the world are putting laws into place to encourage battery recycling and lessen its negative effects on the environment, which should accelerate industry growth.
Demand for batteries in the nation will rise as a result of rising EV sales in the United States brought about by the creation of favorable federal laws like the Responsible Battery Recycling Act of 2022 in California and the presence of major industry players. Under the Responsible Battery Recycling Act of 2022, California battery retailers are required to set up a system for collecting used rechargeable batteries so that they can be recycled and used again.
The number of large-scale li-ion recycling facilities in the US has led to the growth of the li-ion battery recycling industry in the US. Li-cycle Corp., for instance, inaugurated a 120,000-square-foot warehouse for its brand-new lithium-ion recycling plant. This facility can process 10,000 tons of battery material for electric vehicles annually. It is possible for the company to recycle 60,000 electric car batteries.
The market is moving towards more electric vehicles and a higher requirement for UPS systems. Lithium is a very important component of electric vehicle batteries. This essential component is required to make lithium-ion batteries. Recycling lithium is less expensive than mining it.
Market Restraints:
In the coming years, factors like improper shredding, improper disassembly, and improper separation of hazardous materials used in batteries may hinder the expansion of the battery recycling industry.
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Battery Recycling Market Segmentation
The global market has been split into lead-acid, nickel-based, lithium-based, and other categories based on chemistry.
The battery recycling market is divided into four segments based on application: industrial, consumer electronics, transportation, and others.
The global market for battery recycling has been broken down into three categories based on the source: automotive, industrial, and consumer electronic appliance batteries.
Regional Insights
With the countries in the region concentrating heavily on battery recycling to lessen soil and water pollution, Asia Pacific is the dominant market. China had the biggest market share in Asia-Pacific in 2018 as a result of the rising demand for electric cars.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
