Battery Recycling Market to Bagged US$66.6 billion by 2030

Battery recycling referred to collection of batteries through various sources including portable electronic devices, electric vehicles, and other industrial energy storage purposes. After the end of battery life cycle, most batteries are disposed in landfills. It is important to recycle them to further reduce environmental pollution caused by these hazardous batteries. However, battery recycling is previously considered as a legislative activity; however, it is nowadays a more profitable way to recover metals through recycling of various batteries including lead acid, lithium-ion, and nickel metal hydride.

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The battery recycling market size was valued at $11.1 billion in 2020, and is projected to reach $66.6 billion by 2030, growing at a CAGR of 19.5% from 2021 to 2030. Rise in awareness toward environmental pollution due to battery disposal and high recycling rate associated with lead-acid batteries drive the growth of the global battery recycling market. However, increase in focus on lowering cost of lithium-ion battery rather than its recyclability impedes the market growth. The technological improvements in the developed economies of Europe and North America are expected to increase demand for electric vehicles. This is anticipated to augment the demand for lithium-ion batteries, thereby fueling the industry's growth during the forecast period.

The report offers detailed segmentation of the global battery recycling market based on chemistry, source, application, and region.

Based on chemistry, the lead-acid battery segment held the highest market share in 2020, accounting for nearly two-thirds of the total share, and is projected to maintain its leadership status during the forecast period. However, the lithium-based battery segment is estimated to grow at the fastest CAGR of 30.5% from 2021 to 2030.

Based on source, the industrial batteries segment accounted for the largest share in 2020, contributing to more than half of the global battery recycling market, and is expected to maintain its lead position during the forecast period. However, the automotive batteries segment is projected to portray the highest CAGR of 19.9% from 2021 to 2030.

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%. This is attributed to the growing adoption of electric & hybrid vehicles and increasing efforts to promote electrification in the overall automotive industry. Increasing income levels, a renewed desire for electric cars and other vehicles, favorable electric infrastructure growth, and continued technological innovations are the factors expected to drive demand for the battery-powered vehicles in the future. .

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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.

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.

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%.
• Asia-Pacific is expected to grow at the fastest rate, registering a CAGR of 20.2% during the battery recycling forecast period.
• In 2020, Europe dominated the global battery recycling market with more than 35.78% of the market share, in terms of revenue.

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