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Battery Recycling Market Report

RA00011

Battery Recycling Market by Chemistry (Lead-acid Battery, Lithium-based Battery, Nickel-based Battery, and Others), Source (Automotive Batteries, Industrial Batteries, and Consumer & Electronic Appliance Batteries), Application (Transportation, Consumer Electronics, Industrial, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028

RA00011

Pages: 258

Jul 2021

COVID-19

pandemic has shown to have an enormous impact on most
industries.

Click Here to access our comprehensive analysis of the

Impact of covid-19 on Battery Recycling Market

Battery Recycling Market Analysis

The global battery recycling market is anticipated to garner $20,407.7 million in the 2021–2028 timeframe, growing from $9,748.7 million in 2020 at a healthy CAGR 9.3%.

Market Synopsis

The battery recycling market is expected to grow due to product advancements, acquisitions, and business expansion by key market players to increase the adoption of battery recycling for various applications. 

The main impediment, however, is ensuring safety of labor during the recycling treatment while keeping all emissions under control.

According to the regional analysis of the market, the Europe battery recycling market is anticipated to grow at a CAGR of 9.8% by generating a revenue of $4,712.1 million during the review period.

Battery Recycling Overview

The practice of reutilizing and reprocessing batteries in order to minimize the number of batteries discarded as waste is called as battery recycling. Batteries contain a wide range of toxic chemicals and heavy metals, namely mercury, cadmium, lithium, and lead, and their disposal has raised environmental concerns due to contamination of groundwater and surface water. As a result, in order to provide environmental and health benefits, batteries must be recycled.

Impact Analysis of COVID-19 on the Global Battery Recycling Market

The global coronavirus pandemic has had a profound impact on the lives of many people in nearly every country. The energy materials and battery manufacturing industry significantly include grid storage, personal electronic devices, and battery-powered electric vehicles. Also, battery recycling industry across the globe has witnessed negative impact, during the pandemic. The COVID-19 pandemic struck, putting lives in danger, disrupting supply chains and workforces, and shutting down factories. The economic slowdown has impacted negatively on the auto industry, resulting in sharp drops in electric vehicle sales this is one of the major reasons creating a negative impact on the global battery recycling market.

On the other hand, many governments worldwide are providing economic stimuli to compensate for the impact of disrupted battery material supply chains and to increase the use of renewable energy. For instance, in May 2020, France government announced to provide approximately $8.7 billion funds particularly in the recovery of its auto industry, with the aim of incentivizing the use of electric vehicles. Also, in June 2020, Germany government announced the implementation of “future investment package” that specifically includes the e-charging facility upgrades, doubling of the electric car buyers, electric-powered bus & truck purchases, and battery cell production. Such considerable initiatives taken by governments of developed countries may help in uplifting the global battery recycling market, in the pandemic period.  

Increasing Government Support Globally and Rise in the Demand for Recycled Products Projected to Drive the Market Growth 

Battery technology is used in almost every aspect of modern life, from portable electronics to transportation and grid-scale energy storage. Global demand for batteries continues to rise. As the acceptance of electric vehicles (EVs) surges, so does the pile of used lithium-based batteries that once powered those vehicles. Hence, developing countries like China and India are expected to produce large number of batteries, in the coming years. For instance, in May 2021, Indian government announced almost a 2.3 billion incentive scheme for advanced chemical cell battery production in order to make the country the global hub of clean energy.

To know more about global battery recycling market drivers, get in touch with our analysts here.

Lack of Collection Infrastructure and Dearth of Technologies to Restrain Market Growth 

The technical issues, such as the lack of design for easy disassembly and recycling, are some of the reasons obstructing the global battery recycling market growth. Furthermore, complications related to lithium-based batteries are also anticipated to restrain the global market growth, throughout the analysis period.

Rise in Demand for Electric Vehicles across the Globe to Create Growth Opportunities

The world is undergoing a significant energy transition. Industrial manufacturers around the world are switching from usage of combustion fuels to electricity in order to meet global goals of decarbonizing energy supply and increasing energy productivity. Moreover, technological advancements in battery recycling processes have given rise to a diverse and expanding electric vehicle market, along with the extensive increase in the usage of consumer electronics. Also, high lithium recovery from recycled lithium-ion batteries is critical to the growth and sustainability of the electric vehicles market. Above-mentioned factors showcase that the need for battery recycling technology in auto sector is increasing exponentially, which may create huge opportunities, in the coming years.

To know more about global battery recycling market opportunities, get in touch with our analysts here.

Global Battery Recycling Market, by Chemistry

Based on chemistry, the market has been divided into lead-acid battery, lithium-based battery, nickel-based battery, others. Lead-acid battery sub-segment accounted for the highest revenue share in 2020, and lithium-based battery sub-segment is predicted to show the fastest growth during the forecast period. 

Global Battery Recycling Market, by Chemistry

Source: Research Dive Analysis

The lead-acid battery sub-segment is anticipated to have a dominant market share and generate a revenue of $13,882.8 million by 2028, growing from $6,613.2 million in 2020.

Lead acid batteries are the most common large-capacity rechargeable batteries. The acceptance of lead acid batteries is massive mainly because they're dependable and inexpensive per watt. Also, lead acid batteries have highly suitable application in sectors such as automobiles, marine, electric vehicles, uninterruptible power supplies (UPS), and forklifts. Moreover, lead acid batteries have a medium life span and the best charge retention of any rechargeable battery. These factors are estimated to drive the demand for lead-acid battery sub-segment during the forecast period.

The lithium-based battery sub-segment is anticipated to have the fastest growth and generate a revenue of $3,271.2 million by 2028, growing from $1,525.7 million in 2020 with the healthy CAGR of 9.7%. Lithium-based battery works on one of the advanced battery technologies that particularly utilizes lithium ions as a key component for its electro-chemistry. Also, compared with the other rechargeable batteries such as nickel-metal-hydride or nickel-cadmium, Li-ion batteries have multiple advantages such as highest energy densities. Thus, the demand for lithium-based batteries is expected to increase, during the analysis period.

Global Battery Recycling Market, by Source

Based on source, the analysis has been divided into automotive batteries, industrial batteries, and consumer & electronic appliance batteries. Out of these, industrial batteries sub-segment is predicted to be the most dominant and automotive batteries sub-segment is anticipated to show the fastest growth during the forecast period. 

Global Battery Recycling Market, by Source

Source: Research Dive Analysis

The industrial batteries sub-segment of the global battery recycling market is anticipated to have a dominant market share and surpass $10,327.2 million by 2028, with an increase from $5,010.7 million in 2020.

lead-acid batteries play a key role in industrial applications including emergency power backup, forklift, UPS systems and heavy machinery mainly because of its key advantages such as being cost-competitive and maintenance-free. Hence, in recent years, the adoption of these batteries has astonishingly increased. Thus, the recycling rate associated with lead-acid batteries is also quite high, which make this industrial sub-segment the largest contributor in the battery recycling market.

The automotive batteries sub-segment of the global battery recycling market is anticipated to have the fastest growth and surpass $4,304.1 million by 2028, with an increase from $2,004.6 million in 2020 with highest CAGR of 9.7%.

This market growth is majorly attributed to the extensively growing use of automobiles and the rising number of government policies regarding battery recycling. In addition to this, significantly surging demand for automotive batteries, particularly in emerging nations, such as India, China, and Singapore, is accelerating the growth of the automotive batteries subsegment segment. Also, key players operating in the market are coming up with strategic collaborations, in order to upgrade the battery recycling technology. For example, in September 2020, Solvay, a Belgium-based international chemical company, and Veolia, a global leader in optimized resource management, announced their official partnership. As per this agreement, Solvay will provide new solutions that promise excellent resource efficiency for critical metals utilized in lithium-based EV batteries.

Global Battery Recycling Market, by Application

Based on application, the analysis has been divided into transportation, consumer electronics, industrial, others. Among these, transportation is predicted to be the most dominant sub-segment and industrial sub-segment is anticipated to have the fastest growth during the forecast period.

Global Battery Recycling Market, by Application

Source: Research Dive Analysis

The transportation sub-segment of the global battery recycling market is anticipated to have a dominant market share and surpass $8,746.4 million by 2028, with an increase from $4,248.1 million in 2020. The transportation industry is rapidly electrifying, with batteries currently serving as the preferred technology. Also, the increasing trend for the EVs along with efforts to eliminate the harmful effect of landfilling metals namely cobalt, nickel, and lithium-based batteries may create positive impact on the sub-segment, during the analysis period. In addition to this, availability of advanced battery recycling solutions combined with government’s financial support to environmental projects may also further bolster subsegment’s growth throughout the projected period.

The industrial sub-segment of the global battery recycling market is anticipated to have the fastest growth and surpass $6,072.7 million by 2028, with an increase from $2,804.9 million in 2020 with the CAGR 9.8%. Telecom and datacom industry is a significant consumer of the lead acid-based batteries in the industrial sector, which mainly depend on high-efficient power backup. Hence, the lead-acid batteries remain the 1st choice in the industry. In addition to this, forklift trucks mainly utilize these heavyweight lead-acid batteries that extensively help them to surge weightlifting capacity. All these factors are expected to drive the demand of battery recycling technology, in the industrial sub-segment.

Global Battery Recycling Market, Regional Insights:

The battery recycling market was investigated across North America, Europe, Asia-Pacific, and LAMEA.

Global Battery Recycling Market, Regional Insights

Source: Research Dive Analysis

The Market for Battery Recycling in Europe to be the Most Dominant

The Europe battery recycling market accounted $3,493.0 million in 2020 and is projected to register a revenue of $7,210.0 million by 2028. This is majorly owing to faster adoption of sustainable activities such as battery recycling for generating power. Also, in December 2020, the European Commission, the executive branch of the European Union responsible for proposing legislation, announced to implement sustainability standards for growing Europe’s battery market. Also, robust presence of leading EV manufactures such as Renault, Tesla, and Volkswagen across the European countries may increase the demand for advanced batteries, which may foster the growth of the battery recycling market, in the coming years.

The Market for Battery Recycling in Asia-Pacific to be the Most Lucrative

The Asia-Pacific battery recycling market accounted $2,186.6 million in 2020 and is projected to register a revenue of $4,712.1 million by 2028. The Asia-Pacific battery recycling market is expected to grow at a significant CAGR 9.8%, over the forecast period. Stringent environmental regulations, a growing automotive sector in this region, and lower labor costs associated with battery recycling are major factors driving the Asia-Pacific battery recycling market. Furthermore, rising exports from both developing and developed countries such as Australia, South Korea, and India are expected to be the primary driver of market growth.

Competitive Scenario in the Global Battery Recycling Market

Product advancements, innovations, and business expansion are common strategies followed by major market players.

Competitive Scenario in the Global Battery Recycling Market

Source: Research Dive Analysis

Some of the leading battery recycling market players are Call2Recycle, Inc., Battery Solutions, LLC, Exide Technologies., Umicore, Contemporary Amperex Technology Co., Limited., ENERSYS., GEM Co., Ltd., Johnson Controls International plc, Fortum OYJ, and Aqua Metals, Inc.

Porter’s Five Forces Analysis for the Global Battery Recycling Market:

  • Bargaining Power of Suppliers: There are few suppliers in the battery recycling market and the availability of raw materials, product dependency Also, there is high demand for battery recycling from various countries in order to reduce the environmental impact.
    Thus, the bargaining power suppliers is high.
  • Bargaining Power of Buyers: Buyers have little bargaining power because establishing a battery recycling requires a large capital investment. However, the customers are eligible for tax benefits and subsidies from the government.
    Thus, the bargaining power of the buyers is low.
  • Threat of New Entrants: The companies entering battery recycling market have to deal with high investment cost and adhere to the environmental regulations as well. Yes 
    Thus, the threat of the new entrants is low.
  • Threat of Substitutes: There are substitute renewable energy sources available in the market such as energy generated via hydropower, wind, and others but they are less efficient and at initial stages of development compared to battery recycling. Also, various countries are focusing on reducing the dependence on fossil fuels to reduce the emission of harmful gases that lead to air pollution.
    Thus, the threat of substitutes is low.
  • Competitive Rivalry in the Market: The competitive rivalry among industry leaders is extensive mainly because the number of players operating in battery recycling industry are focusing on enhancing the efficiency of the battery, business expansion, and product innovations.
    Therefore, competitive rivalry in the market is high.

Aspect

Particulars

  Historical Market Estimations

  2019-2020

  Base Year for Market Estimation

  2020

  Forecast Timeline for Market Projection

  2021-2028

  Geographical Scope

 North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Chemistry

  • Lead-acid Battery
  • Lithium-based Battery
  • Nickel-based Battery
  • Others

  Segmentation by Source

  • Automotive Batteries
  • Industrial Batteries
  • Consumer & Electronic Appliance Batteries

  Segmentation by Application

  • Transportation
  • Consumer electronics
  • Industrial
  • Others

  Key Companies Profiled

  • Call2Recycle, Inc.
  • Battery Solutions, LLC
  • Exide Technologies.
  • Umicore
  • Contemporary Amperex Technology Co., Limited.
  • ENERSYS.
  • GEM Co., Ltd.
  • Johnson Controls International plc
  • Fortum OYJ
  • Aqua Metals, Inc.

Frequently Asked Questions
 

A. The size of the global battery recycling market was over $9,748.7 million in 2020 and is projected to reach $ 20,407.7 million by 2028.

A. Call2Recycle, Inc., Battery Solutions, and LLC, Exide Technologies. are some of the major companies operating in the global battery recycling market.

A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.

A. The growth rate of the Asia-Pacific battery recycling market is 9.8%.

A. Product innovations, technological advancements, and business expansions are the key strategies opted by the operating companies in this market.

A. Umicore, and Contemporary Amperex Technology Co., Limited.; these companies are investing more on R&D practices.

1.Research Methodology

1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

1.5.Data sources

1.5.1.Primary
1.5.2.Secondary

2.Executive Summary

2.1.360° summary
2.2.Chemistry trends
2.3.Source trends
2.4.Application trends

3.Market overview

3.1.Market segmentation & definitions
3.2.Key takeaways

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.Porter’s five forces analysis

3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market

3.4.Market dynamics

3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities

3.5.Source landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Market value chain analysis
3.9.Strategic overview

4.Solar Energy Market, by Chemistry

4.1.Lead-acid Battery

4.1.1.Market size and forecast, by region, 2020-2028
4.1.2.Comparative market share analysis, 2020&2028

4.2.Lithium-based Battery

4.2.1.Market size and forecast, by region, 2020-2028
4.2.2.Comparative market share analysis, 2020&2028

4.3.Nickel-based Battery

4.3.1.Market size and forecast, by region, 2020-2028
4.3.2.Comparative market share analysis, 2020&2028

4.4.Others

4.4.1.Market size and forecast, by region, 2020-2028
4.4.2.Comparative market share analysis, 2020&2028

5.Solar Energy Market, by Source

5.1.Automotive Batteries

5.1.1.Market size and forecast, by region, 2020-2028
5.1.2.Comparative market share analysis, 2020&2028

5.2.Industrial Batteries

5.2.1.Market size and forecast, by region, 2020-2028
5.2.2.Comparative market share analysis, 2020&2028

5.3.Consumer & Electronic Appliance Batteries

5.3.1.Market size and forecast, by region, 2020-2028
5.3.2.Comparative market share analysis, 2020&2028

6.Solar Energy Market, by Application 

6.1.Transportation

6.1.1.Market size and forecast, by region, 2020-2028
6.1.2.Comparative market share analysis, 2020&2028

6.2.Consumer electronics

6.2.1.Market size and forecast, by region, 2020-2028
6.2.2.Comparative market share analysis, 2020&2028

6.3.Industrial

1.1.1.Market size and forecast, by region, 2020-2028
1.1.2.Comparative market share analysis, 2020&2028

6.4.Others

6.4.1.Market size and forecast, by region, 2020-2028
6.4.2.Comparative market share analysis, 2020&2028

7.Solar Energy Market, by Region

7.1.North America

7.1.1.Market size and forecast, by Chemistry, 2020-2028
7.1.2.Market size and forecast, by Source, 2020-2028
7.1.3.Market size and forecast, by Application, 2020-2028
7.1.4.Market size and forecast, by country, 2020-2028
7.1.5.Comparative market share analysis, 2020&2028
7.1.6.U.S.

7.1.6.1.Market size and forecast, by Chemistry, 2020-2028
7.1.6.2.Market size and forecast, by Source, 2020-2028
7.1.6.3.Market size and forecast, by Application, 2020-2028
7.1.6.4.Comparative market share analysis, 2020&2028

7.1.7.Canada

7.1.7.1.Market size and forecast, by Chemistry, 2020-2028
7.1.7.2.Market size and forecast, by Source, 2020-2028
7.1.7.3.Market size and forecast, by Application, 2020-2028
7.1.7.4.Comparative market share analysis, 2020&2028

7.1.8.Mexico

7.1.8.1.Market size and forecast, by Chemistry, 2020-2028
7.1.8.2.Market size and forecast, by Source, 2020-2028
7.1.8.3.Market size and forecast, by Application, 2020-2028
7.1.8.4.Comparative market share analysis, 2020&2028

7.2.Europe

7.2.1.Market size and forecast, by Chemistry, 2020-2028
7.2.2.Market size and forecast, by Source, 2020-2028
7.2.3.Market size and forecast, by Application, 2020-2028
7.2.4.Market size and forecast, by country, 2020-2028
7.2.5.Comparative market share analysis, 2020&2028
7.2.6.UK

7.2.6.1.Market size and forecast, by Chemistry, 2020-2028
7.2.6.2.Market size and forecast, by Source, 2020-2028
7.2.6.3.Market size and forecast, by Application, 2020-2028
7.2.6.4.Comparative market share analysis, 2020&2028

7.2.7.Germany

7.2.7.1.Market size and forecast, by Chemistry, 2020-2028
7.2.7.2.Market size and forecast, by Source, 2020-2028
7.2.7.3.Market size and forecast, by Application, 2020-2028
7.2.7.4.Comparative market share analysis, 2020&2028

7.2.8.France

7.2.8.1.Market size and forecast, by Chemistry, 2020-2028
7.2.8.2.Market size and forecast, by Source, 2020-2028
7.2.8.3.Market size and forecast, by Application, 2020-2028
7.2.8.4.Comparative market share analysis, 2020&2028

7.2.9.Spain

7.2.9.1.Market size and forecast, by Chemistry, 2020-2028
7.2.9.2.Market size and forecast, by Source, 2020-2028
7.2.9.3.Market size and forecast, by Application, 2020-2028
7.2.9.4.Comparative market share analysis, 2020&2028

7.2.10.Italy

7.2.10.1.Market size and forecast, by Chemistry, 2020-2028
7.2.10.2.Market size and forecast, by Source, 2020-2028
7.2.10.3.Market size and forecast, by Application, 2020-2028
7.2.10.4.Comparative market share analysis, 2020&2028

7.2.11.Rest of Europe

7.2.11.1.Market size and forecast, by Chemistry, 2020-2028
7.2.11.2.Market size and forecast, by Source, 2020-2028
7.2.11.3.Market size and forecast, by Application, 2020-2028
7.2.11.4.Comparative market share analysis, 2020&2028

7.3.Asia Pacific

7.3.1.Market size and forecast, by Chemistry, 2020-2028
7.3.2.Market size and forecast, by Source, 2020-2028
7.3.3.Market size and forecast, by Application, 2020-2028
7.3.4.Market size and forecast, by country, 2020-2028
7.3.5.Comparative market share analysis, 2020&2028
7.3.6.India
7.3.6.1.Market size and forecast, by Chemistry, 2020-2028
7.3.6.2.Market size and forecast, by Source, 2020-2028
7.3.6.3.Market size and forecast, by Application, 2020-2028
7.3.6.4.Comparative market share analysis, 2020&2028

7.3.7.China

7.3.7.1.Market size and forecast, by Chemistry, 2020-2028
7.3.7.2.Market size and forecast, by Source, 2020-2028
7.3.7.3.Market size and forecast, by Application, 2020-2028
7.3.7.4.Comparative market share analysis, 2020&2028

7.3.8.Japan

7.3.8.1.Market size and forecast, by Chemistry, 2020-2028
7.3.8.2.Market size and forecast, by Source, 2020-2028
7.3.8.3.Market size and forecast, by Application, 2020-2028
7.3.8.4.Comparative market share analysis, 2020&2028

7.3.9.South Korea

7.3.9.1.Market size and forecast, by Chemistry, 2020-2028
7.3.9.2.Market size and forecast, by Source, 2020-2028
7.3.9.3.Market size and forecast, by Application, 2020-2028
7.3.9.4.Comparative market share analysis, 2020&2028

7.3.10.Australia

7.3.10.1.Market size and forecast, by Chemistry, 2020-2028
7.3.10.2.Market size and forecast, by Source, 2020-2028
7.3.10.3.Market size and forecast, by Application, 2020-2028
7.3.10.4.Comparative market share analysis, 2020&2028

7.3.11.Rest of Asia-Pacific

7.3.11.1.Market size and forecast, by Chemistry, 2020-2028
7.3.11.2.Market size and forecast, by Source, 2020-2028
7.3.11.3.Market size and forecast, by Application, 2020-2028
7.3.11.4.Comparative market share analysis, 2020&2028

7.4.LAMEA

7.4.1.Market size and forecast, by Chemistry, 2020-2028
7.4.2.Market size and forecast, by Source, 2020-2028
7.4.3.Market size and forecast, by Application, 2020-2028
7.4.4.Market size and forecast, by country, 2020-2028
7.4.5.Comparative market share analysis, 2020&2028
7.4.6.Brazil
7.4.6.1.Market size and forecast, by Chemistry, 2020-2028
7.4.6.2.Market size and forecast, by Source, 2020-2028
7.4.6.3.Market size and forecast, by Application, 2020-2028
7.4.6.4.Comparative market share analysis, 2020&2028

7.4.7.Saudi Arabia

7.4.7.1.Market size and forecast, by Chemistry, 2020-2028
7.4.7.2.Market size and forecast, by Source, 2020-2028
7.4.7.3.Market size and forecast, by Application, 2020-2028
7.4.7.4.Comparative market share analysis, 2020&2028

7.4.8.South Africa

7.4.8.1.Market size and forecast, by Chemistry, 2020-2028
7.4.8.2.Market size and forecast, by Source, 2020-2028
7.4.8.3.Market size and forecast, by Application, 2020-2028
7.4.8.4.Comparative market share analysis, 2020&2028

7.4.9.Rest of LAMEA

7.4.9.1.Market size and forecast, by Chemistry, 2020-2028
7.4.9.2.Market size and forecast, by Source, 2020-2028
7.4.9.3.Market size and forecast, by Application, 2020-2028
7.4.9.4.Comparative market share analysis, 2020&2028

8.Company profiles

8.1.Call2Recycle, Inc.

8.1.1.Business overview
8.1.2.Financial performance
8.1.3.Product portfolio
8.1.4.Recent strategic moves & developments
8.1.5.SWOT analysis

8.2.Battery Solutions, LLC

8.2.1.Business overview
8.2.2.Financial performance
8.2.3.Product portfolio
8.2.4.Recent strategic moves & developments
8.2.5.SWOT analysis

8.3.ECOBAT Logistics

8.3.1.Business overview
8.3.2.Financial performance
8.3.3.Product portfolio
8.3.4.Recent strategic moves & developments
8.3.5.SWOT analysis

8.4.Gopher Resource

8.4.1.Business overview
8.4.2.Financial performance
8.4.3.Product portfolio
8.4.4.Recent strategic moves & developments
8.4.5.SWOT analysis

8.5.Contemporary Amperex Technology Co., Limited.

8.5.1.Business overview
8.5.2.Financial performance
8.5.3.Product portfolio
8.5.4.Recent strategic moves & developments
8.5.5.SWOT analysis

8.6.ENERSYS

8.6.1.Business overview
8.6.2.Financial performance
8.6.3.Product portfolio
8.6.4.Recent strategic moves & developments
8.6.5.SWOT analysis

8.7.GEM Co., Ltd.

8.7.1.Business overview
8.7.2.Financial performance
8.7.3.Product portfolio
8.7.4.Recent strategic moves & developments
8.7.5.SWOT analysis

8.8.Fortum

8.8.1.Business overview
8.8.2.Financial performance
8.8.3.Product portfolio
8.8.4.Recent strategic moves & developments
8.8.5.SWOT analysis

8.9.Aqua Metals, Inc.

8.9.1.Business overview
8.9.2.Financial performance
8.9.3.Product portfolio
8.9.4.Recent strategic moves & developments
8.9.5.SWOT analysis

8.10.UMICORE

8.10.1.Business overview
8.10.2.Financial performance
8.10.3.Product portfolio
8.10.4.Recent strategic moves & developments
8.10.5.SWOT analysis

Battery recycling is the practice of collecting batteries through various sources such as consumer & electronic appliances, automotive, and other industries, and reprocessing & reutilizing the batteries to reduce the waste material produced due to battery scrap. Batteries come with heavy metals and toxic chemicals and its disposal has raised numerous environmental concerns as the battery waste contaminates surface water and ground water. Thus, batteries are recycled to prevent the damage and meet the terms of environment and health regulations.

COVID-19 Impact Analysis

The outbreak of COVID-19 across the globe has unfavorably impacted the global battery recycling market, owing to the decreased demand for electric vehicles and disruption in supply chain around the world. However, many governments worldwide are taking measures by providing economic stimuli to recompense for the impact of disruption in battery material supply chains and to increase the usage of renewable energy. For example, in May 2020, the government of France announced to provide approximately $8.7 billion funds mainly for the recovery of its auto industry. The aim of the government behind this funding is to incentivize the use of electric vehicles.

Key Developments in the Industry

The companies operating in the global industry are adopting various growth strategies and business tactics such as partnerships, acquisitions, business expansion, and product launches to obtain a leading position in the global industry, which is predicted to drive the growth of the global battery recycling market in upcoming years.

For instance, in December 2019, Umicore, a leading materials technology & recycling group, completed the acquisition of Freeport Cobalt’s cobalt refining & cathode precursor activities in Finland. The aim of the company behind this acquisition is to expanding its battery materials value chain. Umicore has various operations located in Wurope such as R&D, precursor production, refining, battery recycling, and cathode materials production.

In February 2021, Volkswagen AG, a leading automotive manufacturing corporation, opened its first recycling electric vehicle (EV) batteries plant in Salzgitter, Germany. The automotive manufacturer aims to industrialize the recovery of raw materials, including nickel, lithium, cobalt, and manganese, in a closed loop together with plastics, copper, and aluminum. Volkswagen plans to achieve a recycling rate of more than 90% over the long term.

In February 2021, Retriev Technologies, a leading battery recycling and management company. Entered into a strategic partnership with Marubeni Corp. to develop an innovative business model for end-of-life (EOL) lithium-ion batteries (LIB). Both the companies are working together to take valuable metals recovered from EOL LIB in order to expand the circular business model for EV battery-to-battery closed-loop recycling.

Forecast Analysis of Global Battery Recycling Market

The global battery recycling market is projected to witness a striking growth during the forecast period, owing to the technological advancements in battery recycling and the rising demand for electric vehicles (EVs) across the globe. Conversely, the complications related to lithium-based batteries and the technical issue such as lack of design for easy disassembly & recycling are factors expected to hamper the market growth in the projected timeframe.

The growing demand for recycled products & materials and the prevalence of coronavirus infection among the population across the globe and the increasing initiatives by governments across various nations for mass testing of people are the significant factors estimated to propel the growth of the global market in the coming future. According to a latest report published by Research Dive, the global battery recycling market is expected to garner $20,407.7 million during the forecast period (2021-2028). Regionally, the North America region is estimated to dominate in the global industry, mainly due to the growing adoption of renewable sources for generating the power and the presence of leading EV manufacturers in the region. The key players functioning in the global market include Call2Recycle, Inc., Exide Technologies, Battery Solutions, LLC, Umicore, Limited, Contemporary Amperex Technology Co., ENERSYS, Johnson Controls International plc, GEM Co., Ltd., Aqua Metals, Inc., and Fortum OYJ.

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