Jersey City, NJ, Jan. 24, 2024 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Battery Manufacturing Scrap Recycling Market - (By Application (Automotive, Electronics, Energy and Power, Aerospace and Defense, Construction, Others), By Scrap Source (Automotive Batteries, Industrial Batteries, Consumer Electronics Batteries, Others), By Technology (Hydrometallurgy, Pyrometallurgy, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Battery Manufacturing Scrap Recycling Market is valued at US$ 2.06 Bn in 2023, and it is expected to reach US$ 6.92 Bn by 2031, with a CAGR of 16.5% during the forecast period of 2024-2031.
The collection of lithium-ion batteries from various sources, such as automotive, industrial, consumer, and electronics equipment, as well as the recovery of metals from recycling activities, is referred to as battery recycling. The global market estimate includes revenue from the sale of recovered metals or elements, regardless of whether they are used in additional battery recycling or other secondary applications.
According to reports, most metals recovered are only used in battery manufacturing for the second use of batteries in low-power applications. As electric vehicles become more popular, the market for these batteries is likely to expand dramatically, aiding in the growth of battery manufacturing trash recycling technology. New trends such as ethical supply chain and decarbonisation targets, increased focus on secondary battery materials, rising investments in recycling technologies, changes in company business models as a result of climate action, development of economic and environmental technologies, and increased demand for lithium-ion batteries & raw materials across the value chain are expected to provide additional opportunities for market growth in the coming years.
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Recent Developments:
- In May 2023, Li-cycle Holdings Group and Glencore International signed a Letter of Intent to jointly investigate the possibility of, and subsequently build, a Hub facility in Portovesme, Italy, to create crucial battery components such as nickel, cobalt, and lithium from recovered battery content.
- In Feb 2023, BASF and Tenova Advanced Technologies formed a collaborative partnership to create an effective method for recycling lithium-ion batteries. Both firms have reached an agreement to collaborate on enhancing the hydrometallurgical recycling process, leveraging TAT's cutting-edge method for extracting and manufacturing lithium. This procedure encompasses lithium solvent extraction (LiSX™) and lithium electrolysis (LiEL™).
List of Prominent Players in the Battery Manufacturing Scrap Recycling Market:
- Fortum
- Brunp Recycling
- Hydrovolt AS
- Umicore
- BASF SE
- Tenova S.p.A.
- Duesenfeld
- Aqua Metals Inc.
- Green Li-ion Pte Ltd.
- ACCUREC Recycling GmbH
- American Battery Technology Company
- Call2Recycle, Inc.
- Cirba Solutions
- Contemporary Amperex Technology Co., Limited
- East Penn Manufacturing Company
- Ecobat
- Element Resources
- EnerSys
- Exide Industries Ltd.
- GEM Co., Ltd.
- Glencore
- Gopher Resource
- Gravita India Limited
- Li-Cycle Corp.
- Neometals Ltd.
- Raw Materials Company
- RecycLiCo Battery Materials Inc.
- Redwood Materials Inc.
- Shenzhen Highpower Technology Co., Ltd.
- Others
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Battery Manufacturing Scrap Recycling Market Report Scope:
| Report Attribute | Specifications |
| Market Size Value In 2023 | USD 2.06 Bn |
| Revenue Forecast In 2031 | USD 6.92 Bn |
| Growth Rate CAGR | CAGR of 16.5 % from 2024 to 2031 |
| Quantitative Units | Representation of revenue in US$ Bn, Volume (KT) and CAGR from 2024 to 2031 |
| Historic Year | 2019 to 2023 |
| Forecast Year | 2024-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Application, Scrap Source, Technology |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
Market Dynamics:
Drivers-
The market is expected to rise rapidly over the projected period as the popularity of electric vehicles (EVs) and renewable energy storage systems drives up demand for batteries, increasing the requirement for recycling. Governments all over the world are passing legislation to encourage battery recycling and reduce environmental impact, which is expected to spur business growth. Government regulations, environmental safety, and public awareness are projected to fuel expansion in the global battery recycling market. Aesthetic battery design, convenience of battery installation, and the availability of protective layers to reduce the risk of fire and short-circuiting are likely to pave the way for new growth opportunities in the global market.
Challenges:
The battery recycling sector may face considerable challenges due to the high cost of recycling and a lack of solutions. Battery recycling entails a variety of time-consuming and costly steps, including collection, sorting, disassembly, and extraction of important materials such as cobalt, lithium, nickel, as well as rare earth metals. The expense is further increased by the necessity to ensure the safe & secure handling and elimination of hazardous compounds found in batteries. Another issue is the scarcity of effective battery recycling solutions. Furthermore, recycling techniques must evolve in tandem with battery technology in order to recover valuable materials and reduce waste efficiently. To solve these issues, R&D investment in effective battery recycling technology is required.
Regional Trends:
The North American Battery Manufacturing Scrap Recycling market is expected to record a major market share in terms of revenue. It is projected to grow at a high CAGR in the near future. Several factors influence the North America Battery Manufacturing Scrap Recycling market, including demand, expansion, and development of recycling technologies and solutions. The growing battery industry in automotive, electronics, renewable energy storage, and grid applications is increasing the volume of end-of-life batteries accessible for recycling and boosting demand for recycling services and technology. Continuous research, innovation, and technological developments in battery recycling technologies, material recovery procedures, purification methods, and value-added applications are improving the North American market's efficiency, scalability, and sustainability.
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Segmentation of Battery Manufacturing Scrap Recycling Market-
By Application-
- Automotive
- Electronics
- Energy and Power
- Aerospace and Defense
- Construction
- Others
By Scrap Source-
- Automotive Batteries
- Industrial Batteries
- Consumer Electronics Batteries
- Others
By Technology-
- Hydrometallurgy
- Pyrometallurgy
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
Rest of Middle East and Africa
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