The global battery recycling market size is expected to reach USD 19.9 billion by 2030, registering a CAGR of 7.6% during the forecast period, according to a new report by Grand View Research, Inc. The presence of stringent government regulations is expected to have a positive impact on the market during the coming years.
Transportation application is expected to witness rapid growth in the battery recycling market. Growing demand for lithium-ion batteries in electric vehicles and portable devices, on account of their high efficiency, long life, and low maintenance is expected to positively impact the demand for recycled products.
The industry is price-driven, which in turn is expected to restrain the market growth during the forecast period. Price becomes a key differentiating factor as most recyclers make use of more or less the same technology. High competition among the players does not allow large variation in the prices, thereby reducing the profitability of recycling firms.
Companies are making efforts to improve their competitiveness by setting up new collection centers and recycling plants. Moreover, new processes are being developed to bring down costs & combat environmental pollution. ECOBAT has developed its own collection system to gather spent batteries. Furthermore, new processes are being developed to reduce costs and prevent environmental pollution.
For instance, in January 2021, Li-cycle began construction of a Li-ion battery recycling facility in New York, U.S. When operational, the facility is expected to have a capacity of 25.0 metric kilotons of battery waste, retrieving 95.0% or more of the lithium, nickel, cobalt, and other precious components with the zero-emissions and wastewater process.
Lockdowns implemented due to the COVID-19 led to a temporary halt on import and export along with manufacturing and processing activities, across multiple industries, reducing demand for the batteries from a variety of automotive and non-automotive end-users.
As a result, there was a negative impact on the market growth in 2020. However, the market has been gradually recovering since 2021 due to a significant increase in use and demand for consumer electronics such as smartphones, tablets, and laptops, during the pandemic. Furthermore, globally increased demand for electric vehicles is expected to drive the transportation application segment of the battery recycling market during the forecast period.
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The lithium-ion segment is expected to register a CAGR of 8.8% from 2022 to 2030, due to the growing demand from the electric vehicle industry
The lead-acid category dominated the battery recycling market in 2021 and is expected to grow at a CAGR of 7.7% from 2022 to 2030 due to cost-effectiveness, high recycling ability, and high capacity
The transportation segment emerged as a significant application in 2021 and is expected to expand at the fastest CAGR of 8.0% from 2022 to 2030 due to expanding marine, automotive, and aviation industries
Europe held a 31.4% revenue share of the global market for battery recycling and is expected to expand by a 7.8% CAGR from 2022 to 2030 due to stringent government laws governing battery recycling in the region
Asia Pacific is anticipated to be the fastest-growing market from 2022 to 2030 on account of rapidly growing end-use industries including automotive, consumer electronics, and industrial application
Mergers & acquisitions, agreements, and expansions are the key strategies being adopted by the companies during the past years. For instance, in January 2022, Electra partnered with Marubeni to obtain the black mass created from recycling Li-ion batteries. Electra wants to use Marubeni's globally extensive network of battery cell recyclers to assure a consistent supply of Li/Co composites
Grand View Research has segmented the global battery recycling market report based on the chemistry, application, and region:
Battery Recycling Chemistry Outlook (Revenue, USD Million; 2019 - 2030)
Battery Recycling Application Outlook (Revenue, USD Million; 2019 - 2030)
Battery Recycling Regional Outlook (Revenue, USD Million; 2019 - 2030)
Central & South America
Middle East & Africa
List of the key players in Battery Recycling Market
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