Battery Materials Recycling Market to Hit $64 Bn By 2032, Says Global Market Insights Inc.
Major battery materials recycling market participants include Johnson Controls International plc, Battery Solutions LLC, East Penn Manufacturing Company, Eco bat technologies, G&P Batteries, Retriev Technologies Inc., Umicore N.V., Exide industries, EnerSys, Call2Recycle, Inc., Gravita India Ltd., Aqua Metals., Gopher Resource and Terrapure Environmental.
Selbyville, Delaware,, April 13, 2023 (GLOBE NEWSWIRE) — The battery materials recycling market valuation is estimated to cross USD 64 billion by 2032, as reported in a research study 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.
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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 battery materials recycling market players. 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.
The lithium materials segment is predicted to witness around 11.8% CAGR between 2023 and 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.
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.
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.
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.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Battery material recycling market 360º synopsis, 2018 – 2032
2.1.1 Business trends
2.1.2 Battery material trends
2.1.3 End-user trends
2.1.4 Regional trends
Chapter 3 Battery Material Recycling Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 outbreak
3.3 Industry ecosystem analysis
3.4 Patent analysis
3.5 Technology landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls & challenges
3.7 Regulatory landscape
3.8 Growth potential analysis
3.9 Pricing analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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