Battery recycling market is anticipated to grow at a significant of 22.4% during the forecast period (2024-2031). Battery recycling is a recycling activity that aims to reduce the number of batteries being disposed as municipal solid waste. Batteries contain a number of heavy metals and toxic chemicals and disposing of them by the same process as regular household waste has raised concerns over soil contamination and water pollution.

Market Dynamics

Rising Investment in Battery Recycling Plants 

The rising investments in the battery recycling plants are driving the growth of the global battery recycling market. For instance, in May 2024, UK-based recycling company EMR announced to acquire a significant stake in Australian-owned Renewable Metals as part of a deal that will see a novel demonstration-scale battery shredding and critical minerals refining plant built in the UK. As per EMR the process can deliver higher recovery rates without producing sodium sulfate and is better suited to handling the variability in end-of-life lithium-ion battery chemistries.

Growing End-User Industries

The growing end-user industries such as consumer electronics, industrial applications, and automobiles are spurring the growth of the market to reduce the battery waste. Automobile application of the battery recycling industry is expected to witness growth owing to the increasing demand for lithium-ion batteries for electric vehicles due to their high efficiency, long life, and low maintenance. There is a lack of resources for the production of a new battery as compared to the projected demand from different end-user industries. The process of battery recycling is important to recover valuable material as well as to efficiently manage waste to eliminate hazardous environmental impacts. The use of recovered metal for the production of recycled batter aids in the reduction of carbon emissions to a large extent.

Market Segmentation

Our in-depth analysis of the global Battery Recycling market includes the following segments by battery type and source:

• Based on battery type, the market is sub-segmented into lithium-ion, lead-acid, nickel based, and others.

• Based on source, the market is sub-segmented into automotive, industrial, and consumer electronics.

Lead-acid Batteries to hold Considerable Share in the Market

Lead-acid battery recycling is expected to considerable share in the global battery recycling market. Lead-acid batteries are highly recyclable and more than 95.0% of lead can be recycled during the recycling process. These properties of lead-acid battery recycling tend to drive demand soon. Further, the lithium-ion battery is expected to witness a considerable growth rate during the forecast period. The use of lithium-ion batteries is expected to increase in portable devices and electric vehicles owing to low maintenance and higher efficiency. For instance, in September 2021, Birla Carbon announced its entry into the energy systems market with its participation at The Battery Show 2021. Birla Carbon’s new portfolio of conductive carbons is designed for the lithium-ion and lead-acid battery markets enabling customization in formulation and performance in a variety of segments, including automotive, telecoms, motive power, energy storage systems, and electric bikes.

Regional Outlook

The global battery recycling market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America). 

Global Battery Recycling Market Growth by Region 2024-2031

Asia-Pacific Holds Major Market Share

Asia-Pacific holds major share in the global battery recycling market. The growing focus of regional players on battery recycling is a key factor driving the growth of the regional market. For instance, in January 2024, South Korean shipping and logistics company Hyundai Glovis Co. has signed a share subscription agreement (SSA) related to equity investment with the domestic battery recycling ER. ER has a preprocessing technology for battery recycling. Through the latest equity investment, Hyundai Glovis now holds the rights to use ER's preprocessing techs and facilities. Growing demand for recycled batteries to meet the growing battery demand is further contributing to the regional market growth.

Market Players Outlook

*Note: Major Players Sorted in No Particular Order.

The major companies serving the global battery recycling market include Accurec Recycling GmbH, Glencore PLC, Princeton NuEnergy Inc., Li-Cycle Holdings Corp., and Recyclico Battery Materials Inc. among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers and acquisitions to stay competitive in the market. Funding for startups by major manufacturers is also contributing to the global market growth. For instance, in April 2024, Metastable Materials, a Bengaluru-based startup focused on lithium-ion battery recycling announced to establish a new factory in the coming two years. The company uses a chemical-free technology to extract valuable materials from used batteries, including copper, cobalt, nickel, and lithium. The company claims that this method leads to a high recovery rate of over 90.0%, positioning itself as a potentially sustainable solution to the growing electronic waste problem.

The Report Covers

• Market value data analysis of 2023 and forecast to 2031.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global battery recycling market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.