ENTERPRISE, Nevada, Nov. 24, 2022 (GLOBE NEWSWIRE) -- Battery Recycling Market Outlook
According to the DataM market research report, the global Battery Recycling Market size was valued at USD YY billion in 2021; it is projected to reach USD YY billion by 2029, with growth at a CAGR of 28.3% over the forecast period 2022-2029.
- One of the key drivers for the growth of battery recycling has been the rising production of electric vehicles. The high cost of battery recycling processes is expected to restrain the growth of the global market.
- A battery consists of electrochemical cells that convert chemical energy into electrical energy for use by external devices. The disposal of batteries generates solid waste, which significantly impacts the environment. Batteries contain different types of heavy metals and toxic chemicals, which can lead to widespread environmental contamination. Lead-acid, silver oxide and lithium-ion batteries are the main types of batteries that undergo recycling.
Battery Recycling Market Drivers:
- Global electric vehicle production has increased significantly in recent years as automotive manufacturers are undertaking a transition away from fossil fuels. Electric vehicles require a significant number of lithium-ion batteries to provide stable energy reserves for electric motors. The batteries used in electric vehicles consume a lot of materials, including plastics, metals and rare-earth elements.
- Although electric vehicle production has increased, it has been difficult to scale up the extraction of lithium, cobalt and other elements with low accessibility. Therefore, recycling batteries provide the best method of salvaging hard-to-get elements. Rising electric vehicle production is a key driver for the growth of the global battery recycling market.
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Battery Recycling Market Restraints:
- Over the forecast period, the high battery recycling cost will likely hamper the global market growth. Battery recycling requires extensive capital investment in advanced equipment. Recycling involves various processes to recover battery elements, including deactivation, disassembly, electrolyte recovery and various hydrometallurgical and pyrometallurgical processes.
- Various technical limitations hamper the complete recovery of elements. Furthermore, the recovered elements must undergo extensive reprocessing to be fit for new applications. The usage of more expensive recovery processes only generates marginal improvements.
Battery Recycling Market Opportunities:
- Government recycling initiatives are expected to provide major global battery recycling market opportunities during the forecast period. Many national governments, particularly in North America and Europe, are announcing subsidies and tax credits to encourage the expansion of battery recycling.
- For instance, in October 2022, the U.S. government announced US$ 2.8 billion in grants to increase battery recycling and expansion output of key metals and minerals used in electric vehicle production.
COVID-19 Impact Analysis:
The global battery recycling market experienced a downturn due to the COVID-19 pandemic. Electric vehicle manufacturing was hampered due to lockdowns and other restrictions, reducing demand for battery materials. However, in mid-2021, automotive manufacturers ramped up production as the pandemic cases started receding. The rising demand for battery materials from the automotive and consumer electronics sector is likely to augment the growth of the global battery recycling market.
Recent Developments in the Industry:
- In November 2022, the American Battery Technology Company, a U.S.-based battery manufacturer, announced that it had received a US$ 10 million grant from the U.S. department of energy (DOE) for developing and expanding new battery recycling processes.
- In November 2022, Redwood Materials, a U.S.-based battery materials company, announced a partnership with the car manufacturer Audi to develop a consumer battery recycling program.
Battery Recycling Market Segmentation:
- As per the research analysis, the global battery recycling market is segmented by application into automotive, industrial, consumer electronics and others. The market is segmented by chemistry into lithium-based batteries, nickel-based batteries, lead-acid batteries and others.
- Based on chemistry, the lithium-based segment is estimated to grow at the highest CAGR of YY% during the forecast period (2022-2029). Lithium-based batteries are in great demand as major automotive manufacturers expand electric vehicle production. However, battery materials mining and extraction have not expanded in conjunction with growing demand. Therefore, it has led to the expansion of lithium-based battery recycling as companies try to recycle and extract battery materials to the maximum extent possible.
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Geographical Classification:
The global battery recycling market is segmented into major countries, including North America, Europe, South America, Asia Pacific and Middle East and Africa.
North America Battery Recycling Market:
- North America is a highly developed region with a concentration of many strategic industries. The region has a major automotive industry, with many global automotive brands headquartered in U.S. The U.S. government is undertaking efforts to encourage the expansion of electric vehicle manufacturing in the country and the region.
- In September 2022, U.S. President Joe Biden unveiled the Bipartisan Infrastructure Law, which allocates more than US$ 7.5 billion for developing and expanding electric vehicle production and support infrastructure. The plan also allocates more than US$ 7 billion for securing critical battery material supply chains to support battery manufacturing in North America. The North American battery recycling market is expected to witness significant growth in the upcoming years.
Europe Battery Recycling Market:
- The European Union (EU) is undertaking various initiatives to encourage electric vehicle production as a part of its overall strategy to achieve carbon neutrality by 2050.
- The European Battery Alliance (EBA) was created as a collaboration between manufacturers, national authorities and industry research institutes to develop new battery technologies. The group is also researching new and efficient methods of battery recycling. The European battery recycling market is expected to grow continuously during the forecast period.
Asia Pacific Battery Recycling Market:
- Asia-Pacific is the primary global manufacturing hub. With the expansion of various industries, the demand for batteries in the region has increased considerably in recent years. National governments in the region are enacting new regulations and laws to promote and encourage battery recycling.
- The expansion of battery recycling in the region is expected to lower the shortfall in battery material supply. Many companies are setting up battery recycling plants in the region. For instance, in October 2022, Attero Recycling announced a US$ 73 million investment to set up a battery recycling plant in Telangana, India. The Asia-Pacific battery recycling market will experience major growth during the forecast period.
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Battery Recycling Market Competitive Analysis:
The major players in the global battery recycling market are adopting various strategies to stay ahead and generate growth in the face of growing competition. Some key strategies include researching optimizations for battery recycling processes, patenting new recycling processes and entering into collaborative partnerships with research institutes and governmental organizations.
Battery Recycling Market Major Companies:
The major companies contributing to the market's growth include Johnson Controls, Inc., Gravita India Ltd., Exide Technologies, Battery Solutions, Inc., COM2 Recycling Solutions, Umicore, East Penn Manufacturing Co, Enersys, Guangdong Brunp Recycling Technology Co and Accurec Recycling GmbH.
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The Full Report has the below insights:
- The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021) and verifiable projections about market size during the forecast period (2022-2029).
- Visualize the composition of the global battery recycling market segmentation by product type, application, end-user and regions, highlighting the key commercial assets and players.
- By Application: Automotive, Industrial, Consumer Electronics and Others
- By Chemistry: Lithium-Based Batteries, Nickel-Based Batteries, Lead-Acid Batteries and Others
- By Region: North America, South America, Europe, Asia Pacific and Middle East and Africa
- Identify commercial opportunities in the global battery recycling market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as porter's five forces analysis, supply chain analysis, pricing analysis regulatory analysis.
- Excel data sheet with thousands of data points of global battery recycling market-level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
- The report will provide access to approximately 61 market data tables, 64 figures and close to 180 pages.
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