Global Battery Recycling Market Report and Forecast 2024-2032

Global Battery Recycling Market Outlook

The global battery recycling market attained a value of USD 12.22 billion in 2023. The global market for battery recycling is further expected to grow at a CAGR of 7.80% between 2024 and 2032 to reach a value of USD 24.04 billion by 2032.

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Key Trends in the Market

Battery recycling is defined as a process of reusing, reprocessing, or safely disposing of batteries to reduce battery wastage and prevent them from becoming material waste. Different types of batteries have different methods of recycling. Recycling of lithium-ion batteries, which is the most common, involves collection, sorting, and smelting. The main aim of battery recycling is to protect the environment from harmful gases and substances which may come out of a battery as it deteriorates.

• Battery recycling offers greater sustainability, which is a key trend in the market. By recycling and reusing older batteries there is reduced need for mining of new materials to produce new batteries. This process protects natural resources from getting depleted which is a crucial battery recycling market driving factor.

• The growing expansion of the industrial sector is a major trend fuelling the demand for various battery-driven industrial appliances such as electronic bikes, electric wheelchairs, and micro hybrid vehicles, among others. The technical upgradations aimed towards maturing and sophistication of batteries, in order to reduce the production cost, are leading to a stronger supply chain.

• Environmental concern is increasing worldwide, with a greater focus on reducing the disposal of products in landfills. Battery recycling helps prevent used batteries from ending up in landfills, due to which more nations are encouraging adequate battery recycling.

Market Analysis

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Based on chemistry, the market can be segmented into lithium-ion, lead acid, and nickel, among others. On the basis of application, the market can be classified into transportation, consumer electronics, and industrial. The regional markets can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global battery recycling market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Umicore

• Ecobat, LLC

• Glencore plc

• Li-Cycle Corporation

• American Battery Technology Company (ABTC)

• East Penn Manufacturing

• RecycLiCo Battery Materials Inc.

• Ganfeng Lithium Group Co., Ltd

• Exide Industries Limited

• EnerSys

• Others

Market Share by Chemistry

The lead acid segment, based on chemistry, holds a significant share in the battery recycling market. Lead gives great response to recycling and 90 to 98% of lead-acid batteries can be recovered through the recycling process. In addition, widespread usage of lead-acid based automotive batteries, like starting lighting and ignition (SLI) lead acid batteries, are taking place around the world, increasing their production.

Moreover, lead-acid battery recycling offers various economic and environmental benefits. For instance, recycling lead-acid batteries, comprising of various reusable components, eradicates the need for using fresh raw materials, leading to greater savings on money. Further, lead is harmful and prolonged exposure can cause health damage which is why safe disposal is of greater importance, further broadening the battery recycling market.

Market Share by Application

Based on application, the consumer electronics segment is witnessing a steady growth, due to the increasing demand for lead-acid and lithium-ion batteries in a variety of consumer electronics. The increasing demand for downstream consumer electronic products, such as battery-powered toys, headphones, and handheld power equipment, among others, is fuelling the battery recycling infrastructure.

Meanwhile, the transportation sector is expected to witness a flourishing growth in the forecast period owing to the increasing focus towards electric vehicles to reduce the emission of greenhouse gases. Over the forecast period, the anticipated increase in the number of working professionals opting for public transport systems worldwide is expected to bolster the battery recycling market.

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Competitive Landscape

Umicore is a prominent multinational company which provides expertise in material technology. The company provides metals and other raw materials to cater to the demands from various end use industries. Umicore was founded in the year 1989 and is currently headquartered in Brussels, Belgium, with a workforce of more than 13,000 people.

Ecobat, LLC is a leading company which deals with recycling batteries and producing lead. This company also focusses on providing innovative solutions using efficient, reliable, and sustainable methods. Ecobat, LLC was founded in the year 1938 and is currently headquartered in Texas, United States.

Glencore plc is a prominent manufacturer and marketer of commodities based in Switzerland. The company was founded in the 1970s and it currently comprises of around 60 mining, metallurgical, and oil production assets. Glencore plc manufactures a wide range of metals such as cobalt, nickel, and lead, among others, as well as energy products such as thermal coal and crude oil.

Other market players include Li-Cycle Corporation, American Battery Technology Company (ABTC), East Penn Manufacturing, RecycLiCo Battery Materials Inc., Ganfeng Lithium Group Co., Ltd, Exide Industries Limited, and EnerSys, among others.

Key Highlights of the Report