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Battery Recycling Market Size Worth $19.9 Billion By 2030: Grand View Research, Inc.

SAN FRANCISCO, June 8, 2022 /PRNewswire/ -- The global battery recycling market size is expected to reach USD 19.9 billion by 2030, registering a CAGR of 7.6% during the forecast period, according to a new report by Grand View Research, Inc. The presence of stringent government regulations is expected to have a positive impact on the market during the coming years.

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Key Insights & Findings from the report:

  • The lithium-ion segment is expected to register a CAGR of 8.8% from 2022 to 2030, due to the growing demand from the electric vehicle industry.

  • The lead-acid category dominated the battery recycling market in 2021 and is expected to grow at a CAGR of 7.7% from 2022 to 2030 due to cost-effectiveness, high recycling ability, and high capacity.

  • The transportation segment emerged as a significant application in 2021 and is expected to expand at the fastest CAGR of 8.0% from 2022 to 2030 due to expanding marine, automotive, and aviation industries.

  • Europe held a 31.4% revenue share of the global market for battery recycling and is expected to expand by a 7.8% CAGR from 2022 to 2030 due to stringent government laws governing battery recycling in the region.

  • Asia Pacific is anticipated to be the fastest-growing market from 2022 to 2030 on account of rapidly growing end-use industries including automotive, consumer electronics, and industrial application.

  • Mergers & acquisitions, agreements, and expansions are the key strategies being adopted by the companies during the past years. For instance, in January 2022, Electra partnered with Marubeni to obtain the black mass created from recycling Li-ion batteries. Electra wants to use Marubeni's globally extensive network of battery cell recyclers to assure a consistent supply of Li/Co composites.

Read 100 pages market research report for more Industry Insights, "Battery Recycling Market Size, Share & Trends Analysis Report By Chemistry (Lithium-ion, Lead Acid, Nickel), By Application, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Battery Recycling Market Growth & Trends

Transportation application is expected to witness rapid growth in the battery recycling market. Growing demand for lithium-ion batteries in electric vehicles and portable devices, on account of their high efficiency, long life, and low maintenance is expected to positively impact the demand for recycled products.

The industry is price-driven, which in turn is expected to restrain the market growth during the forecast period. Price becomes a key differentiating factor as most recyclers make use of more or less the same technology. High competition among the players does not allow large variation in the prices, thereby reducing the profitability of recycling firms.

Companies are making efforts to improve their competitiveness by setting up new collection centers and recycling plants. Moreover, new processes are being developed to bring down costs & combat environmental pollution. ECOBAT has developed its own collection system to gather spent batteries. Furthermore, new processes are being developed to reduce costs and prevent environmental pollution.

For instance, in January 2021, Li-cycle began construction of a Li-ion battery recycling facility in New York, U.S. When operational, the facility is expected to have a capacity of 25.0 metric kilotons of battery waste, retrieving 95.0% or more of the lithium, nickel, cobalt, and other precious components with the zero-emissions and wastewater process.

Lockdowns implemented due to the COVID-19 led to a temporary halt on import and export along with manufacturing and processing activities, across multiple industries, reducing demand for the batteries from a variety of automotive and non-automotive end-users.

As a result, there was a negative impact on the market growth in 2020. However, the market has been gradually recovering since 2021 due to a significant increase in use and demand for consumer electronics such as smartphones, tablets, and laptops, during the pandemic. Furthermore, globally increased demand for electric vehicles is expected to drive the transportation application segment of the battery recycling market during the forecast period.

Battery Recycling Market Segmentation

Grand View Research has segmented the global battery recycling market report based on the chemistry, application, and region:

Battery Recycling Market - Chemistry Outlook (Revenue, USD Million; 2019 - 2030)

  • Lithium-ion
  • Lead acid
  • Nickle
  • Others

Battery Recycling Market - Application Outlook (Revenue, USD Million; 2019 - 2030)

  • Transportation
  • Consumer electronics
  • Industrial

Battery Recycling Market - Regional Outlook (Revenue, USD Million; 2019 - 2030)

  • North America
    • U.S.
  • Europe
    • Germany
    • U.K.
  • Asia Pacific
    • China
    • India
    • Japan
  • Central & South America
    • Brazil
  • Middle East & Africa

List of the key players in Battery Recycling Market

  • EnerSys
  • G&P Batteries
  • Exide Technologies
  • Aqua Metals
  • ECOBAT
  • Call2Recycle 

Check out more related studies published by Grand View Research:

  • Battery Market - The global battery market size is expected to reach USD 310.8 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 14.1% from 2020 to 2027. Technological advancements in terms of enhanced efficiency and cost reduction are likely to open new paths for the global market over the estimated period.

  • Lead Acid Battery Market - The global lead acid battery market size is expected to reach USD 93.04 billion by 2027, registering a CAGR of 5.9% over the forecast period, according to a new report published by Grand View Research, Inc. Lead acid batteries are expected to witness a significant rise in demand owing to their increasing usage in various industries including oil and gas, nuclear power, electricity generation, gas turbine, hospitality, transport infrastructure, manufacturing, construction, mining, and off-grid renewable. Moreover, advantages associated with these batteries, such as durability, high voltage capability, low-cost, and simple manufacturing processes are expected to increase the demand.

  • Lithium Iron Phosphate Battery Market - The global lithium iron phosphate battery market size is projected to reach USD 15.24 billion by 2027, expanding at a CAGR of 15.2% from 2020 to 2027, according to a new report by Grand View Research, Inc. Rising demand for EVs and HEVs and high requirement of renewable energy battery storage systems are driving the industry.

Browse through Grand View Research's  Power Generation & Storage Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.

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