Battery Recycling Market Size and Global Industry Share to 2028

Battery recycling is an effective way to reprocess and reuse batteries, so as to effectively diminish the number of batteries being thrown away as waste material. The recycling of used electric batteries encompasses huge potential and yields strong economic benefits. Several policies and regulations have been framed which play a vital role in consumer product safety, safe handling, storage and treatment, reuse, recycling, and disposal of batteries used across various application bases.

In 2020, Asia Pacific accounted for the largest share of the global battery recycling market. The dominance of the battery recycling market in this region is primarily credited to the presence of strong industrial base of prominent manufactures, generating battery waste in huge volumes. An increased use of batteries in the region would encourage effective battery management practices to reduce waste disposal volumes, which will include battery recycling. Along with this, various government initiatives for battery recycling in Asia Pacific will drive the battery recycling market in this region.

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Market Insights

Growing Demand for Recycled Products and Recovery of Valuable Metals Drives Battery Recycling Market Growth
Battery recycling is an effective way of reprocessing and reusing batteries to diminish hazardous waste. Recycling has a lower environmental impact than the mining of virgin materials. Direct recycling could substantially decrease the energy consumption and emissions. The recycling of used electric batteries encompasses huge potential and yields strong economic benefits. For instance, as per an article published by Roland Berger GmbH in November 2019, if a volume of 1.7 million tons of batteries would be recycled by 2030, the process is anticipated to yield 250,000 tons of active materials such as nickel, cobalt, manganese, and lithium. This is expected to meet the demand for cobalt and nickel by 20-30% in Europe. Similarly, recycling batteries can prevent the potential threat surfacing from dumping heavy metals and toxic chemicals into the environment. Further, a report "Reducing new mining for electric vehicle battery metals," prepared by the University of Technology Sydney's Institute for Sustainable Futures for Earthworks, highlights the utility of using recycled metals to meet the expanding demand from electric vehicles (EVs), while reducing the need for new mines to supply materials. The report centers around the effective use of key battery ingredients such as cobalt, lithium, nickel, and copper by recycling and reprocessing. The report suggests that the process of recycling can minimize primary (mined) demand compared to total demand of lithium by 25%, cobalt and nickel by 35%, and copper by 55% by 2040. The report also states that expanding the battery life span beyond the current estimates of 8-15 years, along with reusing batteries in "second life applications," has significant potential to reduce the dependence upon the mined materials.

Type Insights

Based on type, the battery recycling market is segmented into lead acid battery, lithium-based battery, nickel-based battery, and others. The lead acid battery segment led the battery recycling market with the highest market share in 2020. Lead acid battery, a type of rechargeable batteries, has the lowest energy density. These batteries can supply high surge currents, which indicates that the cells have a large power-to-weight ratio. The lower costs of these batteries make them an ideal choice for use in motor vehicles to provide the high current required by starter motors. The recycling of lead acid batteries is a rigorous process and is necessary to ensure the safety of components during their reuse. The lead and plastics are recycled and used into new batteries or are used in various industrial products.

Battery Recycling Market, by Type

Lead Acid Battery
Lithium-Ion Battery
Nickel-Based Battery
Others

Battery Recycling Market, by Battery Source

Automotive
Industrial
Household
Consumer Electronics
Forklift

Company Profiles

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
Terrapure Environmental Ltd

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This release was published on openPR.