Battery Recycling Market Size
| Study Period | 2019- 2029 |
| Market Size (2024) | USD 16.39 Billion |
| Market Size (2029) | USD 26.78 Billion |
| CAGR (2024 - 2029) | 10.32 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Battery Recycling Market Analysis
The Battery Recycling Market size is estimated at USD 16.39 billion in 2024, and is expected to reach USD 26.78 billion by 2029, growing at a CAGR of 10.32% during the forecast period (2024-2029).
- Over the medium term, factors such as the increasing adoption of electric vehicles, rising concerns over battery waste disposal, and stringent government policies are likely to drive the battery recycling market in the forecast period.
- On the other hand, higher costs, lack of a strong supply chain, and low yield related to battery recycling are expected to hinder market growth in the coming years.
- Nevertheless, technological innovations in battery recycling strategies create tremendous opportunities for market development.
- Europe is the fastest-growing market during the forecast period due to the rising number of battery applications. This growth is due to the growing battery usage in electric vehicles (EVs).
Battery Recycling Market Trends
Lithium-ion Battery Expected to Witness Significant Growth
- Lithium-ion battery technology has recently been popular, particularly in the automotive (EVs) and renewable power industries. The plummeted prices and favorable chemistry steered the technology demand. The lifetime of a lithium battery is approximately three to four years, after which the battery users can provide it for recycling and get a new one in place of it.
- According to the new edition of the IEA's annual Global Electric Vehicle Outlook, more than 10 million electric cars (BEV and PHEV) were to be sold worldwide in 2022, and sales were expected to grow by another 35% this year to reach 14 million. This major growth means electric cars' share of the overall car market rose from around 4% in 2020 to 14% in 2022 and was set to increase further to 18% this year, based on the latest IEA projections. Such growth is likely to give an impetus to the battery recycling market in the near future through used-up Li-ion batteries.
- In June 2023, the U.S. Department of Energy's Advanced Materials and Manufacturing Technologie (AMMTO) announced USD 2 million for the rejuvenation, recycling, and reuse of Lithium-ion battery programs administered through the ReCell Center located at Argonne National Laboratory (ANL).
- Moreover, in December 2023, India's leading battery recycling firm, Lohum Cleantech Pvt. Ltd. (Lohum), signed an agreement with the Ministry of Energy & Infrastructure, UAE, and the Middle East’s sustainability and smart solutions provider, BEEAH, to build the UAE's first EV battery recycling plant. As part of the joint development agreement, Lohum will likely set up an 80,000 sq. ft refurbishing and recycling lithium batteries facility, which is expected to annually recycle 3000 tons of lithium-ion batteries and repurpose 15MWh battery capacity into sustainable energy storage systems (ESS) per annum.
- In addition, major market players such as Umicore, Glencore PLC, Cirba Solutions, Raw Materials Company Inc. (RMC), and RecycLiCo Battery Materials Inc. are implementing various technological advancements in the recycling processes to reduce costs and increase efficiency, which, in turn, is expected to increase the recycling of batteries in future.
- Therefore, due to the abovementioned factors, government efforts to increase battery recycling activities and lithium-ion battery consumption for electric vehicles and energy storage systems are expected to drive the global lithium-ion battery recycling market during the forecast period.
Europe Expected to Witness Faster Growth
- The battery recycling industry has recently witnessed continuous growth in the European region due to the blooming start-ups in the field. Other big drivers for battery recycling are the growing electric vehicle market and energy storage projects in the region.
- According to ACEA (European Automobile Manufacturers' Association), Battery electric vehicles (BEVs) broke records in 2022, taking 12.1 percent of the total market share, compared to 9.1 percent in 2021, or 1.9 percent in 2019. Such growth in the market share is likely to boost the battery recycling market in the near future in Europe.
- According to the Statistical Review of World Energy Data, in the European region, electricity generation reduced by 3.5% in 2022 as compared to 2021 due to the maintenance of several solar and wind channels across the region. The majority of electricity generation comes from renewable sources of energy. The difference between generations and consumption is increasing every year, and this is likely to increase the demand for battery recycling during the forecast period.
- The Lithium-ion battery recycling market in France is experiencing significant growth due to several factors. One of the primary drivers of growth is the country's strong focus on sustainable energy and transportation practices. For instance, in March 2023, Li-Cycle announced its plans to build a 10,000 mt/year lithium-ion battery recycling facility in Harnes, France. The facility is expected to be completed by 2024 and will boost capacity up to 25,000 mt/year in the following years.
- Similarly, in March 2023, Altilium Metals announced plans to accelerate the development of the country’s largest Lithium-ion recycling plant, with a capacity of nearly 30,000 tonnes per year. The battery storage capacity in the United Kingdom was 2.3 GW as of 2022. As a part of the national battery storage target, about 20 GW of power will be installed by 2030. This signifies an opportunity for various public and private developers to invest in battery energy storage projects.
- For instance, Spain has set a target of portable battery collection for recycling to 45% in 2023, 63% in 2027, and 73% in 2030, and for batteries from light means of transport, the target is set at 51% in 2028 and 61% in 2031. An increase in battery collection is a necessary step for the proper recycling of batteries.
- As the energy storage market continues to grow in Europe, there will be a significant impact on the battery recycling market. With more and more households and businesses investing in energy storage solutions to store excess solar energy or to use during peak hours, the demand for batteries will increase, leading to an increase in the volume of batteries that need to be recycled.
- Owing to such developments, Europe is expected to witness significant growth in the coming years.
Battery Recycling Industry Overview
The battery recycling market is semi-fragmented. Some of the major players in the market (in no particular order) include Accurec Recycling GmbH, Glencore PLC, Princeton NuEnergy Inc., Li-Cycle Holdings Corp., and Recyclico Battery Materials Inc.
Battery Recycling Market Leaders
Accurec Recycling GmbH
Glencore PLC
Princeton NuEnergy Inc.
Li-Cycle Holdings Corp.
Recyclico Battery Materials Inc.
*Disclaimer: Major Players sorted in no particular order
Battery Recycling Market News
- December 2023: Toyota and Criba Solution entered a partnership deal to expand the recycling network, involving the gathering, storing, examining, and handling of batteries to support the growing electric vehicle (EV) industry. The aim was to reduce Toyota's transportation and logistics costs for used batteries by 70% while also cutting down on emissions related to transportation. Additionally, this process is expected to enable the recovery of up to 95% of essential minerals.
- December 2023: One of India's top sustainable energy transition materials producers, LOHUM Cleantech, expanded into the UAE market by establishing one of the first EV Battery Recycling plants in the country in partnership with the Ministry of Energy & Infrastructure, UAE, and BEEAH. This supports the country’s COP28 agenda, Net Zero by 2050 Strategic Initiative, Circular Economy Policy, and emissions-free mobility goals.
- October 2023: ACE Green Recycling (ACE) entered a Cooperative Research and Development Agreement (CRADA) with the United States Department of Energy's National Renewable Energy Laboratory (NREL) to enhance and refine ACE's eco-friendly and affordable lithium-ion battery recycling technology. This partnership was to improve the recycling process for graphite, lithium-iron phosphate (LFP), and other cathode-active materials.
Battery Recycling Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD, till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increasing Adoption Of Electric Vehicles
4.5.1.2 Growing Concern for Battery Waste Disposal And Stringent Government Policies
4.5.2 Restraints
4.5.2.1 High Cost of Recycling Operations
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Battery Type
5.1.1 Lead-Acid Battery
5.1.2 Nickel Battery
5.1.3 Lithium-ion battery
5.1.4 Other Battery Types
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Rest of North America
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 France
5.2.2.3 United Kingdom
5.2.2.4 Italy
5.2.2.5 Spain
5.2.2.6 Nordic
5.2.2.7 Turkey
5.2.2.8 Russia
5.2.2.9 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 India
5.2.3.3 Japan
5.2.3.4 Australia
5.2.3.5 Malaysia
5.2.3.6 Thailand
5.2.3.7 Indonesia
5.2.3.8 Vietnam
5.2.3.9 Rest of Asia-pacific
5.2.4 South America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.4.3 Chile
5.2.4.4 Colombia
5.2.4.5 Rest of South America
5.2.5 Middle East & Africa
5.2.5.1 Saudi Arabia
5.2.5.2 United Arab Emirates
5.2.5.3 South Africa
5.2.5.4 Qatar
5.2.5.5 Egypt
5.2.5.6 Nigeria
5.2.5.7 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Accurec Recycling GmbH
6.3.2 Aqua Metals Inc.
6.3.3 Battery Recycling Made Easy
6.3.4 Battery Solutions Inc.
6.3.5 Call2Recycle Inc.
6.3.6 Eco-Bat Technologies Ltd.
6.3.7 Exide Technologies
6.3.8 Neometals Ltd
6.3.9 Raw Materials Company
6.3.10 Recupyl SAS
- *List Not Exhaustive
6.4 Market Ranking Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Technological Innovations in the Battery Recycling
Battery Recycling Industry Segmentation
Battery recycling is the reuse and reprocessing practice of batteries aimed at reducing the number of batteries being disposed of as material waste. Batteries contain several poisonous chemicals and heavy metals, and their dumping has attracted environmental concerns due to contamination of water and soil. As such, batteries need recycling to comply with environmental and health benefits.
The battery recycling market is segmented by battery type and geography. By battery type, the market is segmented into Lead-acid Battery, Nickel-based Battery, Lithium-ion Batteries, and Other Battery Types. The report also covers the market size and forecasts across major regions.
The report offers the market size and forecasts for each segment based on revenue (in USD).
| Battery Type | |
| Lead-Acid Battery | |
| Nickel Battery | |
| Lithium-ion battery | |
| Other Battery Types |
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Battery Recycling Market Research FAQs
How big is the Battery Recycling Market?
The Battery Recycling Market size is expected to reach USD 16.39 billion in 2024 and grow at a CAGR of 10.32% to reach USD 26.78 billion by 2029.
What is the current Battery Recycling Market size?
In 2024, the Battery Recycling Market size is expected to reach USD 16.39 billion.
Who are the key players in Battery Recycling Market?
Accurec Recycling GmbH, Glencore PLC, Princeton NuEnergy Inc., Li-Cycle Holdings Corp. and Recyclico Battery Materials Inc. are the major companies operating in the Battery Recycling Market.
Which is the fastest growing region in Battery Recycling Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Battery Recycling Market?
In 2024, the Asia-Pacific accounts for the largest market share in Battery Recycling Market.
What years does this Battery Recycling Market cover, and what was the market size in 2023?
In 2023, the Battery Recycling Market size was estimated at USD 14.70 billion. The report covers the Battery Recycling Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Battery Recycling Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Battery Recycling Industry Report
Statistics for the 2024 Battery Recycling market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Battery Recycling analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
