Battery recycling referred to the collection of batteries
through various sources including portable electronic devices, electric
vehicles, and other industrial energy storage purposes. After the end of the
battery life cycle, most batteries are disposed of in landfills. It is
important to recycle them to further reduce the environmental pollution caused
by these hazardous batteries. However, battery recycling is previously
considered a legislative activity; however, it is nowadays a more profitable
way to recover metals through recycling various batteries including lead acid,
lithium-ion, and nickel metal hydride. The battery
recycling market size was valued at $11.1 billion in 2020 and is
projected to reach $66.6 billion by 2030, growing at a CAGR of 19.5% from 2021
to 2030.
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The global battery recycling market is anticipated to
witness rapid growth, owing to the increase in the use of various automobiles
such as electric & hybrid vehicles, which, in turn, is anticipated to fuel
the growth of the battery recycling market in upcoming years. Currently, there
are established patented recycling methods that are available in the market.
Therefore, battery recycling is done by patented methods of individual
manufacturers or other organizations. Besides this, favorable government
policies to support battery recycling infrastructure is driving the growth of
this market. Whereas, complications related to lithium-ion batteries are the
key growth barrier in this market.
Depending on the chemistry, the lead-acid battery segment
held the highest position in the battery recycling market share at about 63.9%
in 2020 and is expected to maintain its dominance during the forecast period.
This is attributed to the fact that lead-acid battery is highly profitable in
terms of recycling, has low cost over other battery types, and its greater
adoption as it is the first commercial battery in energy storage applications.
On the other hand, lithium-ion battery recycling may gather great momentum
during the forecast period in response to the growing efforts to develop
patented recycling methods.
On the basis of source, the industrial batteries segment
held the largest share, in terms of revenue, and is expected to maintain its
dominance during the forecast period. This growth is attributed to the wide
application included in the industrial segment starting from renewable energy
integration to forklift batteries, and UPS systems. Therefore, batteries are
collected largely from an industrial source for recycling.
On the basis of application, the transportation segment held
the largest share, in terms of revenue, and is expected to grow at a CAGR of
19.3%. This is attributed to the growing adoption of electric & hybrid
vehicles and increasing efforts to promote electrification in the overall
automotive industry. In addition, the rapid growth of the EV industry across
developing economies is anticipated to fuel market growth in the coming years.
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The market is analyzed across four major regions, namely,
North America, Europe, Asia-Pacific, and LAMEA. Europe garnered a dominant
market share in 2020 and is anticipated to maintain this trend during the
forecast period. This is attributed to numerous factors such as the presence of
a huge consumer base and the existence of key players in the region. Moreover,
regulations toward environmental pollution and the rapid growth of the electric
vehicle industry in the region are anticipated to contribute toward the growth
of the battery recycling market in Europe.
The global battery recycling market analysis covers in-depth
information on the major industry participants. The key players operating and
profiled in the report include LI-CYCLE CORP., Accurec Recycling GmbH, Battery
Solutions, Redwood Materials, Inc., Glencore International, Retriev
Technologies, Umicore, Enersys, AkkuSer Oy, Duesenfeld GmbH.
Other players operating in the value chain of the global
battery recycling industry are Neometals Ltd., Primobius, Green Li-ion Pvt.,
Ltd., SungEel MCC Americas, Redux GmbH, and others.
COVID-19’s impact on the market
The global battery recycling market has witnessed steady
growth in 2020, owing to the outbreak of the COVID-19 pandemic. The outbreak
has negatively impacted various industries and countries, thereby decreasing
manpower across the globe, which, in turn, decreased consumer spending and
thus, decreased demand for electronics, automotive, and other products.
However, owing to the lockdown imposed across the globe, there is a
supply-demand gap, which resulted in a halt in the supply of equipment or
batteries used in recycling processes. In Europe, economies, such as Germany,
France, Spain, and Italy, are following stringent measures, such as maintaining
social distancing and limiting movements to prevent the spread of coronavirus.
Moreover, such safety measures have been witnessed across the globe, which
further impacted the global battery recycling market growth.
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Key Findings Of The Study
- In
2020, the lead-acid battery segment accounted for the majority of the
share of the global battery recycling market and is expected to maintain
its lead during the forecast period.
- In
2020, the industrial batteries segment accounted for about 51.3% and is
expected to maintain its dominance till the end of the forecast period.
- The
transportation segment accounted for 43.8% in 2020 and is anticipated to
grow at a rate of 19.3% in terms of revenue, increasing its share in the
global battery recycling market.
- Industrial
is the fastest-growing application segment in the battery recycling market
and is expected to grow at a CAGR of 19.9%.
- Asia-Pacific
is expected to grow at the fastest rate, registering a CAGR of 20.2%
during the battery recycling forecast period.
- In
2020, Europe dominated the global battery recycling market with more than
35.78% of the market share, in terms of revenue.
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