Battery Recycling Market Report by Type (Lead-acid Batteries, Nickel-based Batteries, Lithium-based Batteries, and Others), Source (Industrial, Automotive, Consumer Products, Electronic Appliances, and Others), End-Use (Reuse, Repackaging, Extraction, and

Battery Recycling Market Report by Type (Lead-acid Batteries, Nickel-based Batteries, Lithium-based Batteries, and Others), Source (Industrial, Automotive, Consumer Products, Electronic Appliances, and Others), End-Use (Reuse, Repackaging, Extraction, and Others), Material (Manganese, Iron, Lithium, Nickel, Cobalt, Lead, Aluminium, and Others), and Region 2024-2032

The global battery recycling market size reached US$ 15.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 29.9 Billion by 2032, exhibiting a growth rate (CAGR) of 7.2% during 2024-2032. The growing demand for electric vehicles (EVs) due to the preference for sustainable transportation, rising focus on maintaining sustainability in the environment, and increasing concerns about resource scarcity are some of the major factors propelling the market.

Battery recycling is the process of reusing materials, such as metals, plastics, and electrolytes, from used batteries to minimize environmental impact and conserve valuable resources. It usually comprises sorting, disassembly, and treatment to recover valuable metals like lithium, cobalt, and nickel. It assists in preventing the release of potentially hazardous substances into the environment. As it plays a crucial role in promoting sustainability, minimizing waste, and supporting the circular economy by extending the lifecycle of valuable resources, the demand for battery recycling is increasing around the world.

At present, the rising need for efficient recycling to manage battery waste is supporting the growth of the market. Besides this, the increasing awareness among consumers about the environmental impact of improper battery disposal is strengthening the growth of the market. Additionally, the growing demand for smartphones, laptops, and wearable devices among individuals across the globe is positively influencing the market. Apart from this, advancements in battery recycling technologies assist in enhancing the efficiency and effectiveness of the recycling process, which is offering lucrative growth opportunities to industry investors. Furthermore, favorable government initiatives to promote responsible waste management around the world are bolstering the growth of the market. In line with this, the increasing adoption of battery recycling to extend the life cycle of materials is propelling the growth of the market.

Battery Recycling Market Trends/Drivers:
Rising demand for electric vehicles (EVs)

The rising adoption of electric vehicles (EVs) due to the increasing preference for sustainable transportation and energy solutions is contributing to the growth of the market. In line with this, people are increasingly becoming concerned about the harmful impact of batteries and are rapidly adopting lithium-ion batteries to reduce environmental pollution. Effective recycling becomes crucial to recover valuable materials, such as lithium, cobalt, and nickel, as these batteries reach the end of their life cycle. Similarly, the growing deployment of renewable energy storage systems, such as solar power storage, contributes to higher battery consumption as they rely on batteries for energy storage.

Increasing focus on maintaining sustainability

The rising focus on maintaining sustainability in the environment around the world is bolstering the growth of the market. In addition, governing agencies of several countries are implementing stringent environmental regulations to curb their carbon footprint. They are also taking sustainable initiatives that are encouraging industries to prioritize responsible waste management. Apart from this, they are enforcing stricter regulations to ensure the proper disposal of hazardous materials found in batteries. They are providing incentives, such as subsidies or tax benefits, to encourage battery recycling. Furthermore, battery recycling not only helps companies adhere to these regulations but also aligns with their broader sustainability goals. By promoting recycling, companies can showcase their commitment to reducing their carbon footprint and minimizing their impact on the environment.

Growing concerns about resource scarcity

The rising concern about resource scarcity is contributing to the growth of the market. In line with this, there is a limited availability of certain raw materials used in battery production, such as cobalt and lithium. These materials are essential for battery manufacturing and are often sourced from geographically concentrated regions. Apart from this, companies are focusing on recycling solutions as a means of resource recovery. Recycling offers an opportunity to recover these valuable materials from used batteries and reduce the need for new mining and extraction. Manufacturers are recognizing the economic and environmental benefits of reusing recovered materials, which makes battery recycling an economically viable and sustainable solution to address resource scarcity.

Battery Recycling Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global battery recycling market report, along with forecasts at the global, regional and country levels for 2024-2032. 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

Lead-acid batteries represent the largest market segment

The report has provided a detailed breakup and analysis of the market based on the type. This includes lead-acid batteries, nickel-based batteries, lithium-based batteries, and others. According to the report, lead-acid batteries represented the largest segment. Lead-acid batteries are widely used in various applications, such as automotive, uninterruptible power supplies (UPS), and industrial equipment. These batteries consist of lead dioxide as the positive plate, sponge lead as the negative plate, and a sulfuric acid solution as the electrolyte. The recycling process for lead-acid batteries involves several stages. Lead-acid battery recycling not only prevents lead contamination but also conserves valuable resources like lead and plastic, which makes it an essential component of sustainable waste management and resource recovery in the battery recycling industry.

Breakup by Source:

Industrial
Automotive
Consumer Products
Electronic Appliances
Others

Industrial accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the source. This includes industrial, automotive, consumer products, electronic appliances, and others. According to the report, industrial represented the largest segment. The industrial source refers to batteries used in a wide range of industrial applications, such as forklifts, construction equipment, backup power systems, and telecommunications infrastructure. These batteries are typically larger and have higher capacities as compared to consumer electronics batteries. The recycling process for industrial batteries involves collection, transportation, and proper handling of these batteries to recycling facilities. The batteries are then disassembled, and the valuable materials, including lead, plastic, and other metals, are extracted and processed. Recycling industrial batteries prevents hazardous materials from entering the environment and recovers valuable resources that can be reused in manufacturing new batteries or other industrial products.

Breakup by End-Use:

Reuse
Repackaging
Extraction
Others

The report has provided a detailed breakup and analysis of the market based on the end-use. This includes reuse, repackaging, extraction, and others.

The reuse batteries still have usable life and are refurbished and repurposed for similar applications. These batteries undergo thorough testing, maintenance, and reconditioning to ensure their functionality meets industry standards. Reuse extends the life of batteries and reduces the demand for new ones while promoting sustainability and resource conservation.

Repackaging batteries are batteries that are no longer suitable for their original applications due to diminished performance or capacity but still have valuable components. In repackaging, these batteries are disassembled, and the functional components are used to create repackaged batteries with improved performance, which reduces waste and optimizes the use of valuable materials.

End-of-life batteries are often dismantled in extraction processes to recover valuable raw materials. Valuable metals like lithium, cobalt, and nickel are extracted and processed for reuse in battery manufacturing or other industries. Additionally, non-metallic materials like plastics and electrolytes may be processed for repurposing or environmentally responsible disposal.

Breakup by Material:

Manganese
Iron
Lithium
Nickel
Cobalt
Lead
Aluminium
Others

The report has provided a detailed breakup and analysis of the market based on the material. This includes manganese, iron, lithium, nickel, cobalt, lead, aluminium, and others.

Manganese is a crucial component in certain types of rechargeable batteries, such as lithium-manganese oxide batteries. During battery recycling, manganese is extracted from used batteries and can be reused in the manufacturing of new batteries. Manganese recovery from batteries supports resource conservation.

Iron is commonly found in the cathodes of various batteries, such as lithium-iron phosphate batteries. Recycling processes recover iron from used batteries and the reclaimed iron can be utilized in various industries, such as construction and manufacturing. Recycling iron from batteries contributes to sustainable resource management and reduces the need for traditional iron mining.

Lithium is a valuable and finite resource used in lithium-ion batteries, which power a wide range of devices and vehicles. Battery recycling focuses on recovering lithium from used batteries, and the reclaimed lithium can be used in battery production, which reduces the demand for newly extracted lithium. Lithium recovery enhances sustainability and minimizes the environmental impact associated with lithium mining.

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

Europe exhibits a clear dominance, accounting for the largest battery recycling market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe accounted for the largest market share.

Europe held the biggest market share due to the increasing awareness among consumers and businesses about the importance of sustainable practices. In addition, the rising focus on minimizing the environmental impact and resource conservation is strengthening the growth of the market in the region. Apart from this, stringent environmental regulations and commitment to sustainability are offering a positive market outlook. In line with this, the presence of advanced recycling technologies is supporting the growth of the market in the europe region.

Competitive Landscape:
Several companies are establishing collection networks to gather used batteries from various sources, including consumers, industries, and electronic waste collection centers. They are ensuring the safe and compliant transportation of batteries to recycling facilities. In line with this, key players are investing in research and development (R&D) activities for advanced recycling technologies, such as hydrometallurgical and pyrometallurgical processes. These innovations enable more efficient extraction of valuable materials from batteries while minimizing environmental impact. Apart from this, major manufacturers are adopting environmentally friendly processing techniques to minimize emissions, waste, and energy consumption during the recycling process to align with sustainability goals and regulatory requirements.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

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

Recent Developments:
In January 2023, Aqua Metals, Inc. announced plans to commence phased development of a 5-acre recycling campus in Tahoe-Reno, Nevada. It is designed to process more than 20 million pounds of lithium-ion battery (LIB) material each year with its Li AquaRefining technology.
In 2022, Exide Industries announced its wholly owned subsidiary Chloride Metals Ltd has started commercial production at a newly commissioned battery recycling plant. It is located at Haldia in West Bengal, the greenfield recycling plant is spread over an area of 21 acres.
In October 2021, Call2Recycle and Lithion Recycling, Inc., signed a memorandum of understanding (MOU) to collaborate on providing a turnkey full-service management solution for safe and efficient recycling of electric vehicle (EV) batteries.

Key Questions Answered in This Report

1. What was the size of the global battery recycling market in 2023?
2. What is the expected growth rate of the global battery recycling market during 2024-2032?
3. What are the key factors driving the global battery recycling market?
4. What has been the impact of COVID-19 on the global battery recycling market?
5. What is the breakup of the global battery recycling market based on the type?
6. What is the breakup of the global battery recycling market based on the source?
7. What are the key regions in the global battery recycling market?
8. Who are the key players/companies in the global battery recycling market?