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Automotive Battery Recycling Market Report

RA08564

Automotive Battery Recycling Market by Type (Lead-acid Battery, Lithium-ion Battery, and Others), Recycling Process (Hydrometallurgical Process, Pyrometallurgy Process, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028

RA08564

Pages: 179

Feb 2022

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 Automotive Battery Recycling Market

Global Automotive Battery Recycling Market Analysis

The global automotive battery recycling market size was $10,530.0 million in 2020 and is predicted to grow with a CAGR of 8.1%, by generating a revenue of $19,222.3 million by 2028.

Market Synopsis

Automotive battery recycling market is gaining huge demand owing to high demand for lithium-ion battery (LIB) in electric vehicles and energy storage. Rapid growth of passenger electric vehicles (EVs) along with deployment of commercial EVs across several countries is a key market driver. For instance, National Renewable Energy Laboratory (NREL), the government organization that focuses on research & development along with commercialization and deployment of renewable energy, states that annual passenger electric vehicle sales in the U.S. is estimated to reach 1.1 million by 2025 and 4.0 million annually by 2030.

However, transporting the used or discarded batteries by any mode such as air, train, or truck is hazardous. This is because automotive batteries contain corrosive, flammable, explosive, or radioactive materials. Hence, improper handling of batteries during transportation, packaging, or handling can lead to fire & explosions that can release hazardous chemicals into the environment.

Automotive battery recycling or car battery recycling reduces the amount of toxic waste that enters landfill. Also, battery recycling helps in conserving the natural and non-renewable metals and minerals such as cobalt, nickel, lead, lithium, aluminum, and others. It also helps in reducing land and soil pollution and saves the energy required for mining the metals and manufacturing batteries. Automotive battery recycling helps in creating new well-paying jobs and helps in recovering the materials that can be recycled and reused. These aspects are projected to generate huge growth opportunities and drive the automotive battery recycling market share during the analysis period.

According to regional analysis, the Asia-Pacific automotive battery recycling market accounted for $7,158.3 million in 2020 and is predicted to grow with a CAGR of 8.5% in the projected timeframe.

Automotive Battery Recycling Market Overview

Automotive battery recycling refers to reuse and reprocessing of batteries to reduce the number of batteries being disposed as a material waste. As batteries contain several toxic chemicals and heavy metals, it is necessary to ensure proper disposal of batteries to reduce the environmental concerns. The variety of batteries including lead-acid battery, lithium-ion battery, nickel metal hydride (Ni-MH), nickel-zinc (Ni-Zn), nickel-cadmium (Ni-Cd), and others can be recycled and reused. Hence, battery recycling is necessary to comply with environmental and health benefits.

COVID-19 Impact on Automotive Battery Recycling Market

The COVID-19 pandemic impact has rippled through various industries. Also, automotive battery recycling market has experienced negative impact due to closure of recycling & manufacturing units, stay-at-home orders, and social distancing norms. Automotive battery recycling is a capital-intensive sector that requires funding and huge investment. However, economic uncertainties brought by coronavirus have led to mass layoffs and curtailed the consumer spending. This has resulted in long-term impact on battery recycling industry as governments have diverted their budget towards building up of necessary medical infrastructure to deal with rising COVID-19 cases and related deaths across the world. In addition, due to travel and import-export restrictions, the material flow in and out of China, the largest recycling and battery manufacturing hub was affected. Hence, disruptions in battery recycling and supply chain have greatly affected the viability of lithium, cobalt, lead, and other compounds that are non-renewable and environmentally hazardous. These factors have a tremendous impact on automotive battery recycling market share during the pandemic.

Various initiatives implemented by automotive battery recycling companies to ensure health and safety of its employees are providing help to the employees amidst pandemic. For instance, Umicore, the leader in clean mobility and recycling company, introduced strict hygiene measures in response to COVID-19 across its facilities in Asia at the end of January 2020 and across other facilities. Some of these measures include social distancing norms, work from home facility, strict medical protocols to deal with the suspected cases, and regular disinfection of the workplace. Lao, to deal with COVID-19 situation, the company is focusing on optimizing its working capital by delaying certain investments and capital expenditures.

Rapid Increase in the Adoption of Electric Vehicles Globally to Drive the Market Growth

Electric vehicles (EVs) are gaining huge popularity across the world. For instance, China is the leading electric vehicle market and in 2019, more than 1.18 million passenger electric vehicles were sold. This growth is majorly attributed to high-end designs, fast-paced manufacturing, and tie-up with leading automakers such as Toyota, Tesla, Hyundai, and others. With rise in the adoption of electric vehicles, China is at forefront when it comes to automotive battery recycling to reduce the amount of harmful waste being dumped to the landfills. Also, in 2019, in India, only 3,600 passenger EVs were sold but the country is preparing to transform 30% of its automotive sales into e-mobility by 2030. Hence, with drastic rise in the number of EVs, it is necessary to create infrastructure for battery recycling to solve e-waste problem. Also, battery recycling business can pave the way for new business opportunities in India and in other countries. The battery recycling industry in China is dominated by leading players namely CATL, Guoxuan High-Tech, and BYD. Also, in Europe, BASF and Umicore are leaders in lithium-ion battery recycling market. These factors are anticipated to drive the automotive battery recycling market size during the analysis timeframe.  

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

High Cost Required for Setting Up Battery Recycling Plant to Restrain the Market Growth

Battery recycling is not cost-effective method as huge investment is required for setting up plants. Also, the value of recycled product is low compared to the new product. Hence, recycling does not guarantee good quality product. In addition, breakdown of batteries in the recycling process leads to the emission of harmful toxins that have negative environmental impact and leads to pollution. Also, low grade opportunities are created in automotive battery recycling sector which is estimated to restrain the market demand during the forecast period. 

Various Initiatives Implemented by Automotive Battery Recycling Companies to Generate Huge Growth Opportunities

The companies involved in battery recycling are implementing various initiatives such as partnership, investment, and business expansion to boost the automotive battery recycling market growth. For instance, in January 2022, Li-Cycle Corp., leading lithium-ion battery recycling company, established a joint venture with ECO STOR and Morrow Batteries to construct new lithium-ion battery recycling facility in Norway. As Norway is a leader in electric vehicle sales, the Norwegian Automobile Federation has decided that by April 2022, it will stop the sale of new internal combustion engine vehicles. This new battery recycling facility is estimated to have a processing capacity of 10,000 tonnes. Also, in September 2021, Li-Cycle Holdings Corp., announced that the company will build its fourth commercial lithium-ion recycling facility that will be located in Tuscaloosa, Alabama. In February 2021, Retriev Technologies Inc, leading battery recycling and management company, and Marubeni Corporation, the Japanese company, entered into a strategic partnership to develop new circular business for end-of-life lithium-ion batteries. This partnership aims to recover valuable metals for reuse from the discarded batteries.

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

Automotive Battery Recycling Market
By Type

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Based on type, the market has been divided into Lead-acid Battery, lithium-ion battery, and others. Among these, the Lead-acid Battery sub-segment had accounted for highest market share in 2020 and lithium-ion battery sub-segment is estimated to show the fastest growth during the forecast period. Download PDF Sample Report

Source: Research Dive Analysis

The lead-acid battery sub-type is anticipated to have a dominant market share and generate a revenue of $13,303.8 million by 2028, growing from $7,523.7 million in 2020. Lead-acid batteries are widely used in automotive applications as they are cheaper compared to lithium-ion batteries and these batteries can recharge multiple times. Also, lead-acid battery can work efficiently even at freezing temperatures, and they produce better output especially during start of an engine. Lead-acid batteries are suitable for conventional internal combustion engine in automotive vehicles. These batteries have large current capability, and they are tolerant to abuse & overcharging. Lead-acid battery is reliable and can withstand slow, fast, and overcharging. Also, about 97% of lead from the end-of-life or discarded batteries can be recycled and reused. It has longest lifecycle, low self-discharge rate, low cost per watt-hour, and offers excellent performance. Lead-acid batteries are world’s most successfully recycled commodity and their recycling rate in U.S. and Europe is as high as 100% and 95% respectively. These factors are anticipated to drive the demand for lead-acid battery during the analysis timeframe.

The lithium-ion battery sub-type is anticipated to show the fastest growth and generate a revenue of $4,209.3 million by 2028, growing from $2,092.3 million in 2020. Lithium-ion batteries are becoming extremely popular owing to their use in electric vehicles and superior quality. These batteries contain relatively low toxic and heavy metals. Also, these batteries are lightweight and compact. These batteries have low self-discharge rate, high energy density, and voltage capacity. They can deliver more current up to 3.6 volts which is three times more than nickel alternatives. Also, 95% of valuable metals from lithium-ion battery’s black mass can be recovered with hydrometallurgical recycling process. In addition, 80% of lithium-ion battery can be recycled by using combination of mechanical and hydrometallurgical recycling process.

Automotive Battery Recycling Market
By Recycling Process

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Based on recycling process, the market has been divided into Hydrometallurgical Process, pyrometallurgy process, and others. Among these, the Hydrometallurgical Process accounted for the highest revenue share in 2020 and it is estimated to show the fastest growth during the forecast period.

Source: Research Dive Analysis

The hydrometallurgical automotive battery recycling sub-segment is anticipated to have a dominant market share and generate a revenue of $14,436.0 million by 2028, growing from $7,745.9 million in 2020. Hydrometallurgical process is widely adopted for automotive battery recycling as it can process low-grade ores, lean, and complex ores. This process has great control over each step of processing, that results in recovery of valuable by-products that makes material handling easier. Also, the hydrometallurgical process can be deployed even at small scale and later on it can be expanded as required. This process avoids use of coke which is a costly reducing agent and helps in reducing the environmental pollution. Depletion of natural metal deposits and growing interest in rare earth elements are major drivers of hydrometallurgical process.

Automotive Battery Recycling Market
By Region

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

Source: Research Dive Analysis

The Market for Automotive Battery Recycling in Asia-Pacific to be the Most Dominant and Fastest Growing

The Asia-Pacific automotive battery recycling market accounted $7,158.3 million in 2020 and is projected to grow with a CAGR of 8.5%. Asia-Pacific is a world leader in automotive battery recycling market owing to growing investments and increase in the number of battery recycling plants being setup in this region. For instance, as stated in June 2021, by electricvehicles.in, the platform that spreads awareness regarding electric vehicles, Gravita India Ltd., the leading battery recycling company has entered into battery recycling business for electric vehicles. Gravita India has identified some companies that can offer technology for recycling of lithium-ion batteries. In addition, as stated on December 24, 2021, by Autocar Professional, the leading automobile industry news provider, Attero B.V., the e-waste recycling company in India, has planned to invest US $3,000 million towards the lithium-ion battery recycling. With these funds, the company plans to boost its lithium-ion battery recycling capacity to 11,000 metric tonnes. At present, the company’s recycling capacity is 1,000 metric tonnes per annum. In addition, in September 2021, Contemporary Amperex Technology (CATL), China’s leading battery manufacturer, formed strategic partnership with BASF, leading chemicals company, to boost the battery recycling process and to develop sustainable battery value chain. Such initiatives are projected to drive the Asia-Pacific automotive battery recycling market size during the forecast period.           

Competitive Scenario in the Global Automotive Battery Recycling Market

Partnership and business expansion are common strategies followed by major market players.

Competitive Scenario in the Global Automotive Battery Recycling Market

Source: Research Dive Analysis

Some of the leading automotive battery recycling market players are Li-Cycle Corp., Retriev Technologies Inc., Umicore, American Manganese Inc., Envirostream Australia Pty Ltd, Raw Materials Company Inc., Contemporary Amperex Technology Co., Limited (CATL), Neometals Ltd, Duesenfeld, and OnTo Technology LLC.

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

  • Bargaining Power of Suppliers: The suppliers in battery recycling market are at dominant position owing to the presence of few large suppliers. Also, government regulations to reduce the environmental impact and to lower carbon emissions have driven the growth of automotive battery recycling due to which battery recycling companies are dependent on suppliers for raw material production.  
    Thus, the bargaining power of suppliers is high.
  • Bargaining Power of Buyers: The number of buyers in automotive battery recycling market is increasing gradually owing to regulations regarding toxic emissions from discarded or end-of-life batteries. Availability of funding from government & battery manufacturing companies reduces the bargaining potential of buyers to some extent.
    Thus, buyer’s bargaining power will be low.
  • Threat of New Entrants: Automotive battery recycling is a capital-intensive industry, and it is driven by large number of government regulations. Hence, new entrants entering in this market have to invest huge amount to setup automotive battery recycling plant and need to adhere to all the regulations. 
    Thus, the threat of the new entrants is low.
  • Threat of Substitutes: The reuse of batteries or second-life batteries act as a substitute to battery recycling to some extent as most of the automotive batteries are recycled to prevent the leakage of toxic chemicals into the environment. 
    Thus, the threat of substitutes is moderate.
  • Competitive Rivalry in the Market: The companies operating in this market are focusing on partnership, business expansion, investment, and strategic co-operation to establish their market position. 
    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 Type

  • Lead-acid Battery
  • Lithium-ion Battery
  • Others

  Segmentation by Recycling Process

  • Hydrometallurgical Process
  • Pyrometallurgical Process
  • Others

  Key Companies Profiled

  • Li-Cycle Corp.
  • Retriev Technologies Inc.
  • Umicore
  • American Manganese Inc.
  • Envirostream Australia Pty Ltd
  • Raw Materials Company Inc.
  • Contemporary Amperex Technology Co., Limited (CATL)
  • Neometals Ltd
  • Duesenfeld
  • OnTo Technology LLC

Frequently Asked Questions
 

A. The size of the global automotive battery recycling market was over $10,530.0 million in 2020 and is projected to reach $19,222.3 million by 2028.

A. Li-Cycle Corp., Retriev Technologies Inc., and Umicore are some of the key players in the global automotive battery recycling market.

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

A. Asia-Pacific automotive battery recycling market is anticipated to grow at 8.5% CAGR during the forecast period.

A. Partnership and business expansion are the two key strategies opted by the operating companies in this market.

A. American Manganese Inc., Envirostream Australia Pty Ltd, and Raw Materials Company Inc. are the companies investing more on R&D activities for developing new products and technologies.

A. Yes, Umicore, American Manganese Inc., and Neometals Ltd. are the major publicly traded battery recycling companies.

A. Some of the leading global companies that recycle EV batteries are Accurec Recycling GmbH, American Manganese Inc., Li-Cycle Holdings Corp., G & P Batteries, and Retriev Technologies.

A. The projected CAGR of automotive battery recycling market is 8.1%

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.Type trends
2.3.Recycling Process 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.Technology landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Market value chain analysis
3.9.Strategic overview

4.Automotive Battery Recycling Market, by Type 

4.1.Lead-acid Battery 

4.1.1.Key market trends, growth factors, and opportunities
4.1.2.Market size and forecast, by region, 2020-2028
4.1.3.Market share analysis, by country, 2020 & 2028

4.2.Lithium-ion Battery

4.2.1.Key market trends, growth factors, and opportunities
4.2.2.Market size and forecast, by region, 2020-2028
4.2.3.Market share analysis, by country, 2020 & 2028

4.3.Others

4.3.1.Key market trends, growth factors, and opportunities
4.3.2.Market size and forecast, by region, 2020-2028
4.3.3.Market share analysis, by country, 2020 & 2028

5.Automotive Battery Recycling Market, by Recycling Process 

5.1.Hydrometallurgical Process  

5.1.1.Key market trends, growth factors, and opportunities
5.1.2.Market size and forecast, by region, 2020-2028
5.1.3.Market share analysis, by country, 2020 & 2028

5.2.Pyrometallurgy Process

5.2.1.Key market trends, growth factors, and opportunities
5.2.2.Market size and forecast, by region, 2020-2028
5.2.3.Market share analysis, by country, 2020 & 2028

5.3.Others 

5.3.1.Key market trends, growth factors, and opportunities
5.3.2.Market size and forecast, by region, 2020-2028
5.3.3.Market share analysis, by country, 2020 & 2028

6.Automotive Battery Recycling Market, by Region

6.1.North America

6.1.1.Key market trends, growth factors, and opportunities
6.1.2.Market size and forecast, by Type, 2020-2028
6.1.3.Market size and forecast, by Recycling Process, 2020-2028
6.1.4.Market size and forecast, by country, 2020-2028

6.1.5.U.S.

6.1.5.1.Market size and forecast, by Type, 2020-2028
6.1.5.2.Market size and forecast, by Recycling Process, 2020-2028

6.1.6.Canada

6.1.6.1.Market size and forecast, by Type, 2020-2028
6.1.6.2.Market size and forecast, by Recycling Process, 2020-2028

6.1.7.Mexico

6.1.7.1.Market size and forecast, by Type, 2020-2028
6.1.7.2.Market size and forecast, by Recycling Process, 2020-2028

6.2.Europe

6.2.1.Key market trends, growth factors, and opportunities
6.2.2.Market size and forecast, by Type, 2020-2028
6.2.3.Market size and forecast, by Recycling Process, 2020-2028
6.2.4.Market size and forecast, by country, 2020-2028

6.2.5.Germany 

6.2.5.1.Market size and forecast, by Type, 2020-2028
6.2.5.2.Market size and forecast, by Recycling Process, 2020-2028

6.2.6.UK

6.2.6.1.Market size and forecast, by Type, 2020-2028
6.2.6.2.Market size and forecast, by Recycling Process, 2020-2028

6.2.7.France

6.2.7.1.Market size and forecast, by Type, 2020-2028
6.2.7.2.Market size and forecast, by Recycling Process, 2020-2028

6.2.8.Italy

6.2.8.1.Market size and forecast, by Type, 2020-2028
6.2.8.2.Market size and forecast, by Recycling Process, 2020-2028

6.2.9.Spain

6.2.9.1.Market size and forecast, by Type, 2020-2028
6.2.9.2.Market size and forecast, by Recycling Process, 2020-2028

6.2.10.Rest of Europe

6.2.10.1.Market size and forecast, by Type, 2020-2028
6.2.10.2.Market size and forecast, by Recycling Process, 2020-2028

6.3.Asia Pacific

6.3.1.Key market trends, growth factors, and opportunities
6.3.2.Market size and forecast, by Type, 2020-2028
6.3.3.Market size and forecast, by Recycling Process, 2020-2028
6.3.4.Market size and forecast, by country, 2020-2028

6.3.5.China

6.3.5.1.Market size and forecast, by Type, 2020-2028
6.3.5.2.Market size and forecast, by Recycling Process, 2020-2028

6.3.6.Japan 

6.3.6.1.Market size and forecast, by Type, 2020-2028
6.3.6.2.Market size and forecast, by Recycling Process, 2020-2028

6.3.7.India

6.3.7.1.Market size and forecast, by Type, 2020-2028
6.3.7.2.Market size and forecast, by Recycling Process, 2020-2028

6.3.8.South Korea

6.3.8.1.Market size and forecast, by Type, 2020-2028
6.3.8.2.Market size and forecast, by Recycling Process, 2020-2028

6.3.9.Australia

6.3.9.1.Market size and forecast, by Type, 2020-2028
6.3.9.2.Market size and forecast, by Recycling Process, 2020-2028

6.3.10.Rest of Asia Pacific

6.3.10.1.Market size and forecast, by Type, 2020-2028
6.3.10.2.Market size and forecast, by Recycling Process, 2020-2028

6.4.LAMEA

6.4.1.Key market trends, growth factors, and opportunities
6.4.2.Market size and forecast, by Type, 2020-2028
6.4.3.Market size and forecast, by Recycling Process, 2020-2028
6.4.4.Market size and forecast, by country, 2020-2028

6.4.5.Latin America  

6.4.5.1.Market size and forecast, by Type, 2020-2028
6.4.5.2.Market size and forecast, by Recycling Process, 2020-2028

6.4.6.Middle East 

6.4.6.1.Market size and forecast, by Type, 2020-2028
6.4.6.2.Market size and forecast, by Recycling Process, 2020-2028

6.4.7.Africa

6.4.7.1.Market size and forecast, by Type, 2020-2028
6.4.7.2.Market size and forecast, by Recycling Process, 2020-2028

7.Company profiles

7.1.Li-Cycle Corp.

7.1.1.Company overview
7.1.2.Operating business segments
7.1.3.Product portfolio
7.1.4.Financial performance
7.1.5.Key strategy moves and development

7.2.Retriev Technologies Inc.

7.2.1.Company overview
7.2.2.Operating business segments
7.2.3.Product portfolio
7.2.4.Financial performance
7.2.5.Key strategy moves and development

7.3.Umicore

7.3.1.Company overview
7.3.2.Operating business segments
7.3.3.Product portfolio
7.3.4.Financial performance
7.3.5.Key strategy moves and development

7.4.American Manganese Inc.

7.4.1.Company overview
7.4.2.Operating business segments
7.4.3.Product portfolio
7.4.4.Financial performance
7.4.5.Key strategy moves and development

7.5.Envirostream Australia Pty Ltd

7.5.1.Company overview
7.5.2.Operating business segments
7.5.3.Product portfolio
7.5.4.Financial performance
7.5.5.Key strategy moves and development

7.6.Contemporary Amperex Technology Co., Limited. (CATL)

7.6.1.Company overview
7.6.2.Operating business segments
7.6.3.Product portfolio
7.6.4.Financial performance
7.6.5.Key strategy moves and development

7.7.Raw Materials Company Inc.

7.7.1.Company overview
7.7.2.Operating business segments
7.7.3.Product portfolio
7.7.4.Financial performance
7.7.5.Key strategy moves and development

7.8.Neometals Ltd

7.8.1.Company overview
7.8.2.Operating business segments
7.8.3.Product portfolio
7.8.4.Financial performance
7.8.5.Key strategy moves and development

7.9.Duesenfeld

7.9.1.Company overview
7.9.2.Operating business segments
7.9.3.Product portfolio
7.9.4.Financial performance
7.9.5.Key strategy moves and development

7.10.OnTo Technology LLC

7.10.1.Company overview
7.10.2.Operating business segments
7.10.3.Product portfolio
7.10.4.Financial performance
7.10.5.Key strategy moves and development

Recycling of old batteries decreases waste, and as up to 99% of a lead-acid battery is recyclable, it also diminishes the necessity to use new raw materials and components. Nowadays, electric vehicles (EVs) are gaining huge popularity and their adoption has surged manifolds. EVs may not release carbon dioxide during their functioning; however, the batteries on which the run can cause a serious environmental issue after their lifespan ends.

In the next 10 to 15 years, a huge number of EV batteries will come to the end of their life, hence, it is highly essential to have a robust battery recycling industry in place.

China is the foremost electric vehicle market, which sold more than 1.18 million passenger EVs in 2019. The nation is not only at the forefront of the EV industry but has also developed a strong automotive battery recycling market to diminish the amount of harmful waste being discarded to the landfills. In 2019, India managed to sell merely 3,600 passenger EVs, however, the nation is gearing up to transform 30% of its automotive sales into e-mobility by 2030. Therefore, with notable increase in the number of EVs, it is essential to develop a strong infrastructure for recycling EV batteries to resolve the problem of e-waste. All this, indicates that the automotive battery recycling market is going to have a vibrant future in the future.

Latest Trends in the Automotive Battery Recycling Market

As per a report by Research Dive, the global automotive battery recycling market is expected to grow from $10,530.0 million in 2020 to $19,222.3 million by 2028. The automotive battery recycling market in the Asia-Pacific region is the most dominant and anticipated to grow rapidly with a CAGR of 8.5% from 2021 to 2028. This is mainly owing to the rising investments into battery recycling activities and surge in the development of battery recycling factories in this region. Market players are significantly investing in research and development to cater the mounting demand for automotive battery recycling. Some of the foremost players of the automotive battery recycling market are Li-Cycle Corp., Umicore, Envirostream Australia Pty Ltd, Duesenfeld, Raw Materials Company Inc., Contemporary Amperex Technology Co., Limited (CATL), American Manganese Inc., Neometals Ltd, OnTo Technology LLC., Retriev Technologies Inc., and others. These players are focused on forming strategies, for example, mergers and acquisitions, partnerships, novel developments, and collaborations to achieve a prominent position in the global market.

For instance,

  • In January 2019, the secretary of the U.S. Department of Energy (DOE), Rick Perry, proclaimed the formation of the DOE’s first Li-ion battery recycling research and development center, the ReCell Center.
     
  • In December 2020, MG Motor India Pvt. Ltd, a new entrant in the Indian car industry, collaborated with TES-AMM, an electronic waste recycling company, to efficiently recycle the lithium batteries installed in its present and upcoming EVs.
     
  • In January 2022, Stelco Holdings Inc., a company focused on the manufacture and sale of steel products, signed a Memorandum of (MOU) with Primobius GmbH, a battery recycling joint venture, in order to commercialize advanced EV battery recycling and processing machineries in North America.

COVID-19 Impact on the Automotive Battery Recycling Market

The abrupt rise of the coronavirus pandemic in 2020 has negatively impacted the global automotive battery recycling market. This is mainly due to the cessation of recycling & manufacturing factories due to the implementation of lockdown during the pandemic period. Also, a significant drop in the sale of EVs, due to economic uncertainties during the pandemic has hampered the market growth. However, as the worldwide economy is recuperating with the easing of pandemic, the automotive battery recycling market is expected to gain traction with a notable surge in the sale of EVs worldwide. This is likely to flourish the automotive battery recycling market in the forthcoming years.

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