The report “Battery Recycling Market by Source (Automotive Batteries, Industrial Batteries, Consumer & Electronic Appliance Batteries), Chemistry (Lead Acid, Lithium-based, Nickel-based), Material (Metals, Electrolyte, Plastics) and Region – Global Forecast to 2030″, is projected to grow from USD 26.9 billion in 2023 to USD 54.3 billion by 2030, at a CAGR of 10.5%. The mounting demand for electric vehicles to limit the rising pollution levels has spurred the consumption of batteries. While these have lower self-discharge rates than other rechargeable cells such as Ni-Cad and NiMH, they offer high energy and power density and are thus used in various applications, from cellular phones, industrial equipment, to electric-drive vehicles.
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• 247 Market data Tables
• 49 Figures
• 272 Pages and in-depth TOC on “Battery Recycling Market – Global Forecast to 2030″
Some of the prominent key players are:
· ACCUREC Recycling GmbH (Germany)
· American Battery Technology Company (US)
· Aqua Metals, Inc. (US)
· Call2Recycle, Inc. (US)
· Cirba Solutions (US)
· Contemporary Amperex Technology Co., Limited (China)
· East Penn Manufacturing Company (US)
· Ecobat (US)
· Element Resources (US)
· EnerSys (US)
· Exide Industries Ltd. (India)
· Fortum (Finland)
Opportunity: Rising demand for renewable energy storage
The renewable energy sector, including solar and wind power, is witnessing rapid expansion. Most of the renewable energy storage systems utilize batteries such as lithium-ion, lead acid, and sodium-sulfur, to perform essential operations. Therefore, with the rise in renewable energy installations, there is a corresponding need for battery recycling to manage the end-of-life batteries and extract valuable materials for reuse.
By chemistry, the lead acid batteries segment accounted for the largest share of battery recycling market in 2022.
The lead acid batteries segment, by chemistry, was the largest market in 2022. The market for battery recycling is significantly influenced by the need for secondary lead, which is produced from used lead acid batteries. Many industries, including construction, battery manufacturing, and automotive sectors, use secondary lead. The growth of this segment is attributed to the demand for secondary lead, which can be produced through battery recycling as it reduces the need for primary lead production.
Asia Pacific is estimated to account for the largest share of battery recycling market during 2023 to 2030.
The growing demand for electric vehicles (EVs) and increasing environmental regulations are responsible for the growth of the Asia Pacific battery recycling market. Continuously increasing motor vehicle pollution in emerging economies, such as China and India, is expected to contribute to the growth of the EV market in Asia Pacific, which, in turn, will boost the battery recycling market in the region. Also, China is a hub for battery manufacturing companies around the world. The market growth in China is attributed to the high demand for battery recycling from the automotive industry.
Recent Developments :
• In April 2023, Cirba Solutions signed a Memorandum of Understanding (MoU) with Honda to collect, process, and return recycled battery materials to be used as raw material for Honda’s battery supply chain for application in future EV batteries.
• In February 2023, Contemporary Amperex Technology Co., Limited, Mercedes-Benz, and GEM Co., Ltd. signed a memorandum of understanding for the recycling of cobalt, nickel, manganese, and lithium metals from spent EV batteries of Mercedes-Benz and remanufacture them into battery cathode materials.
• In January 2023, Aqua Metals, Inc. announced its plans to develop a lithium battery recycling facility in Nevada (US), which can process more than 20 million pounds of lithium-ion batteries per year.