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.
Battery recycling refers to the process of collecting and reusing materials from used batteries instead of disposing them as waste. It is an essential practice to minimize environmental pollution and conserve valuable resources. Batteries are widely used in various domains, Including consumer electronics, electric vehicles, renewable energy systems, and industrial applications. Recycling batteries helps recover valuable metals, reduces the demand for raw materials, and prevents harmful substances from entering the environment.
Battery recycling is the process of extracting and reusing valuable materials from used batteries. It involves several steps, Including collection, sorting, dismantling, and refining. The collected batteries are sorted based on their chemistry, size, and type to facilitate the recycling process. Dismantling is carried out to separate different components of the battery, such as the casing, electrodes, electrolytes, and other materials. These components are then subjected to various techniques, such as mechanical processes, pyrometallurgical processes, and hydrometallurgical processes, to extract valuable metals such as lithium, cobalt, nickel, and lead. The recovered metals may be used to manufacture new batteries or for other industrial applications.
Battery recycling plays a crucial role in various domains, starting with consumer electronics. There is an Increase in demand for batteries with the Increase in use of electronic devices such as smartphones, laptops, and tablets. Recycling batteries from these devices helps in recovering valuable materials, thus reducing the environmental impact of their disposal. It also ensures proper management of hazardous substances present in batteries, such as lead and mercury, which may have detrimental effects on human health and the environment.
Renewable energy systems, such as solar and wind power, rely on batteries to store excess energy for later use. These batteries, often called energy storage systems, play a vital role in stabilizing the grid and enabling the smooth integration of intermittent renewable energy sources. Recycling the batteries used in energy storage systems helps recover valuable materials and reduces the environmental impact associated with their production and disposal. It also promotes the sustainable development of renewable energy by closing the loop and minimizing resource depletion.
The battery materials recycling market is segmented into material type, end-use industry, and regions. On the basis of material type, the market is categorized into lithium, cobalt, iron, manganese, nickel, lead, and others. On the basis of end-use industry, the market is divided into automotive, building and construction, aerospace & defense, textile, and others. Region-wise the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
By material type, manganese is the fastest-growing segment of the battery materials recycling market in 2022. Manganese, a transition metal, possesses outstanding electrochemical properties, making it a highly sought-after option for the production of batteries. In rechargeable batteries, manganese is commonly utilized in the form of manganese oxide (MnO) or manganese dioxide (MnO2) as a cathode material. The implementation of manganese-based cathodes presents numerous benefits such as high energy density, reliable cycling stability, and cost-effectiveness in comparison to alternative cathode materials.
To facilitate the sustainable use of manganese, recycling plays a crucial role. The recycling process entails the collection, disassembly, and treatment of batteries that have reached their end-of-life stage, with the aim of extracting valuable metals, Including manganese. The recovered manganese can then undergo reprocessing and be reintroduced into the battery manufacturing supply chain, contributing to resource conservation and reducing the need for new manganese extraction.
By end-use industry, textile segment is the fastest growing segment of the battery materials recycling market in 2022. Battery recycling is a multi-step process that aims to recover valuable materials, one of which is polypropylene (PP). The initial stage involves the collection of batteries from different sources, such as electronic waste recycling centers and battery collection programs. By Incorporating recycled polypropylene fibers into textile production, industry can make a significant contribution to resource conservation. This is achieved by reducing the need for new polypropylene, which is derived from fossil fuels. Through the utilization of recycled polypropylene, the textile industry actively participates in the circular economy, minimizing its dependence on non-renewable resources.
On the basis of region, Asia-Pacific is the fastest growing region of the battery materials recycling market in 2022. The Asia-Pacific region has emerged as a prominent center for electric vehicle production and adoption, with countries like China, India, and Australia leading the way. These nations are actively investing in renewable energy sources like solar and wind power to support their growing electric vehicle industries. However, the development of renewable energy systems often relies on energy storage solutions, particularly lithium-ion batteries. Due to limited reserves of critical battery materials such as lithium and cobalt within the Asia-Pacific region, recycling has become a crucial strategy to ensure resource security and reduce dependence on imports.
Recognizing the significance of sustainable battery management, China has taken significant strides in battery materials recycling. The country has implemented regulations that hold manufacturers accountable for recycling a certain percentage of the batteries they produce. Consequently, several recycling facilities have been established, specifically focusing on the extraction and recovery of valuable metals like lithium, cobalt, and nickel from spent batteries.
The major players operating in the global battery materials recycling market Include Cirba Solutions, Eco-Bat Technologies, GEM Co., Ltd., Gopher Resource, GRAVITA INDIA LIMITED, Li-Cycle, RecycLiCo Battery Materials Inc., Redux GmbH, Redwood Materials Inc., and Umicore N.V.
Key findings of the study:
Battery recycling refers to the process of collecting and reusing materials from used batteries instead of disposing them as waste. It is an essential practice to minimize environmental pollution and conserve valuable resources. Batteries are widely used in various domains, Including consumer electronics, electric vehicles, renewable energy systems, and industrial applications. Recycling batteries helps recover valuable metals, reduces the demand for raw materials, and prevents harmful substances from entering the environment.
Battery recycling is the process of extracting and reusing valuable materials from used batteries. It involves several steps, Including collection, sorting, dismantling, and refining. The collected batteries are sorted based on their chemistry, size, and type to facilitate the recycling process. Dismantling is carried out to separate different components of the battery, such as the casing, electrodes, electrolytes, and other materials. These components are then subjected to various techniques, such as mechanical processes, pyrometallurgical processes, and hydrometallurgical processes, to extract valuable metals such as lithium, cobalt, nickel, and lead. The recovered metals may be used to manufacture new batteries or for other industrial applications.
Battery recycling plays a crucial role in various domains, starting with consumer electronics. There is an Increase in demand for batteries with the Increase in use of electronic devices such as smartphones, laptops, and tablets. Recycling batteries from these devices helps in recovering valuable materials, thus reducing the environmental impact of their disposal. It also ensures proper management of hazardous substances present in batteries, such as lead and mercury, which may have detrimental effects on human health and the environment.
Renewable energy systems, such as solar and wind power, rely on batteries to store excess energy for later use. These batteries, often called energy storage systems, play a vital role in stabilizing the grid and enabling the smooth integration of intermittent renewable energy sources. Recycling the batteries used in energy storage systems helps recover valuable materials and reduces the environmental impact associated with their production and disposal. It also promotes the sustainable development of renewable energy by closing the loop and minimizing resource depletion.
The battery materials recycling market is segmented into material type, end-use industry, and regions. On the basis of material type, the market is categorized into lithium, cobalt, iron, manganese, nickel, lead, and others. On the basis of end-use industry, the market is divided into automotive, building and construction, aerospace & defense, textile, and others. Region-wise the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
By material type, manganese is the fastest-growing segment of the battery materials recycling market in 2022. Manganese, a transition metal, possesses outstanding electrochemical properties, making it a highly sought-after option for the production of batteries. In rechargeable batteries, manganese is commonly utilized in the form of manganese oxide (MnO) or manganese dioxide (MnO2) as a cathode material. The implementation of manganese-based cathodes presents numerous benefits such as high energy density, reliable cycling stability, and cost-effectiveness in comparison to alternative cathode materials.
To facilitate the sustainable use of manganese, recycling plays a crucial role. The recycling process entails the collection, disassembly, and treatment of batteries that have reached their end-of-life stage, with the aim of extracting valuable metals, Including manganese. The recovered manganese can then undergo reprocessing and be reintroduced into the battery manufacturing supply chain, contributing to resource conservation and reducing the need for new manganese extraction.
By end-use industry, textile segment is the fastest growing segment of the battery materials recycling market in 2022. Battery recycling is a multi-step process that aims to recover valuable materials, one of which is polypropylene (PP). The initial stage involves the collection of batteries from different sources, such as electronic waste recycling centers and battery collection programs. By Incorporating recycled polypropylene fibers into textile production, industry can make a significant contribution to resource conservation. This is achieved by reducing the need for new polypropylene, which is derived from fossil fuels. Through the utilization of recycled polypropylene, the textile industry actively participates in the circular economy, minimizing its dependence on non-renewable resources.
On the basis of region, Asia-Pacific is the fastest growing region of the battery materials recycling market in 2022. The Asia-Pacific region has emerged as a prominent center for electric vehicle production and adoption, with countries like China, India, and Australia leading the way. These nations are actively investing in renewable energy sources like solar and wind power to support their growing electric vehicle industries. However, the development of renewable energy systems often relies on energy storage solutions, particularly lithium-ion batteries. Due to limited reserves of critical battery materials such as lithium and cobalt within the Asia-Pacific region, recycling has become a crucial strategy to ensure resource security and reduce dependence on imports.
Recognizing the significance of sustainable battery management, China has taken significant strides in battery materials recycling. The country has implemented regulations that hold manufacturers accountable for recycling a certain percentage of the batteries they produce. Consequently, several recycling facilities have been established, specifically focusing on the extraction and recovery of valuable metals like lithium, cobalt, and nickel from spent batteries.
The major players operating in the global battery materials recycling market Include Cirba Solutions, Eco-Bat Technologies, GEM Co., Ltd., Gopher Resource, GRAVITA INDIA LIMITED, Li-Cycle, RecycLiCo Battery Materials Inc., Redux GmbH, Redwood Materials Inc., and Umicore N.V.
Key findings of the study:
- The report outlines the current battery materials recycling market trends and future scenario of the market from 2023 to 2032 to understand the prevailing opportunities and potential investment pockets.
- The battery materials recycling market size is provided in terms of revenue.
- By materials type, the lead segment was the highest revenue contributor in the global battery materials recycling market share in 2022.
- By end-use industry, the automotive sector emerged as the leading revenue generator in the market, in 2022.
- By region, Europe was the highest revenue contributor, accounting in 2022, with a CAGR of 7.8%.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the battery materials recycling market analysis from 2022 to 2032 to identify the prevailing battery materials recycling market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the battery materials recycling market growth which assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global battery materials recycling market forecast, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Material Type
- Nickle
- Lead
- Others
- Lithium
- Cobalt
- Iron
- Manganese
- Automotive
- Building and Construction
- Aerospace and Defense
- Textile
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Cirba Solutions
- Eco-Bat Technologies
- GEM Co., Ltd.
- Gopher Resource
- Gravita India Limited
- Li-Cycle
- RecycLiCo Battery Materials Inc.
- Redux GmbH
- Redwood Materials Inc.
- Umicore N.V.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: BATTERY MATERIALS RECYCLING MARKET, BY MATERIAL TYPE
CHAPTER 5: BATTERY MATERIALS RECYCLING MARKET, BY END-USE
CHAPTER 6: BATTERY MATERIALS RECYCLING MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Battery Materials Recycling Market,' The battery materials recycling market was valued at $26.3 billion in 2022, and is estimated to reach $56.9 billion by 2032, growing at a CAGR of 8.1% from 2023 to 2032.Battery materials recycling refers to the process of recovering valuable materials from used or end-of-life batteries. It involves the collection, disassembly, and separation of batteries into their constituent components, such as metals, electrolytes, and other valuable materials. The recovered materials can then be reused in the manufacturing of new batteries or other applications.
Battery materials recycling plays a vital role in the sustainable management of electronic waste and the conservation of natural resources. With the growing demand for batteries in various sectors, such as electric vehicles and renewable energy storage, the need for efficient recycling processes has become increasingly important.
The renewable energy sector, particularly grid-scale energy storage systems, has fueled the demand for battery recycling. As renewable energy sources like wind and solar become more prevalent, efficient energy storage solutions are necessary to ensure a stable power supply. Recycling batteries used in energy storage systems allow for the recovery of critical materials and reduces reliance on virgin resources.
The increasing awareness among consumers and businesses regarding environmental sustainability has boosted the demand for recycled batteries and materials. Recycling batteries reduces the need for mining raw materials, conserves energy, and mitigates the environmental and social impact associated with raw material extraction.
Battery materials recycling helps mitigate the environmental impact of battery production and disposal. Batteries contain hazardous substances that, if not managed properly, can pollute soil and water sources. By recycling batteries, harmful materials can be safely disposed of or reused, reducing environmental contamination. They promote the concept of a circular economy, where products and materials are recycled and reused rather than discarded after use. By closing the loop through recycling, the lifespan of battery materials is extended, reducing the demand for virgin resources and minimizing waste generation.
The increase in demand for recycled battery materials in electric vehicles drives the market growth of the battery materials recycling market. The growing demand for electric vehicles (EVs) has resulted in an increased need for recycled battery materials such as lithium, cobalt, nickel, and graphite. These materials play a crucial role in the production of lithium-ion batteries, the most common type used in EVs. The popularity of EVs has led to a rise in lithium demand, prompting efforts to improve recycling infrastructure and recover valuable materials from spent EV batteries. In 2022, over 10 million electric cars were sold worldwide, with a projected 35% sales increase this year. Europe and California have set ambitious targets for EV sales in the coming years. Recycling battery materials is essential for sustainable EV production as it reduces the environmental impact associated with mining and processing raw materials while conserving valuable resources.
However, the complex and costly process of recycling battery materials is predicted to hinder market growth. Battery recycling is a complex and expensive process that involves extracting valuable materials like lithium, cobalt, and nickel. These materials are tightly bound within batteries, requiring specialized equipment for extraction. Lack of standardization complicates recycling, leading to increased costs and operational complexity for facilities. Safety measures are crucial to protect workers and prevent environmental contamination. Overcoming these challenges necessitates investments in research and development, standardization efforts, government support, and financial incentives to make recycling economically viable.
The battery materials recycling is segmented into material type, end-use industry, and regions. On the basis of material type, the market is divided into lithium, cobalt, iron, manganese, nickel, lead, and others. On the basis of the end-use industry, the market is categorized into automotive, building and construction, aerospace & defense, textile, and others. Region-wise the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
- On the basis of material type manganese is the fastest growing segment with the CAGR of 9.5%. Hydrometallurgical processing is a commonly used technique for recycling manganese from batteries. This method involves dissolving the cathode material using an acid solution to extract the manganese compounds. The solution goes through a purification process to eliminate impurities and obtain pure manganese salts. These salts can then be utilized as raw materials for the production of new cathodes. Industrial-scale hydrometallurgical recycling processes have proven to be effective and cost-efficient for recovering manganese.
Competitive intelligence on prominent manufacturers of battery materials recycling provides key insights on the strategies implemented to gain a significant share in the global battery materials recycling market. Top market players in global battery materials recycling market are adopting product launch, partnership, and expansion as their key business strategies to sustain in the competitive market. Some of the leading manufacturers profiled in this report include Cirba Solutions, Eco-Bat Technologies, GEM Co., Ltd., Gopher Resource, GRAVITA INDIA LIMITED, Li-Cycle, RecycLiCo Battery Materials Inc., Redux GmbH, Redwood Materials Inc., and Umicore N.V.
Key Market Insights
In terms of material type, the lead segment dominated and contributed the highest revenue to the market.- By end-use industry, the automotive segment dominated the battery materials recycling market in 2022.
- By region, Europe was the highest revenue contributor, growing with a CAGR of 7.8%.
Companies Mentioned
- Cirba Solutions
- Eco-Bat Technologies
- GEM Co., Ltd.
- Gopher Resource
- Gravita India Limited
- Li-Cycle
- RecycLiCo Battery Materials Inc.
- Redux GmbH
- Redwood Materials Inc.
- Umicore N.V.
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 | 300 |
| Published | June 2023 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value ( USD | $ 26.3 billion |
| Forecasted Market Value ( USD | $ 56.9 billion |
| Compound Annual Growth Rate | 8.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
