The battery recycling market size reached US$ 28.3 Billion in 2023. Looking forward, Reports and Insights expects the market to reach US$ 65.7 Billion by 2032, exhibiting a growth rate (CAGR) of 9.8% during 2024-2032.
Battery recycling is a solution that aids in addressing environmental concerns and resource scarcity. The process involves reclaiming valuable materials like lithium, cobalt, and nickel from used batteries to reduce fresh raw material mining dependency and resulting pollution. Battery recycling offers dual benefits: ecological preservation and economic gain. Recovered materials can be repurposed for new batteries, decreasing the demand for raw materials. A number of recycling techniques including pyrometallurgical, hydrometallurgical, and mechanical processes are used in the industry. Each method varies in efficiency, environmental impact, and cost.