Pune, India, July 05, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Battery Recycling Market Size Report, Share, Growth Strategy, Industry Trends and Forecast to 2028- COVID-19 Impact and Global Analysis – by type, and battery source.” the battery recycling market was valued at US$ 15.69 billion in 2020 and is projected to reach US$ 36.0 billion by 2028; it is expected to grow at a CAGR of 13.4% from 2021 to 2028. The projected growth of the market during the forecast period is attributed to growing demand for recycled products and recovery of valuable metals.
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Battery Recycling Market: Competition Landscape
Aqua Metals, Inc.; Call2recycle, Inc.; Clarios. Llc; Com2 Recycling Solutions; East Penn Manufacturing Company; Exide Technologies; G P Batteries; Gopher Resource Llc; Retriev Technologies Inc and Terrapure Environmental Ltd are some of the major players operating in the global battery recycling market. Players operating in the global battery recycling market are constantly focusing on strategies such as investments in research and development activities.
Battery Recycling Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 15.69 billion in 2020 |
| Market Size Value by | USD 36.0 billion by 2028 |
| Growth rate | CAGR of 13.4% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2020 |
| No. of Pages | 141 |
| No. of Tables | 56 |
| No. of Charts & Figures | 75 |
| Historical data available | Yes |
| Segments covered | Type, and Battery Source |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | Aqua Metals, Inc.; Call2recycle, Inc.; Clarios. Llc; Com2 Recycling Solutions; East Penn Manufacturing Company; Exide Technologies; G P Batteries; Gopher Resource Llc; Retriev Technologies Inc and Terrapure Environmental Ltd |
In 2021, Asia Pacific comprises several developing and developed economies such as China, India, Japan, South Korea, and Australia. The region has seen a rise in the consumption of lithium-ion batteries, owing to the growth of the automotive sector and increased penetration of electric vehicles in the region. Due to the growth in electric vehicle industry, there is an increased demand for batteries to power electric vehicles. The lithium-ion batteries are highly utilized in electric vehicles. The increased application of lithium-ion batteries has increased need for the recycling of lithium-ion batteries in Asia Pacific. Along with this, various investments by companies in Asia Pacific have led to increased production of lithium-ion batteries. For instance, In May 2020, Chinese lithium-ion battery producer Jiangsu Pylontech launched a 5 GWh/yr production plant for lithium-ion battery systems at Yizheng city in southeast China's Jiangsu province. This, in turn, is driving the battery recycling market in the region.
Increasing demand for recycled products and recovery of valuable products
Valuable metals can be recovered and reused through the recycling of batteries. Owing to the rising use of lithium-ion batteries, some of the raw materials, such as lithium, have very low accessibility. Hence, several companies are investing in the recycling of lithium-ion (Li-ion) batteries to gain value from it. Metals apart from lithium, such as cobalt, nickel, and manganese, as well as other critical metals, including aluminum, copper, and graphite can be extracted from spent batteries. The extraction of these metals offers profitability to the companies opting for the recycling process. Also, the lower cost of recycled materials from these batteries is propelling the recycling of end-of-life lithium-ion batteries. Additionally, competition between original equipment manufacturers (OEMs) for scarce resources has highlighted the significance of recycling end-of-life lithium-ion batteries. Further, with the rise in production volume, the recycling method would offer economic benefits. According to research conducted by the Argonne National Lab, recycling an old battery’s cathode can save up to 40% to 50% of a new battery's total cost. Thus, the increasing demand for recycled products is driving the battery recycling market.
Battery Recycling Market: Segmental Overview
Based on type, the battery recycling market is segmented into lead acid battery, lithium-based battery, nickel-based battery, and others. The lead acid battery segment holds largest market share in the global battery recycling market in 2021. The lithium-based battery segment is expected to grow at a fastest pace with highest CAGR during the forecast period. A lithium-based battery or lithium-ion battery is a type of rechargeable battery and is commonly used for portable electronics and electric vehicles and is also being used for military and aerospace applications. Depending upon the chemistry of the lithium-based batteries steel, cobalt, and other metals can be recycled from the lithium batteries.
Based on battery source, the battery recycling market is segregated into automotive, industrial, household, consumer electronics, and forklift. The consumer electronics segment holds largest market share in the global battery recycling market in 2021. The automotive segment is expected to grow at a fastest pace with highest CAGR during the forecast period. The rapid growth of electric vehicles in the market is imperative for reduction of greenhouse gas emissions. The electric vehicle's batteries are created in a complicated manner and the main pack holds several modules which are constructed from numerous smaller cells. The three main types of EV batteries include nickel-cobalt aluminum, iron-phosphate, and nickel-manganese-cobalt. Recycling is carried out through two technologies such as pyrometallurgy and hydrometallurgy.
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Impact of COVID-19 Pandemic on Battery Recycling Market
In 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The COVID-19 pandemic caused supply chain disruptions in chemical & materials and hampered the growth of the battery recycling market. The adverse effect of the pandemic on manufacturing industries negatively impacted the demand for battery recycling from these industries.
However, various economies have started reviving their operations. With this, the demand for battery recycling started increasing. The increasing use of recycled batteries in automotive, electronics, and other industries is expected to offer more growth opportunities for the global battery recycling market during the forecast period.
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