VANCOUVER, BC, Jan. 18, 2023 /PRNewswire/ -- The battery recycling market size reached USD 17.83 Billion in 2021 and is expected to register a CAGR of 5.3% during the forecast period, according to latest analysis by Emergen Research. Increasing manufacturing of electric vehicles is one of the primary factors driving market revenue growth. The production of electric vehicles has grown significantly globally in recent years as the industry moves away from fossil fuels. Lithium-ion batteries are needed in large quantities by electric vehicles in order to supply stable energy reserves for electric motors. Plastics, metals, and rare earth elements are among the several materials that are consumed by the batteries used in electric vehicles.
A significant factor driving market revenue growth is the significant number of government initiatives launched by major economies to introduce electric vehicles around the world. Government involvement in these sorts of projects promotes public understanding of electric vehicles, which increases their adoption rate. Additionally, growing popularity of electric vehicles provides a significant market for the production of various types of rechargeable batteries and battery management systems that monitor voltage, providing a sizable opportunity for market participants to engage in this sector. By 2030, 145 million electric vehicles are expected to be on the road which consists of electric cars, buses, vans, and heavy trucks.
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Drivers:
The global battery recycling market is being driven by rising environmental concerns caused by improperly discarding depleted batteries and rising demand for portable electronic devices. According to research, demand for battery recycling is also expected to rise in the near future attributable to increase in economic level of the prospective consumers. Battery recycling has increased globally because of its environmental benefits and strict government regulations to cut carbon emissions. The demand for hybrid and electric vehicles (EVs), rapid depletion of raw materials like lithium, nickel, cobalt, and others used to make cathode batteries, and the growing use of recycled batteries in the production of various consumer electronics are the main factors driving the market's revenue growth. The demand for hybrid and electric vehicles (EVs), the rapid depletion of raw materials like lithium, nickel, cobalt, and others used to make cathode batteries, and the growing use of recycled batteries in the production of various consumer electronics are the main factors driving the market's revenue growth.
It has been challenging to scale up the extraction of lithium, cobalt, and other elements with limited accessibility, despite a growth in the manufacture of electric vehicles. The best method for recovering elusive components is thus through battery recycling. The development of the worldwide battery recycling market is mostly attributed to the increase in electric car production.
Restraints:
The growth of the global market is expected to be restrained by the high cost of battery recycling operations. The recycling of batteries is a capital-intensive industry that requires a lot of finance, labor, and investment. Solid waste is produced during battery disposal, which has a negative effect on the environment, and is a major factor restraining revenue growth of the market. Batteries can cause extensive environmental contamination since they contain a variety of harmful compounds and heavy metals. The three main types of batteries that are recycled are lead-acid, silver oxide, and lithium-ion. Several industries were damaged by the COVID-19.
Additionally, stay-at-home orders and the closure of manufacturing and recycling facilities have affected the battery recycling sector. However, the pandemic's impact on the economy has led to high unemployment and decreased consumer spending. As a result of governments diverting resources to healthcare operations, this had an effect on the battery recycling industry. Additionally, there were delays in the battery recycling supply chain as a result of the travel and import-export restrictions, which significantly hampered the viability of non-renewable and environmentally hazardous materials like lead, cobalt, and lithium. During the pandemic, these variables had a big impact on the battery recycling market's revenue.
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Growth Projections:
The battery recycling market is expected to register a CAGR of 5.3% over the forecast period and revenue is projected to increase from USD 17.83 Billion in 2021 to USD 28.28 Billion in 2030, which is expected to support revenue growth of the market. Growing trend to decrease environmental hazards is expected to drive the revenue growth of the market.
Current Trends and Innovations:
Increasing numbers of customers from all over the world using batteries to power gadgets is a significant factor driving revenue growth. Batteries are used in nearly all electrical devices, including remote controls, phones, e-bikes, and automobiles, and daily mobile work and personal livelihood depend on batteries, which makes global consumers more dependent than ever on the increasingly rare materials required to create them. In addition, a major shift in how consumers, business leaders, and governments view the lifecycle of the formerly small and unimportant battery is also driving revenue growth. This is primarily attributable to the increasing adoption of electric mobility items.
Increasing awareness as a result of both consumer behaviour and global public policy regarding battery recycling is a major factor driving revenue growth. Governments all across the world have placed significant investments on electrification, especially e-mobility, as a climate change solution and are incorporating it into their attempts to satisfy national and international pledges on reducing carbon emissions. By 2030, the European Commission plans to have 30 million zero-emission vehicles on the road, which will help it achieve its 90 percent reduction in transport-related greenhouse gas emissions. Again, the U.S. government wants to see new automobile sales of zero-emission vehicles reach 50% by 2030.
Market in the battery recycling industry will grow from the need to sustainably process the surplus of new batteries while proposing innovative, circular solutions to the supply chain difficulties already faced by battery producers as a result of this convergence of consumer demand and political environment.
Strategic Initiatives:
Major companies included in the market report are Glencore, Cirba Solutions, Raw Materials Company, RecycLiCo Battery Materials, Li-Cycle Corp., Neometals Ltd., Fortum, Contemporary Amperex Technology Co., Limited., ACCUREC-Recycling GmbH, Befesa, and GEM Co., Ltd.
- On January 1, 2023, GEM Co., Ltd., a China-based company announced to build of a battery recycling system for Dongfeng's EV brand Lantu.
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Scope of Research
Report Details | Outcome |
Market Size in 2021 | USD 17.83 Billion |
CAGR (2022-2030) | 5.3 % |
Revenue Forecast to 2030 | USD 28.28 Billion |
Base Year for Estimation | 2021 |
Historical Data | 2019-2020 |
Forecast Period | 2022-2030 |
Quantitative Units | Revenue in USD Billion and CAGR in % from 2022 to 2030 |
Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments Covered | Type, Battery recycling, Application and region |
Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
Key Companies Profiled | Glencore, Cirba Solutions, Raw Materials Company, RecycLiCo Battery Materials, Li-Cycle Corp., Neometals Ltd., Fortum, Contemporary Amperex Technology Co., Limited., ACCUREC-Recycling GmbH, Befesa, and GEM Co., Ltd. |
Customization Scope | 10 hours of free customization and expert consultation |
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Emergen Research has segmented battery recycling market on the basis of type, battery recycling, application and region:
- Type Outlook (Revenue, USD Billion; 2019-2030)
- Lithium-based
- Nickel-based
- Lead-acid
- Others
- Battery Recycling Outlook (Revenue, USD Billion; 2019-2030)
- Extraction of materials
- Reuse, repackaging and second life
- Disposal
- Others
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Automotive and transportation
- Consumer electronics
- Industrial
- Others
- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
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