The global battery recycling market continues to rise due to the increased application of various battery types such as lead acid batteries, nickel-based, lithium-ion batteries, and others in various industries like electronics, automotive and industries. The global battery recycling market has been significantly growing and is expected to grow at a CAGR of 6.5% during 2022-28, as per a report published by OMR. The market is important because it helps in conserving the demand for natural virgin materials for battery production as well as it helps in reducing the cost and improving production techniques.
The market is growing significantly because of increasing global demand for consumer electronics, the rising popularity of electric vehicles (EVs) and surging demand for effective used battery management. The market uses mechanical and hydrometallurgical technologies for battery recycling. Umicore, Ecobat, LLC, and Glencore plc, are some of the key players in the industry. Though the market is growing at a high rate, it would require more industry and government initiatives to improve battery recycling technology opening the door for custom research.
Present State of Global Battery Recycling Market-
Rising Consumption of Battery and Improving Battery Recycling Management Processes
According to a report by OMR, the global battery market is expected to grow at a CAGR of 10.5% which raises the need for the battery recycling market as well. China is a leader in manufacturing batteries and so does battery recycling. The rising consumption of batteries is creating the need to focus more on the global battery recycling market. Battery recycling management includes processing every part of a battery effectively for example process to recycle metal, lead and other items used in a battery.
• Sensmet, an AI technology solution provider company introduced µDOES – a breakthrough technology helping to improve battery metal recycling and production processes.
• NTU Singapore and Se-cure Waste Management build a pilot recycling plant to tackle lithium-ion battery waste with biomass waste.
• Argonne is helping U.S. companies advance battery recycling technology and strengthen the nation’s battery supply chain.
Brand Collaborations and Partnerships
• Redwood Materials has formed partnerships with Ford and other Original Equipment Manufacturers such as Proterra, Korea's L&F, Volvo, and Panasonic to ensure an effective battery recycling process.
• Altilium and Marubeni collaborated on UK electric vehicle battery recycling to build a low-carbon supply chain for a sustainable automotive future.
• RecycLiCo Battery Materials and Zenith Chemical Announce a US$25 Million Lithium-ion Battery Recycling Joint Venture in Taiwan.
• SK Innovation collaborated with SungEel HiTech to Take the Lead in Battery Metal Recycling Market in December 2022.
Future of Global Battery Recycling Market-
Introduction of New Technologies
Rising global battery consumption exceeds the need to improve existing recycling technology and introduction of new ones to improve the recycling process globally.
• BASF and Tenova Advanced Technologies set up a lithium-ion battery recycling plant in Germany in which they will use Tenova'S innovative technology for extracting lithium, nickel, cobalt and manganese from end-of-life lithium-ion batteries and production scrap.
• VinES and Li-Cycle Launch Global Battery Recycling Partnership to explore global recycling solutions.
Circular Economy Initiatives
The global battery market is driving initiative for the circular economy in the market driving attention to the global battery recycling market. The joint initiatives are expected to support the overall growth of the battery recycling market globally through the help of circular economy initiatives.
• A battery passport technology can support the circular economy for the global battery recycling market.
• Australia’s battery recycling sector is introducing Australian Battery Recycling Initiative to support innovation and increased investment in the market.
The rising need for batteries all around the world in different sectors has encouraged the need to improve the global battery recycling industry for good. It will require new-age technology to improve the battery recycling process and build an environment to sustain the circular economy for the global battery recycling industry opening the door for various custom research in the industry.