Battery Recycling Market Forecasts to 2028 – Global Analysis By Chemistry (Lead acid, Lithium-ion, Nickel and Other Chemistries), Application (Consumer electronics, Industrial, Transportation and Other Applications), and By Geography

Battery Recycling Market Forecasts to 2028 – Global Analysis By Chemistry (Lead acid, Lithium-ion, Nickel and Other Chemistries), Application (Consumer electronics, Industrial, Transportation and Other Applications), and By Geography

According to Stratistics MRC, the Global Battery Recycling Market is accounted for $16.38 billion in 2022 and is expected to reach $52.71 billion by 2028 growing at a CAGR of 21.5% during the forecast period. Battery recycling is the method of reusing and reprocessing batteries to reduce the number of batteries being disposed off as municipal solid waste. It encourages the efficient use of the battery. It helps to reduce energy consumption and manufacturing costs worldwide. The batteries are mostly collected from automotive, industrial, consumer and electronic appliances. The recovered batteries are recycled and go for second use in lower power applications. This process help in the reduction of CO2 emissions to a large extent and energy requirements related to mining.

According to Alternative Fuels Data Center (AFDC), U.S Department of Energy, lithium-ion batteries are being significantly implemented in Plug-in Hybrid Electric Vehicles (PHEV) and Hybrid Electric Vehicles (HEV). The sales of electric vehicles have reached 6.6 million.

Market Dynamics:

Driver:

Limited availability of lithium

The increasing usage of lithium in industries has led to a rise in the concerns over its limited availability for future applications. The mining of lithium has a negative environmental impact, which includes water pollution due to chemical leakage. Recycling helps manufacturers ensure a sufficient quantity of lithium for further usage in battery and other applications. The recycling of lithium-ion batteries has gained traction and witnessed a huge growth in the market.

Restraint:

Requires advancements

More technical advancements should be made in this area so that recycling improves the quality of the goods. People are not aware of the recycled batteries. There are no incentives by government to encourage the recycling process. All these factors are restraining the consumers to opt for recycled batteries and thus hampering the growth of the market.

Opportunity:

Rapidly increasing demand for electric vehicles

Lithium-ion battery recycling solutions has increased the demand in the automotive industry. The surging adoption of electric vehicles is owing to the increasing environmental concerns. Recycling of the batteries in these electric vehicles and others in automotive industry helps in reduction of lithium consumption and reduces the environmental concerns and drives the growth of the market.

Threat:

Guarantee for products

Recycling does not guarantee good quality products. As the batteries are recycled, most of its efficiency will be consumed and the recycled batteries will have less efficiency. The value of the recycled products is comparatively low as compared to newer products. Low grades are created in this field which is hampering the growth of the market.

Covid-19 Impact

The COVID-19 impacted multiple industries. Many industries got permanently shut down and many faced huge losses. The battery recycling market has suffered due to the closing of manufacturing and recycling operations and stay-at-home orders. Battery recycling is a capital-intensive industry that needs substantial funding, manpower, and investment. The economic uncertainty caused by the pandemic has resulted in widespread unemployment and reduced consumer expenditure. This impacted the battery recycling business and disrupted the supply chain.

The transportation segment is expected to be the largest during the forecast period

The transportation segment is estimated to have a lucrative growth, due to its ability to deliver high power to start an engine. Various government regulatory agencies have implemented policies to support the hazards. Globally increasing income levels, a renewed desire for electric cars and other vehicles, favourable electric infrastructure growth and continued technological innovations are fuelling the market growth.

The industrial segment is expected to have the highest CAGR during the forecast period

The industrial segment is anticipated to witness the fastest CAGR growth during the forecast period, due to high power usage. The forklift batteries and UPS systems are most used in this segment. These applications provide high power density and enhanced life expectancy. The increasing adoption of UPS systems as an essential power backup device is projected to fuel the market demand.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to increase in demand for automobiles. The technological and infrastructural improvements are made in large pace. The increasing demand for UPS systems in commercial infrastructure, growing demand for electric vehicles, commercial cars and the presence of key recyclers in this region are anticipated to drive the demand for the market.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the rising awareness about benefits of recycling of batteries. The European government's recycling efficiency targets are expected to enhance the battery recycling rate. It made guidelines stating that around 75.0%, 65.0%, and 50.0% weight of batteries must be recovered as recycled material for nickel-cadmium, lead-acid, and other chemistries which witnessed high growth in the market.

Key players in the market

Some of the key players profiled in the Battery Recycling Market include Gravita India Ltd, Exide Industries Ltd, Call2Recylce Inc, Umicore, Exide Technologies, Retriev Technologies Inc, Aqua Metals Inc, Battery Solutions LLC, Johnson Controls International plc, Fortum Oyj, Enersys, Contemporary Amperex Technology Co. Ltd, American Manganese Inc, Teck Resources Limited, TES-AMM Singapore Pte Ltd, Ecobat Logistics, Neometals Ltd, LI-Cycle Corporation, Redwood Materials Inc, Ganfeng Lithium Co Ltd

Key Developments:

In March 2022, Retriev Technologies, the most comprehensive lithium battery recycler in North America and the pioneer in end-of-life battery management, has acquired Battery Solutions. The combined offering brings two complementary industry leaders together to create the first and only comprehensive battery management solution in North America.

In Jan 2022, American Battery Solutions launches alliance I48-3.0 Lithium-Ion battery during 2022 PGA Show. The I48-3.0 offers up to 75% greater discharge capabilities than any other standard-sized Lithium-Ion battery, enabling it to endure the power of the most abusive aftermarket motor controllers offered on the market.

Chemistries Covered:
• Lead acid
• Lithium-ion
• Nickel
• Other Chemistries

Applications Covered:
• Consumer electronics
• Industrial
• Transportation
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements