Global Battery Recycling Market Worth USD 18.96 Billion With a CAGR of 7.12%

Introduction

The global market for battery recycling was valued at USD 10.21 billion in 2021, and it is anticipated to reach USD 18.96 billion by 2030 at a CAGR of 7.12%. Most tools and machinery are battery or gas-powered. Both components are used till they are depleted. When this happens, it's normal to change the car's fuel or batteries and dispose of the old ones.

Improper battery disposal can cause substantial environmental damage. Batteries are widely used and contain dangerous chemicals. Deleting them may not be the most fantastic idea. Instead of throwing away outdated batteries, recycle them.

A battery converts chemical energy into electrical energy using electrochemical components. Recycling batteries involves reusing and reprocessing them to reduce waste. This method reduces waste. Batteries can emit hazardous chemicals and heavy metals into the environment, damaging water and soil. To meet environmental and health regulations, recycle batteries. Lead-acid batteries are regularly recycled. Recycled lead can be used to make batteries.

Market Dynamics

• Increasing demand for consumer electronics is driving the market growth.

Consumer electronics are now in more demand than ever because of rising disposable incomes among many people worldwide. Another significant factor for the increasing demand for electronics is the generally high living standard. These electronics use portable batteries. These batteries are included in the tonnes of electronic garbage produced yearly. As a result, there may be more battery recycling facilities due to the increasing number of batteries being disposed of. These causes accelerate the battery recycling market.

• Increasing awareness and support by the government is driving the market growth.

During the projected period, increasing environmental concerns and a steady increase in the quantity of outdated lithium-ion batteries may act as significant growth drivers for the battery recycling market. Numerous environmental challenges are being caused by the growing problem of soil pollution brought on by the disposal of batteries. A substantial portion of the global population's growing environmental consciousness might provide the battery recycling industry with numerous potential opportunities. Additionally, the infrastructure for recycling batteries is being improved with support from several governments. The market for battery recycling may benefit from these factors as it grows.

The market for recycling batteries is seeing an increase in investments quickly. The battery recycling market is expected to have a successful future, and several investment organizations are investing in line with this prediction. Additionally, many market participants are working to increase their recycling capacities. E-waste recycling companies intend to invest heavily in more than double their current capacity for recycling lithium-ion batteries. Such advances provide the industry of battery recycling with significant growth potential.

Growth opportunities for the global battery recycling market

• The growing demand for secondary lead

The market for recycling batteries is seeing an increase in investments quickly. The battery recycling sector is expected to have a successful future, and several investment groups are investing to reflect this. Additionally, many market participants are working to increase their recycling capacities. The battery recycling market has broad growth potential due to several market advancements.

Regional analysis of the global battery recycling market

Asia-Pacific dominated the battery recycling industry. This region's supremacy is likely due to increased per capita income and demand for autos. By 2020, the region will have sold 11 million PLCs. China, India, and Japan are expected to rise rapidly due to demand from end-use sectors like the car.In the future, environmental concerns and an increase in outmoded lithium-ion batteries are expected to stimulate demand for battery recycling.

European Union recycling efficiency criteria should improve battery recycling. Lead-acid, nickel-cadmium and other chemistries require recycling of 75%, 65%, and 50% of battery weight.

North America recycles 100% of lead-acid batteries. The U.S. recovers 99.0 per cent of used lead. Call2Recycle, Aqua Metals, Enersys, and Battery Solutions, Inc. are expected to boost demand throughout the forecast period, along with electric vehicles and UPS systems in the commercial infrastructure.Central and South America's market is expected to grow due to foreign investment.

Key Highlights

• The global market for battery recycling was valued at USD 10.21 billion in 2021, and it is anticipated to reach USD 18.96 billion by 2030 at a CAGR of 7.12%.
• The global battery recycling market is broken down into three parts based on chemistry, application, and region. Further, based on Chemistry, the market is divided into Lead-acid, Lithium-ion, Nickel, and Others. The lead-acid segment has been the most significant contributor to the global battery recycling market.
• The market is divided into Consumer Electronics, Industrial, and Transportation. The transportation segment dominated the market for battery recycling.
• Based on region, the market is segmented into North America, Europe, Asia-Pacific, Central & South America, and the Middle East & Africa. Asia-Pacific dominates the market, and a similar trend will follow in the coming years.

Competitive Players

Key players in the global battery recycling market

Some of the key players contributing majorly to the global battery recycling market are Battery Solutions, Redwood Materials, Inc., Glencore International, Retriev Technologies, Redux GmbH, Umicore, Enersys, AkkuSer Oy, Duesenfeld GmbH., LI-CYCLE CORP., Accurec Recycling GmbH, Neometals Ltd., Primobius, Green Li-ion Pvt., Ltd., SungEel MCC Americas, and others.

Recent Developments

Recent developments in some of the key players:

• In March 2022, Battery Solutions, a Detroit-based provider of end-to-end management solutions for end-of-life batteries and consumer devices, was bought by Indianapolis-based lithium battery recycling Retriev Technologies.
• In June 2022, Toyota is collaborating with Redwood Materials, a lithium-ion battery recycling firm formed by former Tesla CTO JB Straubel, to gather, refurbish, and recycle batteries and battery materials that can be shipped to the Japanese automaker's future North Carolina battery plant.
• In May 2022, a prominent recycler of lithium-ion batteries in North America, Li-Cycle Holdings Corp., and Glencore announced their strategic cooperation. Li-Cycle will become Glencore's preferred partner in the lithium-ion battery recycling industry when Glencore purchases convertible debt from Li-Cycle.

Segmentation

Segmentation Of Battery Recycling Market

By Chemistry

• Lead-acid
• Lithium-ion
• Nickel
• Others

By Application

• Consumer electronics
• Industrial
• Transportation

By Region

• North America
• Europe
• Asia-Pacific
• Central and South America
• The Middle East & Africa