Battery Recycling Global Market Report 2024

“Battery Recycling Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on battery recycling market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for battery recycling? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The battery recycling market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

• 1) By Type: Lead-Acid Battery; Nickel-Based Battery; Lithium-Based Battery; Other Battery Types
• 2) By Processing State: Extraction Of Material; Reuse, Repackaging And Second Life; Disposal
• 3) By Application: Automotive; Consumer Electronics; Industrial; Other Applications
• Companies Mentioned: Li-Cycle Holdings Corp.; Battery Solutions LLC; Exide Industries Ltd.; Umicore NV/SA; Aqua Metals Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Battery recycling refers to the method of reusing and reprocessing batteries in order to reduce the number of batteries being disposed of as waste. Recycling can assist in extracting the raw ingredients from used batteries and sending them to businesses that manufacture products for reuse. This reduces the price of fresh batteries as well.

The main types of batteries that are recycled include lead-acid battery, nickel-based battery, lithium-based battery and other battery types. Lead acid batteries are charged continuously from the power grid and are normally designed to provide power for brief periods of time to allow the facility to properly shut down equipment. Lead-acid batteries are extremely recyclable, achieving recycling rates of more than 90% in many countries. Nickel-based batteries have a positive electrode of nickel hydroxide and a negative electrode of cadmium and offer good performance in high ambient temperatures, good resistance to electrical use as they can be left in a discharged state for long periods without causing any permanent damage. Lithium-based batteries have a lithium metal oxide cathode and a carbon anode with an organic electrolyte and has the highest energy density of all rechargeable systems. The high capacity of active materials and a single cell voltage makes the battery suitable for a number of applications, ranging from high energy to high power. The processing states involved in battery recycling include extraction of material, reuse, repackaging and second life, and disposal, and this is used to recycle batteries from automotive, consumer electronics, industrial sectors.

The battery recycling market research report is one of a series of new reports from The Business Research Company that provides battery recycling market statistics, including battery recycling industry global market size, regional shares, competitors with a battery recycling market share, detailed battery recycling market segments, battery recycling market trends and opportunities, and any further data you may need to thrive in the battery recycling industry. This battery recycling market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The battery recycling market size has grown rapidly in recent years. It will grow from $17. 61 billion in 2023 to $19. 87 billion in 2024 at a compound annual growth rate (CAGR) of 12. 9%. The growth in the historic period can be attributed to rise in electronic waste and the need for proper disposal, increased adoption of rechargeable batteries in consumer electronics, growth of the electric vehicle market, stringent environmental regulations promoting recycling practices, awareness of the finite nature of metal resources.

The battery recycling market size is expected to see rapid growth in the next few years. It will grow to $32. 22 billion in 2028 at a compound annual growth rate (CAGR) of 12. 8%. The growth in the forecast period can be attributed to focus on sustainable practices, government incentives and policies promoting battery recycling, rising demand for energy storage solutions, increasing consumer awareness and preferences for sustainable products, growing focus on circular economy and closed-loop supply chain. Major trends in the forecast period include focus on developing innovative business models for battery recycling, technological advancements in battery recycling processes, collaboration between industries, integration of blockchain technology for transparent and traceable battery recycling, exploration of urban mining for extracting valuable materials from used batteries.

The increasing adoption of electric vehicles is expected to drive the growth of the battery recycling market in the forecast period. Electric vehicles (EV) are automobiles which are completely or partially powered by electricity. Disposing an electric vehicle battery is expensive, particularly if the waste contains valuable materials. Recycling is an opportunity to minimize life cycle costs by recovering high-value materials and avoiding the expense of hazardous waste disposal. With the growth in EV sales, the number of lithium-ion batteries in the market increases. The limited life of these batteries requires an effective recycling medium in order to stabilize domestic source of materials for battery production, reduce the demand for raw materials and minimize geopolitical disruptions of the supply chain. After a period of 5-8 years the power generated by these batteries is not enough for the EV, but it can be used in other low-grade applications such as in households, energy backups, renewable energy storage and off-peak energy storage. Recycling EV batteries also helps recover the metals - cobalt, lithium, nickel, and others, which can then be used for manufacturing new batteries, saving resources and cost of production. According to International Energy Agency, global electric vehicle sales are projected to reach 125 million by 2030. Therefore, the increasing adoption of electric vehicles propels the growth of the battery recycling market.

Government initiatives and funding are expected to propel the growth of the battery recycling market. Government initiatives and funding refer to actions and financial support provided by governmental bodies to address specific issues, promote economic growth, advance research and development, or achieve policy objectives. Government initiatives frequently target the promotion of sustainable practices, such as recycling, to mitigate environmental impacts and preserve resources by channeling funding into research, technology development, and recycling infrastructure. For instance, in June 2023, the U. S. Department of Energy (DOE), a US-based government agency, allocated over $192 million in new funding. This funding includes support for battery recycling from consumer products, the establishment of an advanced battery research and development consortium, and the ongoing Lithium-Ion Battery Recycling Prize. Notably, DOE's commitment of $125 million for Consumer Electronics Battery Recycling, Reprocessing, and Battery Collection is a crucial component of the $7 billion authorized by the Bipartisan Infrastructure Law to strengthen and expand the United States' battery supply chain. Therefore, government initiatives and funding will drive the battery recycling market going forward.

Major companies operating in the battery recycling market are entering into strategic collaborations to improve know how and enhance battery recycling efficiency. For instance, in 2021, Johnson Matthey, a UK-based sustainable technologies company, partnered with Stena Recycling Group, a Sweden based leading recycler of industrial waste and end of life products, to develop an efficient value chain for the recycling of lithium-ion batteries and cell manufacturing materials in Europe. Similarly, in July 2022, Volkswagen Group of America, a subsidiary of Germany-based Volkswagen Group, partnered with a US-based battery recycling startup, Redwood Materials to create supply chain for EV battery recycling. The partnership is expected to establish a supply network for recycling Volkswagen and Audi electric vehicle batteries in the US with the aim of giving American drivers more affordable and environmentally friendly access to electric mobility.

Major companies operating in the market are developing innovative technologies, such as advanced Li-ion battery recycling technologies, to enhance product offerings and achieve sustainability goals. Advanced recycling technology is optimized for electric vehicle batteries, achieving a yield of over 95% for key metals and pioneering lithium recovery while automating material handling and ensuring high-quality recycled metals for use in new Li-ion batteries. For instance, in February 2022, Umicore N. V., a Belgian-based materials technology company, unveiled its latest generation of proprietary recycling technology, representing a significant advancement in recycling performance. This innovation significantly enhances recycling performance by achieving over 95% yield in the extraction of cobalt, nickel, and copper from a variety of battery chemistries. Notably, it introduces groundbreaking lithium recovery capabilities, addressing a critical limitation in existing recycling processes. Automation reduces manual handling, further enhancing process reliability and efficiency. The recovered metals meet battery-grade quality standards, allowing them to be reused in the production of new lithium-ion batteries. This development is a noteworthy advancement in sustainable battery recycling, with a particular focus on the growing EV market.

In September 2023, Redwood Materials Inc. is a US-based battery recycling startup, acquired REDUX Recycling GmbH for an undisclosed amount. The acquisition will enable Redwood Materials to enhance its recycling operations in Europe through close collaboration with Redux Recycling's established network of suppliers, customers, and industry partners. REDUX Recycling GmbH, a Germany-based lithium-ion battery recycler.

Major companies operating in the in the battery recycling market report are Li-Cycle Holdings Corp., Battery Solutions LLC, Exide Industries Ltd., Umicore NV/SA, Aqua Metals Inc., Gravita India Limited, East Penn Manufacturing Company, ENERSYS Corp., Fortum Oyj, Accurec Recycling GmbH, Eco-Bat Technologies Ltd., Terrapure Environmental Services Inc., Guangdong Brunp Recycling Technology Co. Ltd., Anhua Taisen Recycling Technology Co. Ltd., Doe Run Company, RSR Corporation, Gopher Resource LLC, Glencore plc, American Battery Technology Company, Call2recycle Inc., G. & P. Batteries Limited, Retriev Technologies Inc., Stena Recycling Sp. z o. o., TES India Private Limited, The International Metals Reclamation Company, Cirba Solutions Co., RecycLiCo Battery Materials Inc., Sitrasa Co., Recupyl SAS, Raw Materials Company Inc., Battery Recycling Systems Co., Johnson Controls International plc

North America was the largest region in the battery recycling market in 2023. The regions covered in the battery recycling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the battery recycling market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The battery recycling market includes revenues earned by entities by reducing the number of batteries disposed of improperly. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.