The global battery recycling market was valued at $11.1 billion in 2020, and is projected to reach $66.6 billion by 2030, growing at a CAGR of 19.5% from 2021 to 2030.
Batteries consist of a number of heavy metals such as copper, nickel, and lead, and toxic chemicals, such as toxic and flammable electrolytes containing LiClO4, LiBF4, and LiPF6. Disposing them by the same process as regular waste can harm the environment. Hence, battery recycling process is adopted to decrease amount of battery wastes being disposed as municipal solid wastes and to encourage efficient use of battery. Most type of batteries such as power tools, smartphone batteries, and automotive batteries can be recycled. Battery recycling prevents environment from hazardous effects such as soil contamination and water pollution. The method of recycling differs as per type of battery. Hence, it is necessary to separate batteries before recycling.
Environmental pollution through disposal of battery and rise in demand for electric vehicles/hybrid electric vehicle/plug-in hybrid electric vehicle are the key factors that drive growth of the battery recycling market during the forecast period. In addition, factors such as government regulations, environmental safety, awareness among people, and others are expected to drive the growth of the global battery recycling market. However, focus on lowering cost of batteries rather than its recyclability is anticipated to restrain growth of the battery recycling market during the forecast period. Conversely, higher energy efficiency requirements in technologically updated consumer gadgets and high adoption of electric vehicles are projected to create opportunities for key players to maintain pace in the market globally in the coming years.
The global battery recycling market is segmented into chemistry, source, application, and region. By chemistry, the market is divided into lead–acid battery, lithium-ion battery, nickel-based battery, and other battery types. Further segmentation can be done on the basis of source into industrial batteries, automotive batteries, and customer & electronic appliances batteries. By application, the market is categorized into transportation, consumer electronics, industrial, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific and LAMEA.
Batteries consist of a number of heavy metals such as copper, nickel, and lead, and toxic chemicals, such as toxic and flammable electrolytes containing LiClO4, LiBF4, and LiPF6. Disposing them by the same process as regular waste can harm the environment. Hence, battery recycling process is adopted to decrease amount of battery wastes being disposed as municipal solid wastes and to encourage efficient use of battery. Most type of batteries such as power tools, smartphone batteries, and automotive batteries can be recycled. Battery recycling prevents environment from hazardous effects such as soil contamination and water pollution. The method of recycling differs as per type of battery. Hence, it is necessary to separate batteries before recycling.
Environmental pollution through disposal of battery and rise in demand for electric vehicles/hybrid electric vehicle/plug-in hybrid electric vehicle are the key factors that drive growth of the battery recycling market during the forecast period. In addition, factors such as government regulations, environmental safety, awareness among people, and others are expected to drive the growth of the global battery recycling market. However, focus on lowering cost of batteries rather than its recyclability is anticipated to restrain growth of the battery recycling market during the forecast period. Conversely, higher energy efficiency requirements in technologically updated consumer gadgets and high adoption of electric vehicles are projected to create opportunities for key players to maintain pace in the market globally in the coming years.
The global battery recycling market is segmented into chemistry, source, application, and region. By chemistry, the market is divided into lead–acid battery, lithium-ion battery, nickel-based battery, and other battery types. Further segmentation can be done on the basis of source into industrial batteries, automotive batteries, and customer & electronic appliances batteries. By application, the market is categorized into transportation, consumer electronics, industrial, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
- The report includes in-depth analysis of different segments and provides market estimations between 2020 and 2030
- A comprehensive analysis of the factors that drive and restrict the growth of the global battery recycling market is provided
- Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the battery recycling market players to adopt effective strategies
- Estimations and forecast are based on factors impacting the global battery recycling market growth in terms of value
- Key market players are profiled to gain an understanding of the strategies adopted by them
- This report provides a detailed analysis of the current global battery recycling market trends and future estimations from 2021 to 2030, which helps identify the prevailing market opportunities
KEY MARKET SEGMENTS
By Chemistry
- Lead-Acid Based Battery
- Lithium-Ion Based Battery
- Nickel-Based Battery
- Other Battery Types
By Source
- Automotive Batteries
- Industrial Batteries
- Consumer & Electronic Appliance Batteries
By Application
- Transportation
- Consumer Electronics
- Industrial
- Others
By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
KEY MARKET PLAYERS
- LI-CYCLE CORP,
- Accurec Recycling GmbH
- Battery Solutions
- Redwood Materials, Inc
- Glencore International
- Retriev Technologies
- Umicore
- Enersys
- AkkuSer Oy
- Duesenfeld GmbH
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Landscape
Chapter 4: Battery Recycling Market, by Chemistry
Chapter 5: Battery Recycling Market, by Source
Chapter 6: Battery Recycling Market, by Application
Chapter 7: Battery Recycling Market, by Region
Chapter 8: Competitive Landscape
Chapter 9: Company Profiles
List of Tables
List of Figures
Executive Summary
According to a new report titled, “Battery Recycling Market by chemistry, source and application: global opportunity analysis and industry forecast, 2021–2030,” the battery recycling market size was valued at $11.1 billion in 2020, and is projected to reach $66.6 billion by 2030, growing at a CAGR of 19.5% from 2021 to 2030.Battery recycling referred to collection of batteries through various sources including portable electronic devices, electric vehicles, and other industrial energy storage purposes. After the end of battery life cycle, most batteries are disposed in landfills. It is important to recycle them to further reduce environmental pollution caused by these hazardous batteries. However, battery recycling is previously considered as a legislative activity; however, it is nowadays a more profitable way to recover metals through recycling of various batteries including lead acid, lithium-ion, and nickel metal hydride.
The global battery recycling market is anticipated to witness rapid growth, owing to increase in use of various automobiles such as electric & hybrid vehicles, which, in turn, is anticipated to fuel growth of the battery recycling market in upcoming years. Currently, there are established patented recycling methods that are available in the market. Therefore, battery recycling is done by patented methods of individual manufacturers or other organizations. Besides this, favorable government policies to support battery recycling infrastructure is driving the growth of this market. Whereas, complications related to lithium-ion batteries is the key growth barrier in this market.
Depending on chemistry, the lead-acid battery segment held highest position in battery recycling market share of about 63.9% in 2020, and is expected to maintain its dominance during the forecast period. This is attributed to the fact that lead-acid battery is highly profitable in terms of recycling, has low cost over other battery types, and its greater adoption as it is the first commercial battery in energy storage applications. On the other hand, lithium-ion battery recycling may gather great momentum during the forecast period in response to the growing efforts to develop patented recycling methods.
On the basis of source, the industrial batteries segment held the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to the wide application included in the industrial segment starting from renewable energy integration to forklift batteries, and UPS systems. Therefore, batteries are collected largely from an industrial source for recycling.
On the basis of application, the transportation segment held the largest share, in terms of revenue, and is expected to grow at a CAGR of 19.3%. 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 analyzed across four major regions, namely, North America, Europe, Asia-Pacific, and LAMEA. Europe garnered dominant market share in 2020, and is anticipated to maintain this trend during the forecast period. This is attributed to numerous factors such as presence of huge consumer base and the existence of key players in the region. Moreover, regulations toward environmental pollution and rapid growth of electric vehicle industry in the region are anticipated to contribute toward growth of the battery recycling market in Europe.
The global battery recycling market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include • LI-CYCLE CORP., Accurec Recycling GmbH, Battery Solutions, Redwood Materials, Inc., Glencore International, Retriev Technologies, Umicore, Enersys, AkkuSer Oy, and Duesenfeld GmbH.
Other players operating in the value chain of the global battery recycling industry are Neometals Ltd., Primobius, Green Li-ion Pvt., Ltd., SungEel MCC Americas, Redux GmbH, and others.
COVID-19 Impact on the Market
The global battery recycling market has witnessed steady growth in 2020, owing to the outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries and countries, thereby decreasing manpower across the globe, which, in turn, decreased consumer spending and thus, decreased demand for electronics, automotive, and other products. However, owing to lockdown imposed across the globe, there is a supply-demand gap, which resulted in halt in supply for equipment or batteries used in recycling processes. In Europe, economies, such as Germany, France, Spain, and Italy, are following stringent measures, such as maintaining social distance and limiting movements to prevent spread of coronavirus. Moreover, such safety measures have been witnessed across the globe, which further impacted the global battery recycling market growth
Key Findings Of The Study
- In 2020, the lead-acid battery segment accounted for majority of share of the global battery recycling market, and is expected to maintain its lead during the forecast period
- In 2020, the industrial batteries segment accounted for about 513%, and is expected to maintain its dominance till the end of the forecast period
- The transportation segment accounted for 43.8% in 2020, and is anticipated to grow at a rate of 193% in terms of revenue, increasing its share in the global battery recycling market
- Industrial is the fastest-growing application segment in the battery recycling market, and is expected to grow at a CAGR of 199%
- Asia-Pacific is expected to grow at the fastest rate, registering a CAGR of 202% during the battery recycling forecast period
- In 2020, Europe dominated the global battery recycling market with more than 3578% of the market share, in terms of revenue
Companies Mentioned
- LI-CYCLE CORP.
- Accurec Recycling GmbH
- Battery Solutions
- Redwood Materials, Inc.
- Glencore International
- Retriev Technologies
- Umicore
- Enersys
- AkkuSer Oy
- Duesenfeld GmbH.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 240 |
| Published | March 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 11.1 billion |
| Forecasted Market Value ( USD | $ 66.6 billion |
| Compound Annual Growth Rate | 19.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
