Growing Focus on Lithium-Ion Battery Recycling
According to our latest market study on “Battery Recycling Market Forecast to 2028 - COVID-19 Impact and Global Analysis - Type and Battery Source,” the market is projected to reach US$ 36,002.73 million by 2028 from US$ 15,690.07 million in 2020; it is expected to grow at a CAGR of 13.4% from 2021 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
The surge in demand for lithium-ion batteries across consumer electronics, electric vehicles, and grid electrical storage, has increased the need for critical materials including cobalt, lithium, and graphite. With the steady growth in the demand for lithium-ion batteries, the focus has been shifted upon resource activation with the help of recycling. There is a rising need to incorporate advanced technology to promote resource efficiency, along with an economically feasible recycling system for lithium-ion batteries, to maintain the future supply of the component materials. The increase in the use of Li-S/Air or LFP batteries or breakthroughs in post-Li batteries based on abundant elements such as sodium, magnesium, or calcium is expected to lead to an absolute disassociation from conventional materials such as lithium, cobalt, and nickel in the future. Hence, a strong focus on recycling, backed with research and development activities, is effectively aimed to promote the demand for lithium-ion battery recycling, thereby supporting the growth of the battery recycling market. In 2022, Asia Pacific dominates the battery recycling market with largest share followed by North America.
Global Battery Recycling Market Breakdown –by Region
Previously, the majority of the efforts to enhance lithium-ion battery recycling was carried out by a limited number of academic groups, usually functioning independently. However, the scenario has started to change with several research institutions, governments, and EV manufacturers focusing on the recycling of these batteries. The growing focus of EV manufacturers for lithium-ion battery recycling would further result in increased partnerships among EV manufacturers and recycling companies, thereby offering lucrative opportunities to the players operating in the lithium-ion battery recycling market.
Aqua Metals, Inc.; Call2recycle, Inc.; Clarios. Llc; Com2 Recycling Solutions; East Penn Manufacturing Company; Exide Technologies; G P Batteries; Gopher Resource Llc; Retriev Technologies Inc and Terrapure Environmental Ltd are some of the major players operating in the global battery recycling market. Players operating in the global battery recycling market are highly focused towards the development of high quality and innovative product offerings to fulfil the customer’s requirements.
Impact of COVID-19 Pandemic on Battery Recycling Market
Due to the COVID-19 pandemic, many industries, like chemical & materials faced unprecedented challenges due to disruptions in the global supply chain that adversely affected the manufacturing, delivery schedules, and sales of various goods. The market size for battery recycling has decreased due to a decline in the growth of industries such as automotive, and consumer electronics which are the prominent source of waste batteries required for recycling. Many production sites were either partially or fully closed to combat the spread of SARS-CoV-2. The COVID-19 pandemic also caused reduction in the recycling activities of battery. However, as the economies plan to revive their operations, the demand for battery recycling also began to rise globally.
The report includes the segmentation of the global battery recycling market as follows:
The global battery recycling market, by type, is segmented into lead acid battery, lithium-based battery, nickel-based battery, and others. Based on battery source, the battery recycling market is segmented into automotive, industrial, household, consumer electronics, and forklift. By geography, the global battery recycling market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The global battery recycling market in North America is further segmented into the US, Canada, and Mexico. The global battery recycling market in Europe is sub segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The global battery recycling market in Asia Pacific is analysed on the basis of China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and Rest of MEA. The global battery recycling market in South & Central America is studied on the basis of Brazil, Argentina, and the Rest of South & Central America.
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