In 2022, the global battery recycling market was valued at USD 11 billion and it is expected to reach USD 23.7 billion by 2032. Between 2023 and 2032, this market is estimated to register the highest CAGR of 8.2%.
Key Players Analysis
The battery recycling market has witnessed heightened competition driven by the rising demand for sustainable solutions. Key players, including Umicore, Li-Cycle, Retriev Technologies, and Battery Solutions LLC, offer services such as collection, sorting, and recycling for diverse battery types.
These range from lithium-ion to lead-acid and nickel-cadmium batteries, serving industries like automotive electronics and energy storage systems. Technological advancements, regulatory frameworks, and growing environmental awareness are propelling the competitive landscape. As demand for battery recycling surges, intensified competition is anticipated in the foreseeable future.
Market Key Players
G&P Batteries
Retriev Technologies Inc.
Exide Technologies
Battery Solutions LLC
EnerSys
Umicore N.V.
LI-CYCLE CORP.
Call2Recycle Inc.
recycle
East Penn Manufacturing Company
American Manganese Inc.
BASF
Johnson Matthey
Other Key Players
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Key Market Segments
In 2022, the lead-acid battery type dominated the market based on chemistry, holding a significant share. Its profitability in recycling, attributed to lower costs compared to other battery types, and widespread adoption, especially as the first commercial battery in energy storage applications, contributed to its major market presence.
Anticipated to witness substantial demand in the forecast period, lithium-ion battery recycling is driven by its extensive use in e-vehicles. The increasing prevalence of lithium-ion batteries in the transportation and automotive industries is expected to boost the consumption of recycled batteries.
In terms of source, industrial batteries are projected to command the largest market share, reaching 53% throughout the projection period. This dominance is attributed to diverse applications, including renewable energy integration, UPS systems, and forklift batteries, frequently sourced for recycling from industrial settings.
The automotive segment emerged as the leader in applications, claiming the largest market share in 2022. This can be attributed to the growing adoption of hybrid and electric vehicles and efforts to promote electrification in the automotive industry. The rapid expansion of the electric vehicle (EV) industry in developing countries is expected to drive market growth.
Based on Chemistry
Lead-Acid Based Battery
Lithium-Ion Based Battery
Nickel-Based Battery
Other Battery Types
Based on Source
Automotive Batteries
Industrial Batteries
Electronic Appliance Batteries
Other Sources
Based on Application
Automotive
Consumer Electronics
Energy Storage
Other Applications
Driving Forces and Future Trends: Various driving forces propel the market forward, including growing disposable income, advancements in electric infrastructure, and a renewed consumer interest in electric vehicles. The continuous stream of technological innovations further fuels the demand for battery-powered vehicles. Government regulatory support, aimed at fostering the e-vehicle market and addressing environmental concerns, is expected to accelerate the preference for electric vehicles, consequently boosting the demand for recycled batteries.
As the battery recycling market continues to evolve, it is evident that chemistry, sourcing, and application dynamics play pivotal roles in shaping its trajectory. With sustainability at the forefront, the industry is set to witness intensified competition and a surge in demand, marking a pivotal moment in the journey towards a greener and more sustainable future.