BATTERY RECYCLING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Takeaways from Analyst

The market is poised to grow significantly over the next decade driven by increasing sales of electric vehicles and electronics. As more consumers adopt EVs and use portable electronic devices, spent batteries needing safe disposal and recycling will rise rapidly. Currently, less than 5% of lithium-ion batteries from consumer electronics reach recycling processes. Stringent regulations being introduced worldwide to promote circular economy practices will drive more companies and consumers towards established recycling infrastructure and processes.

However, collecting batteries at scale and setting up large-scale recycling plants require substantial capital investments. High costs associated with developing and optimizing recycling technologies for different battery chemistries could restrain market growth initially. Conversely, recovering critical raw materials like cobalt, lithium, nickel from recycled batteries presents an opportunity for suppliers to secure sustainable supply and reduce dependence on mining. As recycling processes improve extraction rates and costs reduce, battery recycling is expected to increasingly become a profitable business. The North America region, led by the U.S. and Canada, is likely to emerge as the fastest growing regional market due to the concentration of battery production and electronics manufacturing in the region.