U.S. Battery Recycling Market Size and Industry Forecast 2023

According to Nova One Advisor, the U.S. battery recycling market size was valued at USD 418.19 million in 2023 and is poised to grow from USD 577.94 million in 2024 to USD 10,628.06 million by 2033, at a CAGR of 38.2% during the forecast period (2024-2033).

The major driving factor of the market is the increasing sales of electric vehicles and consumer electronics in the country. The surge in the usage of lithium-ion batteries in smartphones to extend their shelf life and enhance their efficiency is expected to drive the growth of battery recycling market in U.S. in the coming years.

In addition, rising demand for electric vehicles owing to increasing consumer awareness about reducing carbon emissions is expected to fuel the growth of the global battery recycling market, further propelling the growth in the country. Moreover, the decline in demand for lead-acid batteries owing to the implementation of regulations formulated by the Environmental Protection Agency (EPA) to prevent lead contamination of the environment, coupled with the implementation of regulations related to safe storing, disposing, and recycling of lead-acid batteries, has led to a risen demand for carrying out battery recycling activities in the U.S.

The U.S. has emerged as a growing market for the recycling of lithium-ion batteries owing to the presence of large lithium-ion recycling facilities in the country. Increasing sales of electric vehicles in the U.S. owing to the formulation of supportive federal policies such as the Responsible Battery Recycling Act of 2022 California and the presence of leading market players are expected to drive the demand for lithium-ion batteries in the country over the forecast period. The Responsible Battery Recycling Act of 2022 California instructs each battery retailer in the state to have a system for the collection of used rechargeable batteries for recycling and reusing purposes, as well as for their disposal.

Full Report is Ready | Ask here for Sample Copy@? ?https://www.novaoneadvisor.com/report/sample/8897

U.S. Battery Recycling Market Key Takeaways

• The lead-acid segment dominated the market with a revenue share of over 89.18% in 2023.?
• The lithium-ion segment is expected to witness the f stest CAGR of 38.4% during the forecast period.?
• The transportation segment was the largest application segment in the U.S. battery recycling market with a revenue share of over 66.43% in 2023. It is also anticipated to grow at the fastest CAGR during the forecast period.

Immediate Delivery Available, Get Full Access@ ??https://www.novaoneadvisor.com/report/checkout/8897

U.S. Battery Recycling Market Top Key Companies:

• Call2Recycle
• Exide Technologies
• Cirba Solutions
• American Battery Technology Company
• Gopher Resource
• East Penn Manufacturing Co.
• Aqua Metals

U.S. Battery Recycling Market Recent Developments

• In November 2023, Redwood collaborated with Toyota to create end-of-life pathways for Toyota batteries used in hybrid and battery electric vehicles. This collaboration aims to maintaincircularity by recycling and reintroducing recovered metals back into battery supply chain.
• In August 2023, American Battery Technology Company announced the purchase of move-in ready, unoccupied commercial-scale, industrial facility located in the Tahoe-Reno Industrial Center (TRIC). This facility will be dedicated to the recycling of lithium-ion batteries.

U.S. Battery Recycling Market Report Segmentation Insights

Chemistry Insights

The lead-acid segment dominated the market with a revenue share of over 89.18% in 2023. An increase in automotive sales in the U.S. is expected to drive the market of lead-acid batteries. Thus, the most recycled segment is lead-acid battery segment in the U.S. market for battery recycling. Lead acid batteries are more suitable for recycling compared to other batteries owing to the extensive usage of reusable lead and plastics for their manufacturing. Battery recycling companies collect used batteries from consumers for recycling and reuse. In many companies, the transportation network used to distribute the new batteries is used to safely collect spent batteries from various locations. Some companies have their collection centers or they collect spent batteries from sellers. Spent batteries are taken to a recycling center where they are broken down and separated mainly into three components: plastic, lead, and battery acid.

The lithium-ion segment is expected to witness the fastest CAGR of 38.4% during the forecast period. The usage of lithium-ion batteries is significantly increasing owing to government support for rising number of off-grid installations and growing focus by the private sector, social organizations, and working communities on the improvement of living conditions in rural areas. The absence of grid systems in several remote villages is predicted to create significant potential for largescale lithium-ion battery storage systems for off-grid power supply. Thus, the lithium-ion batteries segment is seeing surge in recycling activities. The recycling process of the lithium-ion battery uses a combination of chemical and physical treatment steps to produce lithium carbonate. The scrape is initially treated by crushing, which further undergoes density and magnetic separation to produce a fine powder. The powder is fed to a hydrometallurgical process consisting of hydrolysis, leaching, and precipitation steps. At the end of the process, lithium is recovered as Li2CO3 and cobalt as cobalt hydroxide.

Application Insights

The transportation segment was the largest application segment in the U.S. battery recycling market with a revenue share of over 66.43% in 2023. It is also anticipated to grow at the fastest CAGR during the forecast period. Lithium-ion batteries are widely used in electric vehicles owing to the growing awareness about their advantages and increasing fuel prices in the country. This is projected to drive automotive battery recycling owing to the presence of large number of battery manufacturing and recycling companies in the region.Lithium-ion, lead-acid, and nickel metal hydride batteries are extensively used in the transportation industry. Various types of lead-acid batteries such as flooded, and valve regulated types are used as automotive batteries. These batteries are robust, low maintenance, cheap, corrosion resistant, and durable.

Used batteries are broken apart and separated into components before recycling. Recycled lead acid batteries consist of lead, plastic, and electrolyte. Plastic pellets recycled from battery covers and cases are used to produce new covers and cases. Lead recovered from battery grids, lead-oxide, and other parts are used to produce new battery parts, lead oxide, and grids. Recycling of lithium-ion batteries recovers lithium, cobalt, manganese, and nickel which are used in manufacturing of new lithium-ion or other type of batteries. According to the U.S. Department of Energy, sales of hybrid electric vehicles increased by 76% from 2020 to 2021. This is further expected to boost the U.S. market for battery recycling.

U.S. Battery Recycling Market Report Segmentation

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the U.S. Battery Recycling market.

By Chemistry?

• Lithium-ion
• Lead Acid
• Nickel
• Others

By Application?

• Transportation
• Consumer Electronics
• Industrials

Reasons to Purchase this Report

? Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors

? Provision of market value (USD Billion) data for each segment and sub-segment

? Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market

? Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region

? Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled

? Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players

? The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions

? Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis

? Provides insight into the market through Value Chain

? Market dynamics scenario, along with growth opportunities of the market in the years to come

? 6-month post-sales analyst support

Immediate Delivery Available | Buy This Premium Research ?https://www.novaoneadvisor.com/report/checkout/8897

Call: USA: +1 650 460 3308 | IND: +91 87933 22019 |Europe: +44 2080772818

Email: [email protected]

Web: https://www.novaoneadvisor.com/

You can place an order or ask any questions, please feel free to contact at?[email protected] ?| +1 650 460 3308