BANGALORE, India, April 10, 2024 /PRNewswire/ — Battery Scrap Market is Segmented by Product type (Lead Acid, Lithium Ion, Others), By Source (Electric Vehicles, Consumer Electronics, Power Tools, Others), By End-use (Material Extraction, Reuse, Disposal, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.
The Global Battery Scrap Market was valued at USD 35.2 Billion in 2022, and is projected to reach USD 83.7 Billion by 2032, growing at a CAGR of 9.1% from 2023 to 2032.
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Major Factors Driving the Growth of Battery Scrap Market
The need for recycled batteries is rising due to environmental consciousness, strict laws, the spread of electronic gadgets, and the popularity of electric cars. These factors are the main drivers of the expansion of the battery scrap market. The market is expected to grow even more as a result of technological developments in recycling procedures and rising demand for the raw materials used in battery manufacturing.
The market for battery scrap is growing as a result of investments in recycling infrastructure, government incentives, circular economy initiatives, growing use of electric cars, and cooperative efforts among stakeholders.
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TRENDS INFLUENCING THE GROWTH OF BATTERY SCRAP MARKET:
The Battery Scrap Market is expanding rapidly as a result of the rising need for battery recycling. The number of batteries that are approaching the end of their life cycle is rising due to the widespread use of electronic gadgets and electric vehicles (EVs). This generates a large amount of battery scrap, which increases the demand for effective recycling procedures. The market for battery waste is expanding as a result of companies’ increased emphasis on sustainable practices and stricter restrictions in response to growing environmental concerns. Additionally, the development of recycling technology is a major factor in the market expansion for battery scrap. The extraction of precious metals from battery scrap is made more efficient by innovations like pyrometallurgical and hydrometallurgical techniques.
The market for battery trash is significantly influenced by the growing need for raw materials used in the manufacturing of batteries. Critical metals like lithium, cobalt, and nickel are needed for lithium-ion batteries in particular, and they can be found in mined ores. Recycling used batteries reduces dependency on virgin resources and lessens the negative environmental effects of mining. It is a sustainable alternative to mining. The market for battery trash is boosted by this steady supply of raw materials, which makes recycling batteries more appealing.
The laws and policies of the government have a significant impact on how the battery scrap market is shaped. To reduce environmental risks and save resources, some nations have enacted strict laws requiring battery recycling. Incentives including grants, tax credits, and subsidies are also offered to promote investment in battery recycling infrastructure. These regulations encourage investment in sustainable practices and compliance, which in turn creates a favorable climate for market expansion. The market for battery scrap is expanding as a result of circular economy activities. A circular economy model encourages recycling and repurposing in order to reduce waste and increase the value of resources.
One of the main drivers of the battery trash business is the increasing ubiquity of electric vehicles (EVs). Because EV batteries have a limited lifespan, when cars approach the end of their useful lives, a significant amount of battery garbage is produced. It is essential to find efficient EV battery recycling solutions in order to promote the industry’s sustainable growth. The EV ecosystem is strengthened by battery recycling, which not only makes it easier to dispose of expended EV batteries but also increases the amount of recycled materials available for use in new battery production.
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BATTERY SCRAP MARKET SHARE
With about half of the worldwide battery scrap market share in terms of revenue in 2022, the lithium-ion segment led the market based on product type and is expected to continue leading during the forecast period. Because of its high energy density and ability to be recharged, lithium-ion batteries find extensive application in a wide range of fields, such as consumer electronics, electric vehicles (EVs), renewable energy storage systems, and portable gadgets.
The electric vehicle sector accounted for roughly three-fifths of the worldwide battery scrap market size in terms of revenue in 2022 and is expected to continue leading the market for the duration of the forecast period. The primary way that electric vehicles (EVs) contribute to the battery scrap market is by exchanging their lithium-ion batteries. The battery scrap business is greatly impacted by the recycling and reuse of these spent EV batteries, which is essential for environmental sustainability, resource conservation, and the ethical expansion of the electric car market.
With over half of the worldwide market revenue in 2022, Asia-Pacific had the largest revenue share and is expected to lead the forecast for the battery scrap market. The adoption of electric vehicles has been leading the Asia-Pacific region, with China leading the world in EV sales. As a result, efforts to recycle EV batteries in order to recover important elements like nickel, cobalt, and lithium have increased. The aforementioned elements will present market development prospects for battery scrap.
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Key Companies:
- Li-Cycle
- ECOBAT
- Sunlight Group
- Umicore
- Gravita India Ltd.
- Aqua Metals, Inc
- Exide Industries Ltd.
- Engitec Technologies SpA
- Husky Battery Solutions Ltd.
- Guangdong Brunp recycling Technology Co., Ltd.
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
– Nickel Scrap market was valued at USD 2404.2 Million in 2023 and is anticipated to reach USD 2831.7 Million by 2030, witnessing a CAGR of 2.4% during the forecast period 2024-2030.
– Lead-acid Battery Scrap market was valued at USD 6890.9 Million in 2023 and is anticipated to reach USD 10450 Million by 2030, witnessing a CAGR of 5.7% during the forecast period 2024-2030.
– Cobalt Scrap Recycling Market
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– Non-ferrous Scrap Recycling Market revenue was USD 115310 Million in 2022 and is forecast to a readjusted size of USD 149150 Million by 2029 with a CAGR of 3.7% during the review period (2023-2029).
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– Non-Ferrous Scrap Market revenue was USD 98130 Million in 2022 and is forecast to a readjusted size of USD 118510 Million by 2029 with a CAGR of 2.7% during the review period (2023-2029).
– Titanium Scrap Market revenue was USD 865.2 Million in 2022 and is forecast to a readjusted size of USD 1578.3 Million by 2029 with a CAGR of 8.6% during the forecast period (2023-2029).
– Scraper Heat Exchangers market is projected to reach USD 446.6 Million in 2029, increasing from USD 311.1 Million in 2022, with a CAGR of 5.3% during the period of 2023 to 2029.
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– Web Scraper Software market was valued at USD 2752 Million in 2023 and is anticipated to reach USD 7463.6 Million by 2030, witnessing a CAGR of 15.0% during the forecast period 2024-2030.
– Copper Scrap market size is estimated to be worth USD 65950 Million in 2022 and is forecast to a readjusted size of USD 84900 Million by 2028 with a CAGR of 4.3% during the review period.
– The Web Scraping Tools market is projected to reach USD 7463.6 Million in 2029, increasing from USD 2752 Million in 2022, with a CAGR of 15.0% during the period of 2023 to 2029.
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– Non-Ferrous Scrap market was valued at USD 101000 Million in 2022 and is anticipated to reach USD 118510 Million by 2029, witnessing a CAGR of 2.7% during the forecast period 2023-2029.
– Metal Waste and Recycling market was valued at USD 264130 Million in 2023 and is anticipated to reach USD 390370 Million by 2030, witnessing a CAGR of 5.6% during the forecast period 2024-2030.
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– Lithium Ion Battery Separators market was valued at USD 2904 Million in 2023 and is anticipated to reach USD 3612.1 Million by 2030, witnessing a CAGR of 3.1% during the forecast period 2024-2030.
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– The global battery recycling market size was valued at USD 11.1 Billion in 2020, and is expected to reach USD 66.6 Billion by 2030, registering a CAGR of 19.5% from 2021 to 2030.
– Residential Energy Storage Lithium-ion Battery market is projected to grow from USD 5500 Million in 2023 to USD 130620 Million by 2029, at a Compound Annual Growth Rate (CAGR) of 69.5% during the forecast period.
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– 18650 Lithium Battery market size is estimated to be worth USD 5374 Million in 2022 and is forecast to a readjusted size of USD 4691 Million by 2029 with a CAGR of -1.9% during the forecast period 2023-2029.
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– Automotive Battery Management System Market revenue was USD 2869.1 Million in 2022 and is forecast to a readjusted size of USD 12630 Million by 2029 with a CAGR of 22.3% during the forecast period (2023-2029).
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– The global EV Battery Disconnect Unit (BDU) market was valued at USD 1625 Million in 2023 and is anticipated to reach USD 6703.7 Million by 2030, witnessing a CAGR of 21.0% during the forecast period 2024-2030.
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