Battery Recycling Market is projected to grow from USD 17.2 billion in 2020 to USD 23.2 billion by 2025, at a CAGR of 6.1% from 2020 to 2025. Rising concerns regarding depleting precious and rare earth metals, growing demand for recycled batteries and other materials, and stringent government regulations and EPA (Environmental Protection Agency) guidelines are major factors driving the growth of this market.
This report also provides a comprehensive analysis of the companies listed below:
Call2Recycle, Inc. (US), Battery Solutions, LLC (US), Exide Technologies (US), Umicore (Belgium), Exide Industries Ltd. (India), Contemporary Amperex Technology Co. Ltd. (CATL) (China), GEM Co., Ltd. (China), EnerSys (US), Johnson Controls International plc (US), Aqua Metals, Inc. (US), Retriev Technologies Inc. (US), Gravita India Limited (India), ECOBAT Logistics (UK), Fortum Oyj (Finland), Teck Resources Limited (Canada), American Manganese Inc. (Canada), Glencore International AG (Switzerland), TES-AMM Singapore Pte Ltd (Singapore), RSR Corporation (US), COM2 Recycling Solutions (US), East Penn Manufacturing Company, Inc. (US), The Doe Run Company (US), Raw Materials Company Inc. (RMC) (Canada), Neometals Ltd (Australia), Terrapure Environmental (Canada), and Gopher Resource LLC (US).
The study involved four major activities in estimating the current size of the battery recycling market. Exhaustive secondary research was done to collect information on the battery recycling market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with the industry experts across the battery recycling value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments of the battery recycling market.
In November 2019, Call2Recycle, Inc. entered into a partnership with Raw Materials Company Inc. to enhance the collection and recycling of used consumer batteries across Ontario (Canada). The partnership will help both the parties in enhancing consumer drop-off locations, resulting in augmented collections and recycling of consumer batteries across Ontario.
In September 2019, Umicore and LG Chem Ltd. (South Korea) entered into a multi-year strategic agreement for the supply of 125,000 metric tons of nickel, manganese, and cobalt cathode materials for lithium-ion batteries to LG Chem Ltd. The agreement became effective from January 2020. Under this agreement, Umicore is also expected to recycle LG Chem Ltd.’s cathode material production waste. Currently, both companies are undergoing discussions on long-term cooperation in battery recycling. The agreement is expected to help Umicore enhance its competitive edge in the battery recycling market globally.
By chemistry, lead-acid segment to register the highest CAGR during the forecast period.
By chemistry, the lead-acid segment is projected to register the highest CAGR from 2020 to 2025. Lead-acid is the most commonly used battery chemistry in a multitude of applications, such as back-up for uninterruptible power supplies, grid energy storage, battery-powered electric vehicles, and SLI (starting, lighting, and ignition) in conventional combustion engines. The growth of this segment is attributed mainly to the simpler, cost-effective, and energy-efficient recycling of lead-acid batteries in comparison to others, as lithium-based and nickel-based chemistries.
Asia Pacific to witness the highest growth rate in the battery recycling market.
The battery recycling market in Asia Pacific is projected to witness the highest CAGR from 2020 to 2025. Growing demand for electric vehicles and increasing environmental regulations have contributed to the growth of the Asia Pacific battery recycling market. In this region, the battery recycling market is majorly driven by China. Other key countries include India, Japan, and South Korea.