Battery Recycling Market Overview
The global Battery Recycling market size was estimated at USD 24.84 billion in 2023 and is projected to reach USD 51.2 billion in 2030 at a CAGR of 10.9% during the forecast period 2023-2030.
The realm of battery recycling involves the collection, processing, and extraction of valuable materials from used batteries, while also aiming to minimize the environmental impact. This encompasses a variety of battery types, ranging from those utilized in automobiles (such as electric vehicles), to portable electronics (such as smartphones and laptops), to energy storage systems (such as those implemented in renewable energy installations). The primary goal of the worldwide battery recycling market is to decrease the disposal of batteries within landfills or incineration facilities, as improper disposal can result in environmental pollution and health hazards due to the presence of toxic chemicals and heavy metals. Instead, the emphasis is placed on recovering valuable elements like lithium, cobalt, nickel, lead, and other metals through smelting, hydrometallurgical techniques, and mechanical separation.
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the sector is anticipated to experience rapid expansion over the forecast period due to the surging prevalence of Electric Vehicles (EVs) and sustainable energy storage systems, resulting in an augmentation of the demand for batteries and subsequently fueling the imperative of recycling. Governments across the globe are effectuating policies to stimulate battery recycling and minimize the ecological ramifications, thereby augmenting the progress of the industry.
The COVID-19 pandemic prompted the imposition of lockdowns which led to the temporary prohibition of import and export as well as manufacturing and processing activities across multiple industries. Consequently, this resulted in diminished demand for batteries from both automotive and non-automotive end users, causing a decline in market growth during the second, third, and fourth quarters of 2020. Nonetheless, the battery recycling market is projected to recover by the second quarter of 2021. This is due to the commencement of COVID-19 vaccination programs in various economies worldwide, which is expected to enhance the global economy.
Delvens Industry Expert's Standpoint
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The extensive utilization of batteries, ranging from energy storage to the operation of various equipment, has led to the presence of millions of tonnes of batteries in operation worldwide. While batteries provide sufficient energy for a wide variety of operations, recycling has become a crucial topic in today's economic world. The field of automobile, aviation & aerospace, marine hybrid propulsion, defense, telecommunication, micro-grid, and many others rely heavily on batteries for their applications. Although the production of various types of batteries is on a vast scale, their recycling lags behind. The disposal of batteries in open spaces can cause serious environmental threats and groundwater contamination. The toxic materials within batteries can also be released into the environment, posing severe hazards to human health and the environment. Therefore, recycling batteries is necessary to reduce rising pollution caused by the dumping of batteries without processing. These factors have led to the expansion of the market and increased demand for Battery Recycling solutions.
Key Findings
- The source segment is further fragmented into Automotive Batteries, Industrial Batteries, Consumer & electric appliance Batteries. The automotive batteries segment is expected to account for a larger market size during the forecast period. The burgeoning demand for electric vehicles is a key driving force behind the noteworthy expansion of the worldwide market for automotive battery recycling. The amplification of EV sales has led to a commensurate escalation in the number of used batteries that necessitate appropriate disposal and recycling. It is imperative that an enduring infrastructure for managing and recycling end-of-life batteries be established as more individuals transition to electric vehicles. This will serve to further augment the growth of this sector.
- The chemistry segment is further bifurcated into Lead Acid Batteries, Lithium-based Batteries, Nickel-based Batteries and Others. The lead acid batteries is the largest market during the forecast period. Lead-acid batteries are classified as perilous refuse due to the presence of lead and sulfuric acid. Adequate handling and recycling of such batteries can assist in the management of prospective environmental and health hazards related to inappropriate disposal. The escalation of this sector can be ascribed to the mounting demand for recycling infrastructures that can effectively handle dangerous substances and diminish the likelihood of pollution and contamination.
- The application segment is further bifurcated into Transportation, Consumer Electronics, Industrial and Others. Transportation to account for a larger market size during the forecast period. This is attributed to the growing adoption of electric & hybrid vehicles and increasing efforts to promote electrification in the overall automotive industry. In addition, rapid growth of EV industry across the developing economies is anticipated to fuel the market growth in the coming years.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period due to the expanding population, industrialization, urbanization, and rising demand for electronic gadgets, electric vehicles (EVs), and renewable energy storage systems.
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Battery Recycling Market Regional Analysis
North America to Dominate the Market
- North America is estimated to account for the largest market share during the forecast period due to the expanding population, industrialization, urbanization, and rising demand for electronic gadgets, electric vehicles (EVs), and renewable energy storage systems.
Battery Recycling Market Competitive Landscape
- Accurec Recycling Gmbh
- American Battery Technology Company
- Aqua Metals, Inc.
- Call2Recycle, Inc.
- Cirba Solutions
- Contemporary Amperex Technology Co., Limited
- East Penn Manufacturing Company
- Ecobat
- Element Resources
- Enersys
- Exide Industries Ltd.
- Fortum
- Gem Co., Ltd.
- Glencore
- Gopher Resource
- Gravita India Ltd.
- Li-Cycle Corp.
- Neometals Ltd.
- Raw Materials Company
- Recyclico Battery Materials Inc.
- Umicore
Battery Recycling Market Recent Developments
- In April 2023, Cirba Solutions signed a Memorandum of Understanding (MoU) with Honda to collect, process, and return recycled battery materials to be used as raw material for Honda’s battery supply chain for application in future EV batteries.
- In February 2023, Contemporary Amperex Technology Co., Limited, Mercedes-Benz, and GEM Co., Ltd. signed a memorandum of understanding for the recycling of cobalt, nickel, manganese, and lithium metals from spent EV batteries of Mercedes-Benz and remanufacture them into battery cathode materials.
Battery Recycling Market Reasons to Acquire
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Battery Recycling Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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