Battery Recycling Market Growth & Trends
The global battery recycling market size is expected to reach USD 17.08 billion by 2030, registering a CAGR of 37.7% over the forecast period, according to a new report by Grand View Research, Inc. Technological advancements in the recycling industry are making battery recycling more efficient and cost-effective, which is another factor contributing to the growth of the market. An increase in the adoption of smartphones, electric vehicles, and other consumer electronics has led to an increase in the use of batteries. This has increased the number of end-of-life batteries, presenting new opportunities for recycling companies
The industrial segment is expected to witness substantial growth over the next few years, due to the growing demand for high-power range systems. Increasing trend of the adoption of UPS systems as an essential power-backup device is expected to favorably impact the market growth over the forecast period.
Enterprises deploy their data center facilities to meet data and network necessities. Interruption of power supply to these facilities can result in the loss of essential data, thereby decreasing the overall productivity and resulting in financial losses. The installation of UPS systems is one of the best ways to prevent unwanted losses. These factors are likely to increase the demand for UPS systems over the coming years, which, in turn, is anticipated to propel the demand for battery recycling in coming years.
Asia Pacific has been witnessing significant growth on account of the increasing number of manufacturing facilities, commercial offices, banks, MROs, and R&D centers in major countries like China, Australia, Japan, India and South Korea. The inception of new facilities and the expansion of existing battery recycling facilities owing to favorable government policies and foreign direct investments are likely to cater the growth battery recycling in the region.
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Battery Recycling Market Report Highlights
In 2022, the Lead acid emerged as the largest segment and accounted for a revenue share of 87.52% owing to large number of applications in automotive, industrial and hospitality sector
In 2022, the Transportation segment was the largest in terms of revenue and accounted for 73.62% of the market. Growing demand from the transportation sector for batteries is expected to generate large number of spent batteries, stimulating the demand for the battery recycling segment.
The U.S. emerged as the largest market in North America in 2022 owing to presence of large lithium-ion recycling facilities in the country. For instance, Li-cycle Corp. inaugurated its new lithium-ion recycling facility with a 120,000-square feet warehousing space. This facility can process 10,000 tons of battery material of electric vehicles annually. The company possesses the capacity to recycle 60,000 electric vehicle batteries across North America
The transportation segment is expected to witness significant growth over the forecast period on account of increased demand for lithium-ion batteries in electric vehicles and hybrid electric vehicles
The Asia Pacific accounted for the largest market revenue share in 2022, with China being the largest contributor to the regional market growth. Increasing usage of batteries for renewable energy storage is expected to fuel the demand for lead acid batteries in China. The growing use of lead acid and lithium-ion batteries coupled with the rising number of spent batteries is expected to drive the market over the forecast period.
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