Battery Recycling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Battery Recycling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global battery recycling market size reached US$ 14.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 23.3 Billion by 2028, exhibiting a growth rate (CAGR) of 8.2% during 2023-2028.

Battery recycling refers to the process of recycling and reusing batteries to minimize the material waste generated from the industries. Batteries contain toxic chemicals and heavy metals that can contaminate water and soil upon inappropriate dumping. Some of the most commonly recycled battery types include lead-acid, nickel-cadmium (Ni-Cd), nickel-metal hydride (Ni-MH), lithium-ion (Li-ion) and nickel-zinc (Ni-Zn). The recycling process involves collecting, crushing, sorting and sieving metals from plastic, followed by hydro-metallurgical and pyro-metallurgical processes to neutralize and reuse the acid to manufacture new batteries.

A significant increase in the demand for hybrid and electric vehicles (EVs) across the globe is one of the key factors driving the growth of the market. This has significantly enhanced the demand for various compounds, such as cobalt and lithium, which are used in the ignition system of automobiles. In line with this, limited availability of the raw materials to produce lithium-ion batteries has further encouraged the recycling of discarded batteries obtained from various industries. Furthermore, the implementation of stringent government regulations to minimize environmental hazards associated with the disposal of batteries is also providing a boost to the market. In addition to this, increasing utilization of recycled batteries in the manufacturing of various consumer electronics is acting as another major growth-inducing factor. Recycled batteries are commonly used to produce smartphones, power tools, laptops, gaming consoles and remote-control units. Other factors, including rapid industrialization and rising concerns over environment conservation among the masses, are projected to drive the market further.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global battery recycling market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, source, end-use and material.

Breakup by Type:

Lead-acid Batteries
Nickel-based Batteries
Lithium-based Batteries
Others

Breakup by Source:

Industrial
Automotive
Consumer Products
Electronic Appliances
Others

Breakup by End-Use:

Reuse
Repackaging
Extraction
Others

Breakup by Material:

Manganese
Iron
Lithium
Nickel
Cobalt
Lead
Aluminium
Others

Breakup by Region:

North America

United States
Canada

Asia Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others

Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others

Latin America

Brazil
Mexico
Others

Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being Accurec Recycling GmbH, Aqua Metals, Battery Solutions, Call2recycle Inc., Eco-Bat Technologies, Enersys, Exide Technologies, G. & P. Batteries Limited, Gravita India Limited, Johnson Controls, Retriev Technologies Inc., Umicore, etc.

Key Questions Answered in This Report:

What was the size of the global battery recycling market in 2022?

What is the expected growth rate of the global battery recycling market during 2023-2028?

What are the key factors driving the global battery recycling market?

What has been the impact of COVID-19 on the global battery recycling market?

What is the breakup of the global battery recycling market based on the type?

What is the breakup of the global battery recycling market based on the source?

What are the key regions in the global battery recycling market?

Who are the key players/companies in the global battery recycling market?