Battery Recycling Market Likely To Touch At .08 Billion By 2030: Grand View Research Inc.

Posted by Mrudula Anil Karmarkar on January 4th, 2024

San Francisco, 04 January 2024: The ReportBattery Recycling MarketSize, Share & Trends Analysis Report By Chemistry (Lithium-Ion, Lead Acid, Nickel), By Application (Transportation, Consumer Electronics, Industrial), By Region, And Segment Forecasts, 2024 - 2030

The global battery recycling market size is expected to reach USD 17.08 billion by 2030, registering a CAGR of 37.6% over the forecast period, according to a new report by Grand View Research, Inc. Technological advancements in the recycling industry are making battery recycling more efficient and cost-effective, which is another factor contributing to the growth of the market. An increase in the adoption of smartphones, electric vehicles, and other consumer electronics has led to an increase in the use of batteries. This has increased the number of end-of-life batteries, presenting new opportunities for recycling companies

The industrial segment is expected to witness substantial growth over the next few years, due to the growing demand for high-power range systems. Increasing trend of the adoption of UPS systems as an essential power-backup device is expected to favorably impact the market growth over the forecast period.

Enterprises deploy their data center facilities to meet data and network necessities. Interruption of power supply to these facilities can result in the loss of essential data, thereby decreasing the overall productivity and resulting in financial losses. The installation of UPS systems is one of the best ways to prevent unwanted losses. These factors are likely to increase the demand for UPS systems over the coming years, which, in turn, is anticipated to propel the demand for battery recycling in coming years.

Asia Pacific has been witnessing significant growth on account of the increasing number of manufacturing facilities, commercial offices, banks, MROs, and R&D centers in major countries like China, Australia, Japan, India and South Korea. The inception of new facilities and the expansion of existing battery recycling facilities owing to favorable government policies and foreign direct investments are likely to cater the growth battery recycling in the region.

The industry is expected to grow rapidly during the forecast period owing to increasing popularity of electric vehicles (EVs) and renewable energy storage systems leading to a higher demand for batteries, and, in turn, driving the need for recycling. Governments globally are implementing regulations to promote the recycling of batteries and reduce environmental impact, which is expected to boost industry growth.

Request sample report of Battery Recycling Market@https://www.grandviewresearch.com/industry-analysis/battery-recycling-market/request/rs1

The U.S. emerged as the largest market in North America in 2023. Increasing sales of EVs in the U.S. owing to the formulation of supportive federal policies, such as the Responsible Battery Recycling Act of 2022 California, and presence of leading industry players are expected to drive demand for batteries in the country over the forecast period. Responsible Battery Recycling Act of 2022 California instructs each battery retailer in the state to have a system for collection of used rechargeable batteries for recycling and reusing purposes.

Battery Recycling Market Report Highlights

  • In 2023, the Lead acid emerged as the largest segment and accounted for a revenue share of 84.0% owing to large number of applications in automotive, industrial and hospitality sector
  • In 2023, the Transportation segment was the largest in terms of revenue and accounted for 73.0% of the market. Growing demand from the transportation sector for batteries is expected to generate large number of spent batteries, stimulating the demand for the battery recycling segment.
  • North America occupied a significant revenue share in 2023, with the U.S. being a major contributor to industry growth. A surge in usage of li-ion batteries in smartphones to extend their shelf life and enhance their efficiency is expected to drive growth of the market in North America in the coming years.
  • The Asia Pacific accounted for the largest market revenue share in 2023, with China being the largest contributor to the regional market growth. Increasing usage of batteries for renewable energy storage is expected to fuel the demand for lead acid batteries in China. The growing use of lead acid and lithium-ion batteries coupled with the rising number of spent batteries is expected to drive the market over the forecast period.

The U.S. has emerged as a growing market for the recycling of li-ion batteries owing to the presence of large-scale li-ion recycling facilities in the country. For instance, Li-cycle Corp. inaugurated its new li-ion recycling facility with 120,000 square feet of warehousing space. This facility can process 10,000 tons of battery material for electric vehicles annually. The company possesses the capacity to recycle 60,000 electric vehicle batteries.

Increasing demand for electric vehicles and growing demand for UPS systems are preponderance for the market. Lithium is one of the most important components of electric vehicle batteries. It is the basic material required for production of lithium-ion batteries. The recycling cost of lithium is less than the cost of mining. Moreover, recycling is less hazardous to environment and human health than producing new lithium from mines. Therefore, demand for battery recycling is expected to increase with the growth of the electric vehicle industry.

Battery Recycling Market Report Scope

Report Attribute

Details

Market size revenue in 2024

USD 2.47 billion

Revenue forecast in 2030

USD 17.08 billion

Growth rate

CAGR of 37.6% from 2024 to 2030

Base year for estimation

2023

Historical data

2018 - 2022

Forecast period

2023 - 2030

Lead Acid batteries find application in uninterruptible power supply (UPS) systems as they provide high power density and enhanced life expectancy. A UPS system is an electrical equipment that provides a power supply when the main power or input power source fails. UPS systems are extensively used in buildings such as hospitals, banks, offices, data centers, and educational institutions.

Market is highly competitive and consolidated due to the presence of a large number of well-established players. Dominant trend in operations of these battery recycling companies includes collaborations, mergers & acquisitions, and expansions, which facilitate competition in the industry.

List of Key Players of the Battery Recycling Market

  • Call2Recycle
  • Exide Technologies
  • Gravita India Ltd.
  • Glencore
  • Cirba Solutions
  • American Battery Technology Company
  • Gopher Resource
  • East Penn Manufacturing Co.
  • Aqua Metals

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Mrudula Anil Karmarkar

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Mrudula Anil Karmarkar
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