The Battery Recycling Market to Accrue USD 23.07 Billion by 2032, Facilitated by Increasing Utilization of Electric Vehicles, States Extrapolate

DUBAI, UAE, May 10, 2023 /PRNewswire/ -- According to the latest research report published by Extrapolate, the global Battery Recycling Market was worth around USD 11.6 billion in 2022 and is anticipated to reach a valuation of USD 23.07 billion by 2032, registering a CAGR of 7.94% during the forecast period, driven by alarming environmental concerns arising due to the improper disposal of batteries contaminating land and water bodies.

The increasing demand for batteries in several applications such as appliances, electric vehicles, and electronic devices has propelled the market growth to recycle recently disposed batteries. Asia Pacific is anticipated to dominate the market, accounting for more than 50% of the global battery recycling market share due to the increased use of electric vehicles in the region.

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Trending Now: Argonne National Laboratory Received $3.5 Million to Surge Battery Recycling Production in America

The Argonne National Laboratory of the DOE has become a leader in battery recycling on a global scale. Argonne scientists have developed novel techniques for removing elements from used batteries so that they can be recycled and reused again. Additionally, they have created innovative algorithms to assess the financial and environmental effects of every phase of a battery's life, from the extraction of raw materials to recycling.

Recently, in March, Argonne received funding of $3.5 million from the U.S. Department of Energy (DOE) to accelerate battery production in the United States, and to achieve a reduction in both cost and environmental impact associated with the utilization of electric vehicles.

Lead-Acid Segment to Dominate the Global Battery Recycling Market, Holding More than 92% of Overall Market Share

Based on chemistry, the lead-acid batteries segment dominates the market, holding more than 92% of the overall market share. The lead-acid batteries segment is likely to grow significantly due to their remarkable recycling potential, with more than 95% of the lead being able to be processed for recycling. Lead-acid batteries can be recycled more efficiently and at a low cost; hence, they are anticipated to maintain their dominance in the battery recycling market throughout the forecast period.

Lithium-Ion Battery Recycling Segment to Grow at a Rapid CAGR Owing to Rising Demand for Clean Energy Globally

The lithium-ion battery recycling segment is likely to grow at a rapid CAGR of 22.27% and an overall projected valuation of USD 17.62 in the years to come. The substantial growth of the segment is attributable to the rising adoption and demand for clean energy sources such as energy storage systems and electric vehicles. The surging demand for using electric vehicles is anticipated to propel the replacement of older, less efficient batteries, which further bolsters the lithium-ion battery recycling market growth.

In North America, the market for recycling lithium-ion batteries is primarily dominated by the United States. The growing adoption of electric vehicles in the region and favorable government policies governing lithium-ion battery recycling are critical factors for the market's growth in the near future. Major participants in the automobile sector are embarking on increasing investments, and the infrastructure supporting them continues to expand, ultimately driving lithium-ion battery recycling share.

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Growing Concerns of Environmental Effects to Drive Market Growth

The rising adoption of lithium-ion batteries for recycling purposes in the United States is further fueled by a growing awareness of the adverse environmental effects of improper disposal of outdated batteries and an increasing preference for environmentally friendly and sustainable energy solutions. Furthermore, the growing use of lithium-ion batteries in many industries, including consumer electronics, grid storage, and renewable energy, is projected to surge the demand for recycling products in the region.

Rising Demand for Sustainable Batteries for Electric Vehicles Propels Revenue Generation

About 16.5 million electric vehicles (EVs) are in use globally, accounting for roughly 10% of all new cars sold in 2017. These numbers have been increasing exponentially year over year, indicating a rising demand for batteries in the future. The rising product demand encourages businesses and governments to invest further resources in sustainable energy technologies.

For instance, a strategic agreement between Princeton NuEnergy Inc. and Greenland Technologies Holding Corporation was formed in March 2022 to create cutting-edge, sustainable solutions for second-life batteries.

Asia Pacific to Dominate Global Battery Recycling Market Owing to Increasing Penetration of Electric Vehicles

Asia Pacific is anticipated to dominate the battery recycling market owing to the increasing penetration of electric vehicles in several major countries such as India, Japan, and China. The alarming demand to shift to lower carbon emissions and renewable energy markets has propelled the demand for recycled batteries. All these aforementioned factors are expected to bolster revenue growth in the region.

Over 3.8 million electric vehicles (EVs) were sold in the region in 2021, and China led the global battery recycling rankings. Over 70% of the recycling capacity in the Asia Pacific is generated by China, which has a capacity of more than 200,000 metric tonnes. The region's expanding population and increased demand for EVs and energy storage are the major factors driving the battery recycling market growth.

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North America to Experience the Fastest Growth Due to Increasing Investments in Establishing New Plants

North America is anticipated to witness the fastest growth in the global battery recycling market owing to the rising favorable investments by numerous organizations and governments. As a result of the rising demand for electric vehicles and an upsurge in electricity produced from diverse sources, the US government promised large expenditures in infrastructure and technology to support battery recycling in 2021. The demand for lithium, graphite, and other battery-related materials will increase by more than 1000% throughout the projection period.

Only about 5% of lithium-ion batteries were recycled in North America in 2021, compared to over 95% of lead-acid batteries. However, the region has made much progress due to several favorable government initiatives to increase its capability for recycling lithium-ion batteries. Moreover, North America recycled more than 20,500 metric tonnes of batteries in 2021.

Competitive Landscape

The global battery recycling industry is highly competitive and concentrated due to a significant number of established players. The major business strategies these leading companies employ include collaborations, mergers and acquisitions, and expansions to gain a competitive edge.

Prominent Players Profiled in the global Battery Recycling Market include:

• Ascend Elements, Inc.
• Call2Recycle, Inc.
• Lithion Recycling
• Li-Cycle Corp.
• DUESENFELD GMBH
• Fortum
• Battery Recyclers of America
• EXIDE INDUSTRIES LTD.
• Umicore
• Ecobat

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TABLE OF CONTENTS

Chapter 1. Executive Summary

Chapter 2. Research Methodology
2.1. Research Approach
2.2. Scope, definition, and Assumptions
2.3. Data sources
2.3.1. Secondary sources
2.3.1.1. Preliminary data mining
2.3.2. Primary sources
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective

Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Battery Recycling Market
Chapter 5. Global Battery Recycling Market Overview, By Chemistry, 2018 - 2032 (USD Million)
Chapter 6. Global Battery Recycling Market Overview, By Application, 2018 - 2032 (USD Million)
Chapter 7. Global Battery Recycling Market Overview, By Geography, 2018 - 2032 (USD Million)
Chapter 8. North America Battery Recycling Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 9. Europe Battery Recycling Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 10. Asia Pacific Battery Recycling Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 11. Middle East & Africa Battery Recycling Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 12. South America Battery Recycling Market Overview, By Countries, 2018 - 2032 (USD Million)

Chapter 13. Competitive Landscape
13.1. Competitive environment, 2022
13.2. Strategic Framework
13.2.1. Partnership/agreement
13.2.2. Expansion
13.2.3. Mergers & Acquisitions
13.2.4. Recent Development

Chapter 14. Key Vendor Analysis

Chapter 15. Sourcing Strategy and Downstream Buyers
15.1. Battery Recycling Market Industrial Chain Analysis
15.2. Downstream Buyers

Chapter 16. Marketing Strategy Analysis, Distributors/Traders
16.1. Marketing Channel
16.1.1. Direct Marketing
16.1.2. Indirect Marketing
16.1.3. Marketing Channel Development Trend
16.2. Market Positioning
16.2.1. Pricing Strategy
16.2.2. Brand Strategy
16.2.3. Target Client
16.3. Distributors/Traders List

Chapter 17. Market Effect Factors Analysis
17.1. Product Progress/Risk
17.1.1. Substitutes Threat
17.1.2. Product Progress in Related Size
17.2. Consumer Needs/Customer Preference Change
17.3. Economic/Political Environmental Change

Chapter 18. Future Outlook of the Market

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