Battery Recycling Market Size Worth USD 24.57 Billion by 2027

The global battery recycling market is expected to reach USD 24.57 Billion by 2027, according to a new report by Emergen Research. The battery recycling market is witnessing rapid growth in demand as raw materials such as lithium, nickel, cobalt, and manganese used in the manufacturing of cathode of batteries are limited. In contrast, these materials are witnessing an escalating demand from the end-user verticals, including automotive & transportation, consumer electronics, and various other industries. Besides, the raw materials deployed in the making of batteries are detrimental to the environment. Recycling and reusing the constituents in used batteries further aids in the preservation of natural resources; therefore, propelling the market growth for recycled battery materials.

The market for lithium-ion battery recycling is influenced by the rising demand for electric as well as hybrid electric vehicles where lithium-ion batteries are used extensively. Adoption of these vehicles results in a price hike of battery materials such as cobalt and lithium, hence making the recycling of lithium-ion battery industries more profitable.

https://www.emergenresearch.com/press-release/global-battery-recycling-market