Battery Scrap Market Size to Grow USD 83.7 Billion by 2032 at a CAGR of 9.1% | Valuates Reports

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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