Battery Materials Recycling Market to Reach $56.9 Billion, Globally, by 2032 at 8.1% CAGR: Allied Market Research

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Jul 13, 2023, 12:00 ET

The global battery materials recycling market is experiencing growth due to several factors such as growing demand from the lead battery and an increase in demand for electric vehicles (EVs), portable electronics, and renewable energy storage systems.

PORTLAND, Ore., July 13, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Battery Materials Recycling Market By Material Type (Lithium, Cobalt, Iron, Manganese, Nickle, Lead, Others), By End-Use (Automotive, Building And Construction, Aerospace And Defense, Textile, Others): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the global battery materials recycling market was valued at $26.3 billion in 2022, and is projected to reach $56.9 billion by 2032, growing at a CAGR of 8.1% from 2023 to 2032.

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Prime determinants of growth

The global battery materials recycling market is experiencing growth due to several factors such as growing demand from the automotive industry and rising awareness and concerns about environmental sustainability have become significant drivers for battery recycling. However, the complex and costly process of recycling battery materials hinders market growth to some extent. Moreover, the implementation of environmental protection offers remunerative opportunities for the expansion of the battery materials recycling market.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$26.3 billion
Market Size in 2032	$56.9 Billion
CAGR	8.1 %
No. of Pages in Report	300
Segments Covered	Material Type, End-Use Industry, and Regions
Drivers	Increase in demand for recycled battery materials in electric vehicles
Drivers	E-waste management and circular supply chains
Opportunities	Implementation of environmental protection
Restraints	Complex and costly process of recycling battery materials
Challenge	Contamination and impurities of recycled batteries

The manganese segment is expected to grow faster throughout the forecast period.

Based on type, the lead segment held the highest market share in 2022, accounting for more than two-fifths of the global battery recycling materials market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to Lead batteries contain sulfuric acid electrolyte, which is hazardous and needs to be handled carefully. During the recycling process, the acid is neutralized and converted into sodium sulfate, which can be used in various applications, such as the manufacturing of detergents, textiles, and glass. However, the manganese segment is projected to manifest the highest CAGR of 9.5% from 2023 to 2032, as it is commonly used as transition metal that exhibits excellent electrochemical properties, making it a popular choice for battery manufacturing. It is commonly used in the form of manganese oxide (MnO) or manganese dioxide (MnO2) as a cathode material in rechargeable batteries.

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The textile segment is expected to grow faster throughout the forecast period

Based on the end-use industry, the automotive segment held the highest market share in 2022, accounting for nearly two-fifths of the global battery materials recycling market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that recycled battery materials may also find applications in other components of electric vehicles, and it is being used in the production of battery packs, which require structural components and electrical connectors. However, the textile segment is projected to manifest the highest CAGR of 8.8% from 2023 to 2032. The growth is attributed to the use of recycled polypropylene fibers in textiles helps to conserve natural resources by reducing the demand for new PP, which is derived from fossil fuels.

Europe to maintain its dominance by 2032

Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global battery materials recycling market revenue, and is expected to rule the roost in terms of revenue throughout the forecast timeframe. The segment is driven by factors such as investing in advanced recycling technologies to improve the efficiency and effectiveness of battery materials recycling. However, Asia-Pacific is expected to witness the fastest CAGR of 8.6% % from 2023 to 2032. The growth is attributed to the use of battery materials recycling in the electric vehicle (EV) industry where recycling of battery materials is crucial for resource conservation, reducing environmental impacts, and creating a sustainable supply chain.

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Leading Market Players: -

ECO-BAT TECHNOLOGIES
GEM CO., LTD.
LI-CYCLE
GRAVITA INDIA LIMITED
RECYCLICO BATTERY MATERIALS INC.
REDUX GMBH
GOPHER RESOURCE
UMICORE N.V.
REDWOOD MATERIALS INC.
CIRBA SOLUTIONS

The report provides a detailed analysis of these key players in the global battery materials recycling market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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