$33.50 Billion Global Battery Recycling Market in 2033

The Brainy Insights, a global market research firm, released a new report this week about the growing demand for battery recycling in the market. The report, titled “Global Battery Recycling Market Outlook 2023-2032”, highlights the growing demand for battery recycling in the market and the impact it has had on the industry overall.

Battery Recycling The report found that the battery recycling market was valued at USD 11.10 Billion in 2022 and had grown at a CAGR of 11.7% from 2023 to 2032. The market is expected to exceed USD 33.50 Billion by 2032, signifying a robust and rapidly growing demand for battery recycling. “The battery recycling market has grown due to the expanding industrial base in developed and emerging nations,” said Avinash D, head of research at Brainy Insights Pvt. Ltd. “This has resulted in a sharp rise in the region’s energy usage. Europe emerged as the most significant battery recycling market, with a 45.10% market revenue share in 2022.” Furthermore, the report found that the automotive, electronic, and industrial markets were the major contributors in battery recycling. The increasing demand for energy efficient, as well as, renewable energy sources such as solar and wind, is one of the major factors driving the demand for battery recycling. Furthermore, the increasing focus on adopting eco-friendly mechanisms is also propelling the demand for battery recycling. However, despite the growth in the market, there are several challenges which need to be addressed to ensure sustainability. For instance, the availability of used batteries is limited and, due to this, the cost of recycling is rather high. This is limiting the scope of growth in the battery recycling market. In addition, the lack of awareness pertaining to the safe disposal of used batteries is also restraining the growth of the battery recycling market.

The battery recycling market is expected to reach USD 33.50 billion by 2032 due to the expanding industrial base in developed and emerging nations, increasing demand for energy efficient and renewable sources, and focus on adopting eco-friendly mechanisms, although the cost of recycling is high and the lack of awareness about safe disposal is restraining growth.

The Brainy Insights provides comprehensive market intelligence and advice on strategies to capitalize on the growing opportunities. Their global team of experts not only offers valuable insights into the global battery recycling market, but can also provide advice to help companies gain a competitive advantage in the market.