The global battery recycling market is anticipated to witness rapid growth, owing to increase in use of various automobiles such as electric & hybrid vehicles, which, in turn, is anticipated to fuel growth of the battery recycling market in upcoming years. Currently, there are established patented recycling methods that are available in the market. Therefore, battery recycling is done by patented methods of individual manufacturers or other organizations. Besides this, favorable government policies to support battery recycling infrastructure is driving the growth of this market. Whereas, complications related to lithium-ion batteries is the key growth barrier in this market.
According to Allied Market Research, the global battery recycling market is projected to reach $66.6 billion by 2030. In the last few years, huge endeavors have been taken by several industry verticals to diminish the effect of metals used in batteries. This factor has driven the market growth in more than one way. At the same time, high recycling pitch associated with lead-acid battery and considerable focus in the manufacturing of lithium-ion batteries have supplemented the market growth yet more. Also, an array of growth opportunities related to the lithium-ion battery sector have been highly beneficial to the growth of the industry.
Increase in utilization of batteries spells out the fact that more raw materials are being hewed, burrowed, processed, turned into battery strings, and then into waste. These materials comprise alloys such as steel, zinc, nickel, lead, mercury, cobalt, lithium, nickel cadmium silver and in some series, rare earth elements. When these ores are not renewable in nature, they are extremely recyclable though.
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The industry is price-driven, which in turn is expected to hinder the market growth during the forecast period. Price becomes a key differentiating factor as most recyclers make use of more or less the same technology. High competition among the players does not allow large variation in the prices, thereby reducing the profitability of recycling firms. For instance, in January 2021, Li-cycle began construction of a Li-ion battery recycling facility in New York, U.S. When operational, the facility is expected to have a capacity of 25.0 metric kilotons of battery waste, retrieving 95.0% or more of the lithium, nickel, cobalt, and other precious components with the zero-emissions & wastewater process.
The battery recycling market growth is driven by rising concerns over battery waste disposal and strict government policies in light of the increased usage of lithium-ion battery. This increase in usage is attributable to the decline in lithium-ion batteries prices and growing adoption of EV which largely depend on this battery type.
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The global battery recycling market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include LI-CYCLE CORP., Accurec Recycling GmbH, Battery Solutions, Redwood Materials, Inc., Glencore International, Retriev Technologies, Umicore, Enersys, AkkuSer Oy, and Duesenfeld GmbH.
Other players operating in the value chain of the global battery recycling industry are Neometals Ltd., Primobius, Green Li-ion Pvt., Ltd., SungEel MCC Americas, Redux GmbH, and others.
On the basis of application, the transportation segment held the largest share, in terms of revenue, and is expected to grow at a CAGR of 19.3%. In addition, rapid growth of EV industry across the developing economies is anticipated to fuel the market growth in the coming years. This is attributed to the growing adoption of electric & hybrid vehicles and increasing efforts to promote electrification in the overall automotive industry.
The market is analyzed across four major regions, namely, North America, Europe, Asia-Pacific, and LAMEA. Europe garnered dominant market share in 2020, and is anticipated to maintain this trend during the forecast period. This is attributed to numerous factors such as presence of huge consumer base and the existence of key players in the region. Moreover, regulations toward environmental pollution and rapid growth of electric vehicle industry in the region are anticipated to contribute toward growth of the battery recycling market in Europe.
Key Findings Of The Study
- In 2020, the lead-acid battery segment accounted for majority of share of the global battery recycling market, and is expected to maintain its lead during the forecast period.
- In 2020, the industrial batteries segment accounted for about 51.3%, and is expected to maintain its dominance till the end of the forecast period.
- The transportation segment accounted for 43.8% in 2020, and is anticipated to grow at a rate of 19.3% in terms of revenue, increasing its share in the global battery recycling market.
- Industrial is the fastest-growing application segment in the battery recycling market, and is expected to grow at a CAGR of 19.9%.