Newark, May 22, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 11.1 billion battery recycling market will reach USD 33.5 billion by 2032. Battery recycling is the collection of lithium-ion batteries from diverse sources, such as automotive, consumer, industrial, and electronic equipment. The global battery recycling market estimation includes income generated from the sale of these recovered metals or elements, whether they are used in further battery recycling or other second-use applications. According to reports, most metals recovered are only used in battery manufacturing. Government laws, environmental safety, and public awareness will fuel global battery recycling market growth.
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Europe to account for the largest market size during the forecast period.
Europe is expected to have the most significant battery recycling market share. Several Giga factories for battery recycling have recently been developed in the region by European corporations. For example, in January 2022, Veolia, the UK's top resource management business, announced intentions to open the country's first electric vehicle battery recycling facility. The factory is intended to process 20% of the old EV batteries in the United Kingdom. Furthermore, Li-Cycle, located in Canada, formed a joint venture with Norwegian companies Eco Stor and Morrow Batteries in January 2022 to establish a new commercial lithium-ion battery recycling factory in Norway.
The lithium-ion battery segment dominated the market with the most significant revenue of USD 4.44 billion.
The lithium-ion battery segment dominated the market with the most significant revenue of USD 4.44 billion. Lithium-ion battery recycling may gain traction throughout the forecast period due to increased attempts to create unique recycling technologies. The battery recycling firm Li-cycle began building a Li-ion battery recycling plant in New York, United States, in January 2021. Once completed, the plant will have a capacity of 25 metric kilo metric tonnes of input material (battery waste), recovering 95% or more of the cobalt, lithium, nickel, and other precious components using a zero-wastewater, zero-emissions process.
The transportation segment dominated the market with the most significant revenue of USD 4.55 billion.
The transportation segment dominated the market with the most significant revenue of USD 4.55 billion. This is due to the increasing acceptance of electric and hybrid vehicles and increased efforts to encourage electrification in the automotive industry. Furthermore, the rapid rise of the EV industry in developing nations is expected to fuel market growth in the future years.
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Latest Development:
● In May 2021, Posco, the South Korean steel giant, formed a joint venture with China-based Huayou Cobalt to build a new lithium-ion battery recycling plant in Jeonnam Province, South Korea; scrap batteries from Europe will be imported and recycled in South Korea.
Market Dynamics:
Drivers: Rising Demand for Lead Batteries
Consumption of primary resources such as lead and lithium is predicted to rise in the coming years due to expanding population. This involves recycling used items to conserve natural resources and reduce environmental footprint. Lead acid batteries are among the most recycled products in the world, accounting for more than 80% of global lead usage and having a high recycling rate worldwide. Compared to mining, manufacturing lead and other raw materials through recycling is a more energy-efficient process. Furthermore, the energy-saving procedure aids in the reduction of carbon emissions. These variables are predicted to boost lead acid battery recycling during the forecast period.
Restraint: Safety Issues
Li-ion batteries are less durable than other types of rechargeable batteries. Because they are embedded with the circuit board, they require protection from being overcharged and discharged too far. Because most equipment and applications prefer these batteries, individuals need to understand their safe working limits and circuitry.
Opportunity: Technological Adoption
The technological breakthroughs in battery recycling strategies generate enormous market development prospects. For example, researchers at the University of Leicester in the United Kingdom have developed a new technique for recycling electric vehicle batteries using ultrasonic waves. The technology will address the issue of excessive energy usage in traditional energy-intensive chemical processes.
Challenge: Explosion
The main downside of lithium-ion batteries is that they might overheat and catch fire. Numerous reports have been of explosions caused by overheating or overcharging due to gas accumulation and an increase in internal pressure caused by electrolyte breakdown.
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Some of the major players operating in the battery recycling market are:
● CYCLE CORP.
● Umicore
● Accurec Recycling GmbH
● Redwood Materials, Inc.
● Battery Solutions
● Retriev Technologies
● Glencore International
● Enersys
● AkkuSer Oy
● Duesenfeld GmbH
Key Segments cover in the market:
By Battery Type:
● Lead-acid Battery
● Lithium-ion Battery
● Nickel-based Battery
● Others
By Application:
● Transportation
● Industrial
● Consumer Electronics
● Others
About the report:
The global battery recycling market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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