Battery Materials Recycling Market size is set to reach USD 64 billion by 2032, as per a recent research report announced by Global Market Insights Inc.
Introduction of strict dumping laws pertaining to solid waste disposal will positively influence the battery materials recycling industry outlook. Batteries such as lithium-ion (Li-ion) consist of toxic and hazardous materials that require adequate disposal for minimized environmental impact. With the growing concerns associated with pollution and its effect on biodiversity, several governments are ramping up efforts to promote the recycling of solid waste materials.
Highly volatile prices associated with battery materials is a key challenge for battery manufacturers supplying products to several EV makers as well as producers of electronic devices. Sudden price changes hence affect the supply chain and profit margins for these manufacturers. However, battery recycling is expected to assist in the market growth by eliminating the need to purchase brand-new raw materials for production by providing access to recycled materials with minimal environmental impact.
Browse key industry insights spread across 200 pages with 185 market data tables & 23 figures & charts from the report, “Battery Materials Recycling Market - By Material (Iron, Manganese, Nickel, Lithium, Cobalt, Lead, Electrolytes, Plastics), By Application (Automotive, Consumer Goods, Building & Construction, A&D, Packaging, Textile Industry) - Global Forecast to 2032”, in detail along with the table of contents:
Increasing lithium production worldwide to fuel demand for battery materials recycling
The lithium materials segment is predicted to witness an 11.8% CAGR between 2023-2032. The growing need for recycling lithium can be attributed to the increasing use of electric vehicles (EVs) and high-tech devices worldwide. A single electric vehicle consists of approximately 10 kilograms of lithium in it. In India, Li-ion batteries account for 40% of the cost of any EV. Moreover, the recent advances in recycling techniques such as hydrometallurgical, and pyrometallurgical methods along with the surging lithium production worldwide is expected to drive the battery materials recycling market demand.
Growing adoption of battery energy storage systems in buildings to propel industry dynamics
Battery materials are largely used in a wide variety of building and construction components such as energy storage systems and electrical systems. With the paradigm shift from conventional systems to renewable energy sources, residential and commercial buildings are switching to sustainable energy storage suitable for wind turbines and solar panels. The growing residential energy consumption worldwide along with government initiatives prompting the decarbonization of the building & construction sector will complement the industry growth.
Hefty funding to enhance North America battery materials recycling industry demand
North America battery materials recycling market size is poised to reach over USD 8.6 billion by 2032 led by the increasing deployment of environmentally sound practices in battery manufacturing. North America records massive footprint of battery manufacturers, recyclers, and electric vehicle companies. Moreover, countries such as the U.S., and Canada have implemented supportive regulations in favor of battery recycling to achieve ambitious climate change goals.
Strategic expansion efforts to boost battery materials recycling industry growth
Some of the leading players in the battery materials recycling market include are Johnson Controls International plc, East Penn Manufacturing Company, Battery Solutions LLC, Eco bat Technologies, Retriev Technologies Inc., G&P Batteries, Umicore N.V., EnerSys, Exide industries, Call2Recycle, Inc., Aqua Metals., Gravita India Ltd., Gopher Resource, RSR Corporation and Terrapure Environmental These market players are implementing strategic acquisitions and mergers to strengthen their market presence. For instance, in January 2023, Johnson Controls announced the acquisition of Hybrid Energy AS, a leading provider of high-temperature energy management solutions in Europe.