Battery Recycling Global Market Report 2023

Battery recycling refers to the method of reusing and reprocessing batteries in order to reduce the number of batteries being disposed as waste. Recycling can assist in extracting the raw ingredients from used batteries and sending them to businesses that manufacture products for reuse. This reduces the price of fresh batteries as well.

The main types of batteries that are recycled include lead-acid battery, nickel-based battery, lithium-based battery and other battery types. Lead acid batteries are charged continuously from the power grid and are normally designed to provide power for brief periods of time to allow the facility to properly shut down equipment. Lead-acid batteries are extremely recyclable, achieving recycling rates of more than 90% in many countries. Nickel-based batteries have a positive electrode of nickel hydroxide and a negative electrode of cadmium and offer good performance in high ambient temperatures, good resistance to electrical use as they can be left in a discharged state for long periods without causing any permanent damage. Lithium-based batteries have a lithium metal oxide cathode and a carbon anode with an organic electrolyte and has the highest energy density of all rechargeable systems. The high capacity of active materials and a single cell voltage makes the battery suitable for a number of applications, ranging from high energy to high power. The processing states involved in battery recycling include extraction of material, reuse, repackaging and second life, and disposal, and this is used to recycle batteries from automotive, consumer electronics, industrial sectors.

The global battery recycling market grew from $15.45 billion in 2022 to $17.6 billion in 2023 at a compound annual growth rate (CAGR) of 13.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The battery recycling market is expected to grow to $29.61 billion in 2027 at a CAGR of 13.9%.

The battery recycling market research report is one of a series of new reports that provides battery recycling market statistics, including battery recycling industry global market size, regional shares, competitors with a battery recycling market share, detailed battery recycling market segments, market trends and opportunities, and any further data you may need to thrive in the battery recycling industry. This battery recycling market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Major companies operating in the battery recycling market are entering into strategic collaborations to improve know how and enhance battery recycling efficiency. For instance, in 2021, UK based sustainable technologies company, Johnson Matthey partnered with Sweden based leading recycler of industrial waste and end of life products, Stena Recycling Group, to develop an efficient value chain for the recycling of lithium-ion batteries and cell manufacturing materials in Europe.

For instance, in July 2022, Volkswagen Group of America, a subsidiary of Germany-based Volkswagen Group, partnered with a US-based battery recycling startup, Redwood Materials to create supply chain for EV battery recycling. The partnership is expected to establish a supply network for recycling Volkswagen and Audi electric vehicle batteries in the US with the aim of giving American drivers more affordable and environmentally friendly access to electric mobility.

In January 2020, Fortum, a Finland based electric services company acquired CrisolteQ Oy for an undisclosed amount. This acquisition strengthens the position of Fortum in recycling high value metals in lithium-ion batteries in Europe. CrisolteQ Oy is a Finland based company that is a specialist in metal recycling. The company uses a low-CO2 hydrometallurgical recycling process for achieving 80% recycling rate for lithium-ion batteries.

North America was the largest region in the battery recycling market in 2022. The regions covered in the battery recycling report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the battery recycling market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The increasing adoption of electric vehicles is expected to drive the growth of the battery recycling market in the forecast period. Electric vehicles (EV) are automobiles which are completely or partially powered by electricity. Disposing an electric vehicle battery is expensive, particularly if the waste contains valuable materials. Recycling is an opportunity to minimize life cycle costs by recovering high-value materials and avoiding the expense of hazardous waste disposal. With the growth in EV sales, the number of lithium-ion batteries in the market increases. The limited life of these batteries requires an effective recycling medium in order to stabilize domestic source of materials for battery production, reduce the demand for raw materials and minimize geopolitical disruptions of the supply chain. After a period of 5-8 years the power generated by these batteries is not enough for the EV, but it can be used in other low-grade applications such as in households, energy backups, renewable energy storage and off-peak energy storage. Recycling EV batteries also helps recover the metals - cobalt, lithium, nickel, and others, which can then be used for manufacturing new batteries, saving resources and cost of production. According to International Energy Agency, global electric vehicle sales are projected to reach 125 million by 2030. Therefore, the increasing adoption of electric vehicles propels the growth of the battery recycling market.

The battery recycling market includes revenues earned by entities by reducing the number of batteries disposed of improperly. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Major players in the battery recycling market are Li-Cycle, Battery Solutions, LLC, Exide Technologies, Umicore, Aqua Metals, Inc., Gravita India Limited, Exide Industries Ltd., ECOBAT Logistics, East Penn Manufacturing Company, ENERSYS, Fortum Oyj, Accurec Recycling GmbH, Eco-Bat Technologies Ltd., Terrapure Environmental, Brunp Recycling, and Anhua Taisen Recycling Technology.



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