Battery Recycling Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Battery Recycling Market Share & Industry Trends and it is Segmented by Battery Type (Lead-acid Battery, Nickel-based Battery, Lithium-ion Battery, and Other Battery Types) and Geography (North America, Europe, Asia-Pacific, South America, and Middle East & Africa).

Battery Recycling Market Size

Single User License
Team License
Corporate License
Book before:
Battery Recycling Market Size
share button
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 11.07 %
Fastest Growing Market Europe
Largest Market Asia-Pacific
Market Concentration Medium

Major Players

Battery Recycling Market

*Disclaimer: Major Players sorted in no particular order

setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License

OFF

Team License

OFF

Corporate License

OFF
Book before:

Battery Recycling Market Analysis

The Battery Recycling Market size is expected to grow from USD 18.58 billion in 2023 to USD 31.41 billion by 2028, registering a CAGR of 11.07% during the forecast period (2023-2028).

  • Over the medium term, factors such as declining prices of lithium-ion batteries and growing concern for battery waste disposal are likely to drive the battery recycling market in the forecast period.
  • On the other hand, the high cost of recycling operations in many countries is expected to hinder market growth in the coming years.
  • Nevertheless, technological innovations in battery recycling strategies create tremendous opportunities for market development. For instance, researchers at the University of Leicester, United Kingdom, have introduced a new method of recycling electric vehicle batteries with the help of ultrasonic waves. The method will solve the issue of high energy consumption in the case of traditional energy-intensive chemical processes.
  • Europe is the fastest-growing market during the forecast period due to the number of he rising 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) sold worldwide in 2022, and sales are expected to grow by another 35% this year to reach 14 million. This major growth means electric cars' share of the overall car market has risen from around 4% in 2020 to 14% in 2022 and is 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).
  • In March 2023, Li-Cycle Holdings Group signed an agreement for a global lithium-ion battery recycling partnership with the KION Group; the Company announced plans to develop a new lithium-ion battery recycling facility in France, underpinned by regional commercial demand, including KION's lithium-ion battery recycling needs.
  • Such developments are expected to boost the battery recycling market at the global level.
Battery Recycling Market-Battery Electric Vehicles Sales

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 battery recycling field. The other big drivers for battery recycling are the growing electric vehicles 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.
  • In May 2023, Li-cycle Holdings Group and Glencore International signed a Letter of Intent to jointly study the feasibility of and, later, develop a Hub facility in Portovesme, Italy which will produce critical battery materials, including nickel, cobalt, and lithium from recycled battery content.
  • In April 2023, Fortum Battery Recycling started commercial operations at its state-of-the-art hydrometallurgical battery material recycling facility in Harjavalta, Finland. The newly established facility is the largest recycling plant in Europe in terms of recycling capacity, and it is also the first commercial-scale facility in Europe for hydrometallurgical recycling.
  • Owing to such developments, Europe is expected to witness significant growth in the coming years.
Battery Recycling Market - Growth Rate by Region

Battery Recycling Industry Overview

The battery recycling market is moderately fragmented. Some of the key players in this market include Accurec Recycling GmbH, Glencore PLC, Princeton NuEnergy Inc., Li-Cycle Holdings Corp. and Recyclico Battery Materials Inc.

Battery Recycling Market Leaders

  1. Accurec Recycling GmbH

  2. Glencore PLC

  3. Princeton NuEnergy Inc.

  4. Li-Cycle Holdings Corp.

  5. Recyclico Battery Materials Inc.

*Disclaimer: Major Players sorted in no particular order

Battery Recycling Market Concentration
bookmark Need More Details on Market Players and Competitors?
Download PDF

Battery Recycling Market News

  • June 2023: the United States Department of Energy (DOE) announced more than USD 192 million in new funding for recycling batteries from consumer products, launching an advanced battery research and development (R&D) consortium and the continuation of the Lithium-Ion Battery Recycling Prize, which began in 2019.
  • May 2023: Fortum Battery Recycling Oy and AMG Lithium GmbH entered into a preliminary agreement and signed a memorandum of understanding regarding the recycling of lithium salts and refining them into battery-grade lithium hydroxide. AMG Lithium GmbH is currently constructing a lithium hydroxide production plant in Bitterfeld, Germany, where the objective is to process the recycled lithium salts retrieved from Fortum's new hydrometallurgical recycling plant in Harjavalta, Finland.
  • April 2023: Ascend Elements' new recycling plant in Covington, Georgia, is open for business and is processing used lithium-ion batteries and manufacturing scrap into useful materials for the clean energy transition.

Battery Recycling Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2028

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

        1. 4.5.1.1 Declining Prices of Lithium-ion Battery

        2. 4.5.1.2 Growing Concern for Battery Waste Disposal

      2. 4.5.2 Restraints

        1. 4.5.2.1 High Cost of Recycling Operations

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitute Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Battery Type

      1. 5.1.1 Lead-Acid Battery

      2. 5.1.2 Nickel Battery

      3. 5.1.3 Lithium-ion battery

      4. 5.1.4 Other Battery Types

    2. 5.2 Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)})

      1. 5.2.1 North America

        1. 5.2.1.1 United States

        2. 5.2.1.2 Canada

        3. 5.2.1.3 Rest of North America

      2. 5.2.2 Europe

        1. 5.2.2.1 Germany

        2. 5.2.2.2 France

        3. 5.2.2.3 United Kingdom

        4. 5.2.2.4 Italy

        5. 5.2.2.5 Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. 5.2.3.1 China

        2. 5.2.3.2 India

        3. 5.2.3.3 Japan

        4. 5.2.3.4 Australia

        5. 5.2.3.5 Rest of Asia-Pacific

      4. 5.2.4 South America

        1. 5.2.4.1 Brazil

        2. 5.2.4.2 Argentina

        3. 5.2.4.3 Chile

        4. 5.2.4.4 Rest of South America

      5. 5.2.5 Middle East & Africa

        1. 5.2.5.1 Saudi Arabia

        2. 5.2.5.2 United Arab Emirates

        3. 5.2.5.3 South Africa

        4. 5.2.5.4 Qatar

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Accurec Recycling GmbH

      2. 6.3.2 Aqua Metals Inc.

      3. 6.3.3 Battery Recycling Made Easy

      4. 6.3.4 Battery Solutions Inc.

      5. 6.3.5 Call2Recycle Inc.

      6. 6.3.6 Eco-Bat Technologies Ltd

      7. 6.3.7 Exide Technologies

      8. 6.3.8 Neometals Ltd

      9. 6.3.9 Raw Materials Company

      10. 6.3.10 Recupyl SAS

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Technological Innovations in the Battery Recycling

**Subject to Availability
bookmark You Can Purchase Parts Of This Report. Check Out Prices For Specific Sections
Get Price Break-up Now

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 by battery type 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
Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)})
North America
United States
Canada
Rest of North America
Europe
Germany
France
United Kingdom
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Chile
Rest of South America
Middle East & Africa
Saudi Arabia
United Arab Emirates
South Africa
Qatar
customize-icon Need A Different Region Or Segment?
Customize Now

Battery Recycling Market Research FAQs

The Battery Recycling Market is projected to register a CAGR of 11.07% during the forecast period (2024-2029)

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.

Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia-Pacific accounts for the largest market share in Battery Recycling Market.

The report covers the Battery Recycling Market historical market size for years: 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 Intelligenceā„¢ 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.

close-icon
80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!

Battery Recycling Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)