Dublin, Dec. 20, 2023 (GLOBE NEWSWIRE) -- The "Battery Manufacturing Scrap Recycling Market - A Global and Regional Analysis: Focus on Application, Scrap Source, Recycling Technology, and Regional and Country-Level Analysis - Analysis and Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.
The global battery manufacturing scrap recycling market was valued at $1.96 billion in 2022, and it is expected to grow at a CAGR of 16.89% to reach $10.63 billion by 2032. The battery manufacturing scrap recycling is a fast-expanding industry that deals with the manufacturing of scrap materials generated during the manufacturing process of battery cells. The market for these batteries is anticipated to expand rapidly as electric vehicles gain popularity, which will also fuel the expansion of the battery manufacturing scrap recycling technologies. In addition, there are a few key players who dominate the battery manufacturing scrap recycling market, including Umicore, BASF SE, Tenova S.p.A., and many more. Nonetheless, a large number of new competitors are anticipated to enter the market in the upcoming years, increasing competition and spurring additional growth and innovation.
Business Dynamics
- Business Drivers
- Increasing Government Regulations toward Facilitating Battery Waste Management
- Growing Investments in Scrap Recycling from Battery Manufacturers
- Business Restraints
- Complexities Associated with Different Battery Chemistries
- Business Opportunities
- Increasing Advancements in Recycling Technologies
Market Lifecycle Stage
The global battery manufacturing scrap recycling market is in a growing phase. New trends, such as targets for ethical supply chain and decarbonization, increasing focus toward secondary battery materials, rising investments in recycling technologies, change in business models of companies due to climate action, increasing demand for lithium-ion batteries and raw materials across the value chain, and development of economic and environmental technologies, are further expected to provide opportunities for the market to grow in the coming years.
Industrial Impact
Battery manufacturing scrap recycling market has a large industry influence since it provides numerous environmental and economic benefits. Furthermore, it has a significant effect on end-use sectors since it provides a plethora of benefits that can increase their efficiency, lower their costs, and give them a consistent source of important metals.
With an increased worldwide focus on circular economic principles and the advancements in recycling technologies for the recovery of high-performance metals from manufacturing scrap, there is an increasing shift toward the demand and consumption of batteries such as lithium-ion in the end-use industries. Thereby creating demand for the recycling of battery manufacturing scrap. Additionally, the shift is more prominent in the automotive and energy sectors in regions such as China, Asia-Pacific and Japan, North America, and Europe.
Market Segmentation
Segmentation 1: by Scrap Source
- Automotive Batteries
- Industrial Batteries
- Consumer Electronics Batteries
- Others
Based on the scrap source, the automotive batteries segment dominated the global battery manufacturing scrap recycling market in 2022.
Segmentation 2: by Recycling Technology
- Hydrometallurgy
- Pyrometallurgy
- Others
Based on the recycling technology, the hydrometallurgy segment dominated the global battery manufacturing scrap recycling market in 2022. It is one of the most significant recycling technologies, which meets the requirements of major industrial application areas.
Segmentation 3: by Application
- Automotive
- Electronics
- Energy and Power
- Aerospace and Defense
- Construction
- Others
Based on the application, the automotive segment dominated the global battery manufacturing scrap recycling market in 2022.
Segmentation 4: by Region
- North America - U.S., Canada, Mexico
- Europe - Germany, France, Italy, Poland, and Rest-of-Europe
- U.K.
- Asia-Pacific and Japan - Japan, India, South Korea, Australia, and Rest-of-Asia-Pacific and Japan
- China
- Rest-of-the-World - Middle East and Africa and South America
Based on region, in 2022, China was the dominant region, accounting for a share around 24.8% of the global battery manufacturing scrap recycling market.
Recent Developments in the Battery Manufacturing Scrap Recycling Market
- In February 2023, manganese-rich battery material technology for electric vehicles is being industrialized by Umicore. This significant achievement expands Umicore's wide spectrum of nickel, manganese, and cobalt (NMC) battery materials for exceptional productivity and long-range EVs. It also introduces a distinctly competitive technology to existing design-to-cost battery technologies for EVs.
- In September 2022, General Motors Co. and Lithion Recycling invested strategically in Lithion Recycling's Series A fundraising round in support of a new strategic collaboration agreement between the two companies. This investment aims to create a circular battery ecosystem employing Lithion Recycling's cutting-edge battery recycling technology.
Demand - Drivers and Limitations
Following are the drivers for the global battery manufacturing scrap recycling market:
- Increasing Government Regulations toward Battery Waste Management
- Growing Investment in Scrap Recycling from Battery Manufacturers
Following are the challenges for the global battery manufacturing scrap recycling market:
- Complexities Associated with Different Battery Chemistries
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader understand the different sources from where the batteries are coming for recycling and reaching their best potential globally. Moreover, the study provides the reader with a detailed understanding of the different battery chemistries and their assortments in different batteries employed in various end-use applications in industries such as aerospace, automotive, energy, and sports.
Growth/Marketing Strategy: Business expansions, partnerships, acquisitions, collaborations, and joint ventures are some key strategies adopted by key players operating in this market. For instance, in April 2022, in Europe, Umicore and Automotive Cells Company (ACC) formed a strategic cooperation for EV battery materials. With the first commercial volumes anticipated in early 2024, the long-term arrangement will begin with an annual offtake commitment of 13 GWh to a significant platform of a European automaker.
Competitive Strategy: Key players in the global battery manufacturing scrap recycling market analyzed and profiled in the study involve battery manufacturing scrap recycling providers. Moreover, a detailed competitive benchmarking of the players operating in the global battery manufacturing scrap recycling industry has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, and market penetration.
Some prominent names in this market are:
- Fortum
- Brunp Recycling
- Hydrovolt AS
- Umicore
- Li-Cycle Corp.
- BASF SE
- Tenova S.p.A.
- Duesenfeld
- Aqua Metals Inc.
- Green Li-ion Pte Ltd.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 107 |
| Forecast Period | 2023-2032 |
| Estimated Market Value (USD) in 2023 | $2.61 Billion |
| Forecasted Market Value (USD) by 2032 | $10.63 Billion |
| Compound Annual Growth Rate | 16.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/prsqzg
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