Recent innovations in battery recycling technologies are driving increased efficiency and cost-effectiveness in the processing of battery scrap. These innovations include advanced material recovery techniques, automation and robotics, data-driven recycling, and the adoption of circular economy principles, all of which extend the life of battery components and reduce waste. In addition, ongoing exploration and discovery of new sources of battery scrap in various regions are expanding the market’s horizons. As technology continues to advance, it becomes increasingly feasible to tap into previously untapped sources of used batteries, including those from emerging markets and industries.
WILMINGTON, Del., Nov. 13, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Battery Scrap Market by Product type (Lead Acid, Lithium Ion, and Others), Source (Electric Vehicles, Consumer Electronics, Power Tools, and Others), and End-use (Material Extraction, Reuse, Disposal, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report. The battery scrap market was valued for $35.2 billion in 2022 and is estimated to reach $83.7 billion by 2032, exhibiting a CAGR of 9.1% from 2023 to 2032.
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Prime determinants of growth
The growth of the battery scrap market is primarily influenced by surge in demand from the consumer electronics industry and government initiatives. These factors collectively drive innovation and adoption of battery recycling to address environmental challenges and promote sustainability. However, the difficulty of handling hazardous materials, and recycling costs restrain the development of the market. Furthermore, rise in demand for electric vehicles and energy storage systems are expected to provide ample opportunities for the development of battery scrap market.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$35.2 Billion |
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Market Size in 2032 |
$83.7 Billion |
|
CAGR |
9.1 % |
|
No. of Pages in Report |
360 |
|
Segments covered |
Product Type, Source, End-Use, and Region. |
|
Drivers |
Surge in demand from the consumer electronics industry |
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Government Initiatives |
|
|
Opportunities |
Rise in demand for electric vehicles and energy storage |
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Restraints |
Hazardous material handling and recycling cost |
Impact Scenario
A Russia–Ukraine war has various impacts on the battery scrap market.
- Supply Chain Disruptions: Geopolitical conflicts and associated sanctions or trade restrictions can disrupt supply chains, affecting the availability of raw materials and recycling processes. This disruption can lead to fluctuations in the supply of battery scrap.
- Fluctuations in Commodity Prices: Changes in supply and demand dynamics, as well as uncertainty caused by geopolitical events, can lead to price fluctuations in the commodities market. This can impact the prices of recyclable materials, including battery scrap.
- Regional Impacts: The impact of geopolitical conflicts can vary by region. For example, if a region is a major producer or consumer of batteries, disruptions in that region could have a more significant impact on the local battery scrap market.
The Lithium-ion segment to maintain its dominance during the forecast period
By product type, the lithium-ion segment held the highest market share in 2022, accounting for nearly half of the global battery scrap market revenue, and is estimated to maintain its domoinance during the forecast period. Lithium-ion batteries are widely used in various applications, including consumer electronics, electric vehicles (EVs), renewable energy storage systems, and portable devices due to their high energy density and rechargeable nature.
However, the others segment, whcih includes nickel-cadmium, nickel-metal hydride, alkaline, silver oxide, and sodium-sulfur, is projected to attain a CAGR of 9.7% from 2023 to 2032. Batteries are widely used in various applications, including consumer electronics, hybrid vehicles, cordless phones, and other portable devices due to their rechargeable nature and relatively high energy density. When these batteries reach the end of their life cycle, they can be recycled, and materials recovered from battery scrap can be put to various uses such as material recovery, metal recovery, rare earth metals, and hydrogen-absorbing alloy.
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The electric vehicles segment to maintain its dominance during the forecast period
By source, the electric vehicle segment held the highest market share in 2022, accounting for nearly three-fifths of the global battery scrap market revenue, and is estimated to maintain its dominance during the forecast period. Electric vehicles (EVs) contribute to the battery scrap market primarily through the replacement of their lithium-ion batteries. Recycling and repurposing these used EV batteries play a crucial role in resource conservation, environmental sustainability, and responsible growth of the electric vehicle industry.
However, the others segment, which includes industrial equipment, renewable energy systems, emergency backup systems, telecommunications, and medical equipment is projected to attain a CAGR of 10.0% from 2023 to 2032. Various industrial equipment, such as forklifts, pallet jacks, and material handling machinery, use lead acid batteries that need replacement and recycling as they wear out. Batteries used in renewable energy storage systems, including those integrated with solar panels and wind turbines, are to be replaced or upgraded as technology advances.
The material extraction segment to maintain its dominance during the forecast period
By end use, the material extraction held the highest market share in 2022, accounting for nearly two-fifths of the global battery scrap market revenue, and is estimated to maintain dominance during the forecast period. Battery scrap can have several potential uses in the field of material extraction, primarily in recycling and repurposing batteries and their components.
However, the others segment, which includes energy storage, and R&D is projected to attain a CAGR of 10.0% from 2023 to 2032. Battery cells from scrap can be repurposed for energy storage applications. While they do not meet the high-performance demands for their original application, they can still store and release energy effectively, supporting backup power systems and off-grid solutions.
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Asia-Pacific to maintain its dominance by 2032
Region-wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global battery scrap market revenue, and is likely to dominate the market during the forecast period. Furthermore, the Asia-Pacific region is expected to witness the fastest CAGR of 9.6% from 2023 to 2032 The Asia-Pacific region has been at the forefront of electric vehicle adoption, with China being the largest EV market globally. Thus, there has been a growing focus on the recycling of EV batteries to recover valuable materials such as lithium, cobalt, and nickel. Also, Asia-Pacific countries are major producers and consumers of consumer electronics. Recycling of used batteries from smartphones, laptops, tablets, and other devices has become important due to environmental regulations and sustainability concerns.
Leading Market Players: –
- Li-Cycle
- Umicore
- HUSKY BATTERY SOLUTIONS
- ENGITEC TECHNOLOGIES SPA
- Sunlight Group
- Aqua Metals, Inc.
- Ecobat
- EXIDE INDUSTRIES LTD.
- Guangdong Brunp Recycling Technology Co., Ltd.
- Gravita India Ltd
The report provides a detailed analysis of these key players in the global battery scrap market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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