Battery Recycling Market, by Source (Automotive Batteries, Industrial Batteries, Consumer & Electronic Appliance Batteries), Chemistry (Lead Acid, Lithium-based, Nickel-based), Material (Metals, Electrolyte, Plastics) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Battery Recycling market size was estimated at USD 24.84 billion in 2023 and is projected to reach USD 51.2 billion in 2030 at a CAGR of 10.9% during the forecast period 2023-2030.
The realm of battery recycling involves the collection, processing, and extraction of valuable materials from used batteries, while also aiming to minimize the environmental impact. This encompasses a variety of battery types, ranging from those utilized in automobiles (such as electric vehicles), to portable electronics (such as smartphones and laptops), to energy storage systems (such as those implemented in renewable energy installations). The primary goal of the worldwide battery recycling market is to decrease the disposal of batteries within landfills or incineration facilities, as improper disposal can result in environmental pollution and health hazards due to the presence of toxic chemicals and heavy metals. Instead, the emphasis is placed on recovering valuable elements like lithium, cobalt, nickel, lead, and other metals through smelting, hydrometallurgical techniques, and mechanical separation.
the sector is anticipated to experience rapid expansion over the forecast period due to the surging prevalence of Electric Vehicles (EVs) and sustainable energy storage systems, resulting in an augmentation of the demand for batteries and subsequently fueling the imperative of recycling. Governments across the globe are effectuating policies to stimulate battery recycling and minimize the ecological ramifications, thereby augmenting the progress of the industry.
The COVID-19 pandemic prompted the imposition of lockdowns which led to the temporary prohibition of import and export as well as manufacturing and processing activities across multiple industries. Consequently, this resulted in diminished demand for batteries from both automotive and non-automotive end users, causing a decline in market growth during the second, third, and fourth quarters of 2020. Nonetheless, the battery recycling market is projected to recover by the second quarter of 2021. This is due to the commencement of COVID-19 vaccination programs in various economies worldwide, which is expected to enhance the global economy.
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The extensive utilization of batteries, ranging from energy storage to the operation of various equipment, has led to the presence of millions of tonnes of batteries in operation worldwide. While batteries provide sufficient energy for a wide variety of operations, recycling has become a crucial topic in today's economic world. The field of automobile, aviation & aerospace, marine hybrid propulsion, defense, telecommunication, micro-grid, and many others rely heavily on batteries for their applications. Although the production of various types of batteries is on a vast scale, their recycling lags behind. The disposal of batteries in open spaces can cause serious environmental threats and groundwater contamination. The toxic materials within batteries can also be released into the environment, posing severe hazards to human health and the environment. Therefore, recycling batteries is necessary to reduce rising pollution caused by the dumping of batteries without processing. These factors have led to the expansion of the market and increased demand for Battery Recycling solutions.
North America to Dominate the Market