Battery Manufacturing Scrap Recycling Market Size is valued at USD 2.06 Bn in 2023 and is predicted to reach USD 6.92 Bn by the year 2031 at a 16.5% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The increasing awareness about scrap recycling as well as demand and consumption of batteries such as lithium-ion in the end-use industries drive the market growth.
- Rising advancements, investments in recycling technologies as well as electronic industry and government support are expected to drive industry growth.
- North America dominated the market and accounted for a global revenue share in 2023.
- The battery recycling industry may encounter significant obstacles as a result of the exorbitant expense of recycling and a dearth of viable options.
Battery manufacturing scrap recycling is a rapidly growing business that deals with producing scrap materials created during the battery cell manufacturing process. As electric vehicles become more popular, the market for these batteries is likely to expand dramatically, aiding in the growth of battery manufacturing trash recycling technology. Regardless, many new competitors will enter the market in the next years, increasing competition and driving additional growth and innovation. In the medium term, factors such as falling lithium-ion battery prices and rising concerns about battery waste disposal are expected to boost the battery recycling market throughout the projected period.
However, the COVID-19 epidemic has harmed the global battery recycling sector. This is due to a temporary ban on import, export, and transportation, which has affected the supply chain and battery demand from automotive and consumer electronics manufacturers. Although physical interactions and laboratory operations were restricted, there was an increased demand for digital solutions and virtual research platforms in materials science. MI systems that allow for remote collaboration, data analysis, and virtual experimentation have grown in popularity.
Competitive Landscape
Some Major Key Players In the Battery Manufacturing Scrap Recycling Market:
- Fortum
- Brunp Recycling
- Hydrovolt AS
- Umicore
- BASF SE
- Tenova S.p.A.
- Duesenfeld
- Aqua Metals Inc.
- Green Li-ion Pte Ltd.
- ACCUREC Recycling GmbH
- American Battery Technology Company
- Call2Recycle, Inc.
- Cirba Solutions
- Contemporary Amperex Technology Co., Limited
- East Penn Manufacturing Company
- Ecobat
- Element Resources
- EnerSys
- Exide Industries Ltd.
- GEM Co., Ltd.
- Glencore
- Gopher Resource
- Gravita India Limited
- Li-Cycle Corp.
- Neometals Ltd.
- Raw Materials Company
- RecycLiCo Battery Materials Inc.
- Redwood Materials Inc.
- Shenzhen Highpower Technology Co., Ltd.
- Other prominent players
Market Segmentation:
The Battery Manufacturing Scrap Recycling Market is segmented based on scrap source, recycling technology, and application. Based on scrap sources, the market is segmented as Automotive Batteries, Industrial Batteries, Consumer Electronics Batteries, and Others. The recycling technology segment includes Hydrometallurgy, Pyrometallurgy, and Others. By application, the market is segmented into Hydrometallurgy, Pyrometallurgy, and Others.
Based On Scrap Sources, The Automotive Batteries Segment Is A Major Contributor In The Battery Manufacturing Scrap Recycling Market.
The Automotive Batteries category is expected to hold a major share of the global Battery Manufacturing Scrap Recycling Market in 2023. Battery Manufacturing Waste Several factors influence the recycling market, particularly in the context of automotive batteries, shaping demand, growth, and innovation in recycling technologies and solutions. Environmental restrictions, government incentives, customer preferences, and sustainability aspirations are pushing the increased number of end-of-life car batteries accessible for recycling. The life cycles of automotive batteries, as well as the requirement for replacement or repurposing, generate a constant supply of wasted batteries, creating the need for recycling to recover valuable materials and reduce environmental effects.
The Automotive Segment Witnessed Rapid Growth.
The automotive segment is more likely to grow at a rapid rate in the global Battery Manufacturing Scrap Recycling Market. Various forces shape the demand, growth, and innovation of recycling technologies and processes in the automotive sector. The growing global use and manufacturing of electric vehicles (EVs), driven by legislative mandates, environmental concerns, technological improvements, and customer preferences, is generating a considerable volume of end-of-life batteries and driving the demand for recycling solutions.
In The Region, The North America Battery Manufacturing Scrap Recycling Market Holds A Significant Revenue Share.
The North America Battery Manufacturing Scrap Recycling Market is expected to record the maximum market revenue share in the near future. This can be attributed to the United States playing a significant role in industry growth. The increased use of lithium-ion batteries in smartphones to extend their shelf life and improve their efficiency is projected to fuel market growth in North America in the coming years. Asia Pacific is likely to generate a sizable portion of income. Asia Pacific is also predicted to have the highest CAGR during the forecast period. Countries like China, India, Australia, and Japan are likely to experience rapid expansion as a result of rising demand from expanding end-use industries, including automotive, consumer electronics, and industrial.
Recent Developments:
- In May 2023, Li-cycle Holdings Group and Glencore International signed a Letter of Intent to jointly investigate the possibility of, and subsequently build, a Hub facility in Portovesme, Italy, to create crucial battery components such as nickel, cobalt, and lithium from recovered battery content.
- In Feb 2023, BASF and Tenova Advanced Technologies formed a collaborative partnership to create an effective method for recycling lithium-ion batteries. Both firms have reached an agreement to collaborate on enhancing the hydrometallurgical recycling process, leveraging TAT's cutting-edge method for extracting and manufacturing lithium. This procedure encompasses lithium solvent extraction (LiSX™) and lithium electrolysis (LiEL™).
Battery Manufacturing Scrap Recycling Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 2.06 Bn |
|
Revenue Forecast In 2031 |
USD 6.92 Bn |
|
Growth Rate CAGR |
CAGR of 16.5 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn, Volume (KT) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Application, Scrap Source, Technology |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
|
Competitive Landscape |
Fortum, Brunp Recycling, Hydrovolt AS, Umicore, BASF SE, Tenova S.p.A., Duesenfeld, Aqua Metals Inc., Green Li-ion Pte Ltd., ACCUREC Recycling GmbH, American Battery, Technology Company, Call2Recycle, Inc., Cirba Solutions, Contemporary Amperex Technology Co., Limited, East Penn Manufacturing Company, Ecobat, Element Resources, EnerSys, Exide Industries Ltd., GEM Co., Ltd., Glencore, Gopher Resource, Gravita India Limited, Li-Cycle Corp., Neometals Ltd., Raw Materials Company, RecycLiCo Battery Materials Inc., Redwood Materials Inc., Shenzhen Highpower Technology Co., Ltd., Others |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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