The battery recycling market is projected to grow from USD 17.2 billion in 2020 to USD 23.2 billion by 2025, at a CAGR of 6.1% from 2020 to 2025. The major reasons for the growth of the battery recycling market include rising concerns regarding depleting precious and rare earth metals, growing demand for recycled batteries and other materials, and stringent government regulations and EPA (Environmental Protection Agency) guidelines.
The battery recycling market in Asia Pacific is projected to witness the highest CAGR from 2020 to 2025. Growing demand for electric vehicles and increasing environmental regulations have contributed to the growth of the Asia Pacific battery recycling market. In this region, the battery recycling market is majorly driven by China. Other key countries include India, Japan, and South Korea.
Call2Recycle, Inc. (US), Battery Solutions, LLC (US), Exide Technologies (US), Umicore (Belgium), Exide Industries Ltd. (India), Contemporary Amperex Technology Co. Ltd. (CATL) (China), GEM Co., Ltd. (China), EnerSys (US), Johnson Controls International plc (US), Aqua Metals, Inc. (US), Retriev Technologies Inc. (US), Gravita India Limited (India), ECOBAT Logistics (UK), Fortum Oyj (Finland), Teck Resources Limited (Canada), American Manganese Inc. (Canada), Glencore International AG (Switzerland), TES-AMM Singapore Pte Ltd (Singapore), RSR Corporation (US), COM2 Recycling Solutions (US), East Penn Manufacturing Company, Inc. (US), The Doe Run Company (US), Raw Materials Company Inc. (RMC) (Canada), Neometals Ltd (Australia), Terrapure Environmental (Canada), and Gopher Resource LLC (US) are among the leading players operating in the battery recycling market. These players have adopted the strategies of expansions, agreements, partnerships, and acquisitions to enhance their position in the market.
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In November 2019, Call2Recycle, Inc. entered into a partnership with Raw Materials Company Inc. to enhance the collection and recycling of used consumer batteries across Ontario (Canada). The partnership will help both the parties in enhancing consumer drop-off locations, resulting in augmented collections and recycling of consumer batteries across Ontario.
In September 2019, Umicore and LG Chem Ltd. (South Korea) entered into a multi-year strategic agreement for the supply of 125,000 metric tons of nickel, manganese, and cobalt cathode materials for lithium-ion batteries to LG Chem Ltd. The agreement became effective from January 2020. Under this agreement, Umicore is also expected to recycle LG Chem Ltd.’s cathode material production waste. Currently, both companies are undergoing discussions on long-term cooperation in battery recycling. The agreement is expected to help Umicore enhance its competitive edge in the battery recycling market globally.
In February 2017, Johnson Controls International plc and Aqua Metals, Inc. signed a break-through battery recycling technology partnership under which Johnson Controls will supply batteries to Aqua Metals for recycling and will also purchase the produced refined lead from Aqua Metals.
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