New York, USA, June 20, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global battery recycling market is anticipated to garner $47.2 billion in revenue and grow at a striking CAGR of 14.5% during the estimated period from 2022 to 2031.
As per our analysts, the increasing adoption of electric vehicles has increased the demand for batteries which is expected to fortify the growth of the battery recycling market over the estimated period. Moreover, the growing demand for lithium-ion batteries in various electronic devices such as smartphones, tablets, and many others as they contain valuable metals such as cobalt, nickel, and lithium, that can be recovered through recycling is expected to create expansive growth opportunities for the battery recycling market during the forecast period. However, the high initial costs for battery recycling may hamper the growth of the market over the estimated timeframe.
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Segments of the Battery Recycling Market
The report has divided the market into segments based on battery type, source, technology, and region.
Battery Type: Li-ion Battery Sub-Segment to be Most Profitable
The Li-ion battery sub-segment is expected to have the fastest growth during the analysis period. This is mainly due to the increasing utilization of Li-ion batteries in consumer electronics, electric vehicles, and consumer electronics. Additionally, the increasing focus on recycling batteries by EV manufacturers, and governments, and developing sustainable products to reduce pollution and preserve critical minerals is expected to propel the growth of the market sub-segment over the estimated period.
Source: Consumer Electronics Sub-Segment to be Most Productive
The consumer electronics sub-segment held the largest market share in 2021. This is majorly due to the increasing use of batteries in consumer electronics. Moreover, the growing awareness of the impacts of electronic waste on the environment and the rising government policies encouraging battery recycling and reducing e-waste globally are the major factors expected to foster the growth of the battery recycling market’s sub-segment during the analysis period.
Technology: Pyrometallurgical Sub-Segment to be Most Beneficial
The pyrometallurgical sub-segment held the highest market share in 2021. The increasing demand for pyrometallurgical techniques for recycling batteries in large-scale industrial applications for various benefits such as high efficiency and less waste liquid output is expected to propel the growth of the market sub-segment in the coming period.
Region: Asia-Pacific Market Held the Maximum Market Share in 2021
The Asia-Pacific region of the battery recycling market registered the highest revenue in 2021. This is mainly due to the presence of leading market players in the region. Moreover, the increasing requirement for high-voltage battery tracking systems for various applications in the region is predicted to boost the regional growth of the market over the estimated period.
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Covid-19 Impact on the Battery Recycling Market
The outbreak of the Covid-19 pandemic has brought several uncertainties across various businesses. However, it has had a moderate impact on the battery recycling market. Initially, the disruptions in supply chains, the shutdown of several manufacturing units, and the closure of manufacturing plants hampered the market’s growth over the pandemic. Moreover, the restrictions on travel and transportation have affected the production of certain types of batteries due to the unavailability of raw materials which led to delays in finished products and increased costs. However, the adoption of work-from-home culture has increased the demand for batteries used in portable devices, such as laptops, and smartphones. This has brought wide growth opportunities for the market over the crisis.
Key Players of the Battery Recycling Market
The major players of the market include
- EnerSys
- Li-Cycle Corporation
- Glencore
- Umicore
- The Doe Run Company
- Battery Systems Inc.
- ACCUREC-Recycling GmbH
- Guangdong Brunp Recycling Technology Co. Ltd.
- RecycLiCo Battery Materials Inc.
- GEM Co. Ltd.
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
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For instance, in November 2022, Li-Cycle Holdings Corp., an industry leader in lithium-ion battery resource recovery announced its partnership with Vines Energy Solutions (VinES), a unit of Vietnam's largest conglomerate that focuses on research, development, and production of batteries for electric vehicles (EV), medium and high power tools, other mobility applications. This partnership would support VinES and VinFast, a renowned electric vehicle manufacturer, by providing a closed-loop battery supply chain that would enhance their environmental goals and provide green mobility solutions.
Further, the report also presents other vital aspects including SWOT analysis, the product portfolio, the financial performance of the key players, and the latest strategic development.
More about Battery Recycling Market:
- The Overarching Effect of Battery Recycling on Global Ecology and Economy
- Growing Demand for Electric Vehicles Globally Expected to Propel the Growth of the Global Battery Recycling Market by 2031
