Battery Materials Recycling Market to Reach $56.9 Billion, Globally, by 2032 at 8.1% CAGR: Allied Market Research
PORTLAND, Ore., July 13, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Battery Materials Recycling Market By Material Type (Lithium, Cobalt, Iron, Manganese, Nickle, Lead, Others), By End-Use (Automotive, Building And Construction, Aerospace And Defense, Textile, Others): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the global battery materials recycling market was valued at $26.3 billion in 2022, and is projected to reach $56.9 billion by 2032, growing at a CAGR of 8.1% from 2023 to 2032.
- Based on type, the lead segment held the highest market share in 2022, accounting for more than two-fifths of the global battery recycling materials market revenue, and is estimated to maintain its leadership status throughout the forecast period.
- This is due to Lead batteries contain sulfuric acid electrolyte, which is hazardous and needs to be handled carefully.
- The segment is driven by factors such as investing in advanced recycling technologies to improve the efficiency and effectiveness of battery materials recycling.
- The growth is attributed to the use of battery materials recycling in the electric vehicle (EV) industry where recycling of battery materials is crucial for resource conservation, reducing environmental impacts, and creating a sustainable supply chain.