| A05211 | Pages: 240 | Feb 2022 | 12532 Views | ||
| Author(s) : Mamta Shivdasani, Saurabh Dixit , Eswara Prasad | Tables: 132 | Charts: 58 |
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Pandemic disrupted the entire world and affected many industries.
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Request Now !The global battery recycling market size was valued at $11.1 billion in 2020, and is expected to reach $66.6 billion by 2030, registering a CAGR of 19.5% from 2021 to 2030. Battery recycling is referred to collection of lithium-ion batteries through various sources including automotive, industrial, consumer & electronics appliances and recovery of metals of element through recycling processes. The global market estimation includes revenue reported by selling these recovered metals or elements whether that goes into further battery recycling or other second usage applications. Reportedly, most metals recovered go into battery manufacturing only for the second use of batteries in low power applications.
The COVID-19 outbreak has impacted negatively on the global battery recycling market. This is attributed to temporary ban on the import & export and transportation activities, thereby disrupted the supply chain and battery demand from automotive and consumer electronics manufacturers.
Factors such as government regulations, environmental safety, and awareness among people are expected to drive growth of the global battery recycling market. However, improper separation of harmful materials used in battery, improper dismantling, and improper shredding are expected to hamper the battery recycling market growth during the forecast period. Factors such as aesthetic design of battery, accessible installation of batteries, and provision of protective layers to mitigate risk of fire and short circuiting are anticipated to make way for different growth opportunities in the global market.
The global battery recycling market is segmented into chemistry, source, application, and region. By chemistry, the market is divided into lead–acid battery, lithium-ion battery, nickel-based battery, and other battery types. Further segmentation can be done on the basis of source into industrial batteries, automotive batteries, and customer & electronic appliances batteries. By application, the market is categorized into transportation, consumer electronics, industrial, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific and LAMEA.
The global battery recycling market covers in-depth information of the major industry participants. Some of the major players in the market 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 in the value chain of the market include Neometals Ltd., Primobius, Green Li-ion Pvt., Ltd., SungEel MCC Americas, Redux GmbH, and others.
Key players are adopting numerous strategies, such as technology launch, business expansion, agreement, partnership, and collaboration to stay competitive in the market. For instance, in May, 2021, Li-Cycle Corp. signed an agreement with Ultium Cells LLC (a joint venture of General Motors and LG Energy Solution). This agreement aimed at recycling of up to 100% of the scrap generated by battery cell manufacturing at Ultium’s Lordstown, Ohio mega-factory
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By battery chemistry, the lead acid battery segment held the largest market share in 2020, owing to the fact that lead-acid battery is highly profitable in terms of recycling, has low cost over other battery types, and its greater adoption as it is the first commercial battery in energy storage applications. On the other hand, lithium-ion battery recycling may gather great momentum during the forecast period in response to the growing efforts to develop patented recycling methods.
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On the basis of source, the industrial batteries segment registered highest market share of 51.3% during the forecast period, owing to the wide application included in the industrial segment starting from renewable energy integration to forklift batteries, and UPS systems. Therefore, batteries are collected largely from an industrial source for recycling.
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By application, the transportation segment garnered the highest battery recycling market share in 2020. This is attributed to the growing adoption of electric & hybrid vehicles and increasing efforts to promote electrification in the overall automotive industry. In addition, rapid growth of EV industry across the developing economies is anticipated to fuel the market growth in the coming years.
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Europe garnered highest growth rate in the global market in 2020, in terms of revenue, and is anticipated to maintain its dominance during the forecast period. This is attributed to numerous factors such as presence of huge consumer base and existence of key players in the region. Moreover, regulations toward environmental pollution and rapid growth of the electric vehicle industry in the region are anticipated to contribute toward growth of the market in Europe.
Lockdowns imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries, which decreased demand for batteries from various automotive and non-automotive end users. This resulted in decline in the market growth in the second, third, and fourth quarters of 2020. However, the battery recycling market is expected to recover by the 2nd quarter of 2021 as COVID-19 vaccination has started in various economies across the globe, which is expected to improve the global economy.
Key Market Segments
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According to CXOs of leading companies, the global battery recycling market is operating at a growing stage in its industry life cycle, owing to which it is projected to witness profitable growth opportunities during the forecast period. The market is reversible in nature as most of recycled metals and elements are further used in battery manufacturing as second life applications. As of 2020, the overall battery infrastructure is mainly supported by government authorities and regulatory bodies in various regions. Governments across the globe are applying policies such as manufacturers must collect waste batteries from their consumers and recycled them for their second life use which in turn is anticipated to fuel the growth of the market during the analyzed timeframe.
Moreover, high profitability associated with lithium-based batteries is expected to commercialize this market to a great extent during the next five-eight years. As a result, there is a great possibility of new market players to enter this market to explore enormous growth opportunities. Lead-acid batteries are highly recycled in nature and are generating a major part of revenue in this market. Conversely, lithium-ion battery recycling poses serious concerns to aquatic ecosystems as over 90.0% of lithium-ion batteries are landfilled as a part of solid waste, which causes huge environmental damage. Considering this, increase in focus on lithium-ion battery recycling is further expected to provide new growth opportunities during the forecast period.
Among analyzed regions, Europe is expected to account for highest revenue in the market during the forecast period, followed by North America, Asia-Pacific, and LAMEA. Europe accounted for 35.78% of the total global battery recycling market share in 2020, and is expected to maintain its dominance during the forecast period.
A. In terms of revenue growth, the CAGR of the global Battery recycling market is 19.5% from 2021 to 2030.
A. Higher energy efficiency requirements in technologically updated consumer gadgets and high adoption of electric vehicles are the key trends in the battery recycling market.
A. The report sample for global Battery recycling market report can be obtained on demand from the website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.
A. The potential customers of the battery recycling market are consumer electronic devices, power tools, electric vehicles, energy storage devices and others.
A. On the basis of chemistry, lead acid battery segment will drive the battery recycling market growth during the forecast period. On the basis of source, industrial batteries segment will drive the growth of the battery recycling market. By application, transportation segment will fuel the growth of the market.
A. The top ten market players are selected based on two key attributes - competitive strength and market positioning.
A. The applications of the battery recycling market are automotive, electronics, energy storage and others.
A. Top players in the battery recycling market are Ganfeng Lithium Co., Ltd., American Battery Technology Company, Accurec Recycling GmbH, Akkuser Oy, Duesenfeld GmbH, Li-Cycle Corp., Fortum Corporation, Retriev Technologies, Inc., Lithion Recycling, Inc., and Umicore.
A. In terms of revenue, the market size of battery recycling market is anticipated to reach $66.6 billion by 2030, growing at CAGR of 19.5% from 2021 to 2030.
A. Europe will provide business opportunities for battery recycling market during the forecast period. This is attributed to the huge consumer base, increase in battery recycling activities, increase in investment towards renewable sector, and high demand for electric vehicles from the region.
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