Battery Recycling Market to Reach Valuation of USD 50.9 Billion by 2030 – Surging Global Demand for Electric Vehicles and Increasing Demand for Environmentally Friendly Recycling Processes Drives the Market

In terms of revenue, the Global Battery Recycling Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 11.2% from 2023 to 2030.

Promoting Battery Recycling encourages people to reuse and process batteries instead of throwing them away as waste. Batteries contain harmful chemicals and metals, so throwing them in the trash can significantly harm the environment when contaminating water and soil. The strong push for Battery Recycling comes from a shared commitment to environmental and health advantages. This emphasis is crucial because it dramatically reduces the chances of improper battery disposal, significantly protecting the environment and promoting health.

Recycling lithium batteries is growing fast and becoming an increasingly important process. While most companies are mainly focused on getting back cobalt because it's the most expensive material, some forward-thinking companies like Accurec and Toxco are also working on recovering lithium. The price of lithium will go up in the next few years, making it more profitable to refine this metal. Improving recycling methods is about making them work better and cost less to get metals back.   

Key Highlights from the Report

• Based on the segmentation of Recycling Process, the Lithium-Ion Battery Recycling Process segment is expected to dominate the Battery Recycling market owing to increasing demand for efficient and environmentally friendly recycling processes.
• Furthermore, based on the Processing State segmentation, the Reuse, Repackaging, & Second Life segment is anticipated to have the most significant market growth during the projected time frame, owing to the rising emphasis on sustainable end-of-life battery solutions.
• Moreover, based on the Material segmentation, the Electrolyte segment is anticipated to be the fastest-growing segment during the projected period owing to the increasing environmental awareness and stringent regulations on waste management.
• In addition, based on the Source segmentation, the Industrial Batteries segment will likely have the market's potential growth during the forecast period owing to the growing use of renewable energy sources and the advancement in electric mobility.
• Additionally, based on the Chemistry segmentation, the Lithium-based Batteries segment is predicted to have the fastest market growth due to the excessive demand for lithium-ion batteries in portable electronics, energy storage systems, and electric vehicles.
• Finally, based on Region, Asia Pacific holds the significant market share within the Battery Recycling market in 2022 owing to the increasing investments in Battery Recycling and the growing battery electric vehicle market. 

Market Dynamics

In response to the surging requirement for electric vehicles (EVs), the quantity of battery production scrap and end-of-life batteries is expected to grow significantly. Umicore, drawing on more than 15 years of extensive experience in large-scale Battery Recycling, is uniquely positioned to meet the needs of automotive manufacturers and the broader EV supply chain. To capitalize on this growing market, Umicore launched the Battery Recycling Solutions business unit in 2022, focusing on the expanding Battery Recycling sector. Notably, Umicore has ambitious plans for a substantial capacity scale-up, unveiling a 150,000-tonne Battery Recycling plant in Europe by 2026, which is projected to be the largest facility of its kind in the region. This advanced plant incorporates Umicore's proprietary metal extraction technologies, protected by 20 patents, making it the industry's most scalable and cost-efficient Battery Recycling process, with minimal environmental impact and the highest yield of recovered critical raw materials and metals. 

Concurrently, a $65 million venture between American and South Korean companies Ascend Elements and SK eco plant introduces a 100,000-square-foot EV Battery Recycling facility in Kentucky, poised to create around 60 jobs, reinforcing the commitment to sustainable battery management. Cirba Solutions, a leading Battery Recycling and management company, announced an expanded collaboration with Call2Recycle in November 2023 in a parallel strategic move. As the critical processor of post-consumer lithium-ion batteries, Cirba Solutions plays a pivotal role in separating essential materials for reintegration into the battery supply chain, aligning with both companies' emphasis on traceability and transparency, supported by Call2Recycle's GreenTrax platform. These initiatives propel the Battery Recycling market forward, addressing the rising demand for sustainable practices in the electric and battery industries.

Asia Pacific led the Battery Recycling market in 2022. The expected strong growth in countries like China, India, Australia, and Japan is fuelled by a rising demand in crucial sectors such as automotive, consumer electronics, and industrial applications. Notably, in China, the increasing adoption of new energy vehicles and Energy Storage Systems (ESS) for various applications will impact the rechargeable batteries market. China, which claimed the title of the largest electric car market in 2018, according to the International Energy Agency (IEA), is projected to maintain a substantial market share by 2030. A significant upswing in data center construction, particularly in China's Guizhou province, spurred by the expansion of telecom companies, is driving a heightened demand for batteries. This trend is expected to benefit the Battery Recycling market, aligning with the growing need for secondary batteries.

The Global Battery Recycling Market is Segmented as follows

• Recycling Process
  • Hydrometallurgical Process
  • Pyrometallurgical Process
  • Lead Acid Battery Recycling Process
  • Lithium-ion Battery Recycling Process
• Processing State
  • Extraction of Material
  • Reuse, Repackaging, & Second Life
  • Disposal
• Material
  • Metals
  • Electrolyte
  • Plastics
  • Other Components
• Source
  • Automotive Batteries
  • Industrial Batteries
  • Consumer & Electric Appliance Batteries
• Chemistry
  • Lead Acid Batteries
  • Lithium-based Batteries
  • Nickel-based Batteries
  • Others
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Battery Recycling Market is

Call2Recycle (U.S.), Cirba Solutions (U.S.), Element Resources (U.S.), Umicore (Belgium), Contemporary Amperex Technology Co. Ltd. (China), Exide Technologies (U.S.), Accurec Recycling GmbH (Germany), American Battery Technology Company (U.S.), Aqua Metals (U.S.), East Penn Manufacturing Co. (U.S.), Ecobat (U.S.), Enersys (U.S.), Fortum (Finland), Gem Co. Ltd. (China), Glencore (Switzerland), Gopher Resource (U.S.), Gravita India Ltd. (India)

The Global Battery Recycling Market Scope can be Tabulated as below