The global battery recycling market size was estimated at USD 1.83 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 37.6% from 2024 to 2030.
The industry is expected to grow rapidly during the forecast period owing to increasing popularity of electric vehicles (EVs) and renewable energy storage systems leading to a higher demand for batteries, and, in turn, driving the need for recycling. Governments globally are implementing regulations to promote the recycling of batteries and reduce environmental impact, which is expected to boost industry growth.
Gather more insights about the market drivers, restrains and growth of the Battery Recycling Market
The U.S. emerged as the largest market in North America in 2023. Increasing sales of EVs in the U.S. owing to the formulation of supportive federal policies, such as the Responsible Battery Recycling Act of 2022 California, and presence of leading industry players are expected to drive demand for batteries in the country over the forecast period. Responsible Battery Recycling Act of 2022 California instructs each battery retailer in the state to have a system for collection of used rechargeable batteries for recycling and reusing purposes.
The U.S. has emerged as a growing market for the recycling of li-ion batteries owing to the presence of large-scale li-ion recycling facilities in the country. For instance, Li-cycle Corp. inaugurated its new li-ion recycling facility with 120,000 square feet of warehousing space. This facility can process 10,000 tons of battery material for electric vehicles annually. The company possesses the capacity to recycle 60,000 electric vehicle batteries.
Battery Recycling Market Segmentation
Grand View Research has segmented the global battery recycling market report based on chemistry, application, and region:
Chemistry Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)
• Lithium-ion
• Lead Acid
• Nickel
• Others
Application Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)
• Transportation
• Consumer Electronics
• Industrial
Regional Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Poland
o Netherlands
• Asia Pacific
o China
o Japan
o South Korea
o Taiwan
o India
o Indonesia
o Malaysia
o Thailand
o Vietnam
o Australia
• Central & South America
o Brazil
o Argentina
o Chile
• Middle East & Africa
o UAE
o Saudi Arabia
o South Africa
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Key Companies & Market Share Insights
Market is highly competitive and consolidated due to the presence of a large number of well-established players. Dominant trend in operations of these battery recycling companies includes collaborations, mergers & acquisitions, and expansions, which facilitate competition in the industry.
In November 2023, Redwood Materials announced their expansion for battery recycling in line with the increasing demand for recycling of electric vehicle batteries.
Key Battery Recycling Companies:
• Call2Recycle
• Exide Technologies
• Gravita India Ltd.
• Glencore
• Cirba Solutions
• American Battery Technology Company
• Gopher Resource
• East Penn Manufacturing Co.
• Aqua Metals
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