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South Korea Battery Recycling Market Size, Share, Growth: By Material: Metals, Electrolytes, Plastics, Others; By Recycling Process: Hydrometallurgy, Pyrometallurgy, Lithium-Ion Battery Recycling Process, Lead-Acid Battery Recycling Process; By Processing State; By Chemistry; By Source; Competitive Landscape; 2024-2032
South Korea Battery Recycling Market Outlook
The South Korea battery recycling market size was approximately USD 202.47 million in 2023. The market is assessed to grow at a CAGR of 6% between 2024 and 2032, reaching a value of USD 344.33 million by 2032.
Key Takeaways
- Due to high nickel and cobalt prices, South Korean companies now rely on existing batteries for 40% of raw materials, allowing them to produce high-quality electronic products.
- The level of public consciousness regarding the environmental consequences of battery disposal is increasing. This growing awareness is fuelling the need for sustainable and eco-friendly solutions for recycling batteries.
- Several approaches are being evaluated, such as repurposing waste Li-ion batteries as an energy storage system or recovering metals (Li, Co, Ni) through hydrometallurgical and pyrometallurgical methods to reduce discarded batteries.
Technological innovations in the process of extracting metals from used batteries are expected to boost the South Korea battery recycling market growth. For instance, the hydrometallurgical process of raw material extraction is ecofriendly and energy efficient. The method uses water-based solutions to extract essential metals from lithium-ion batteries.
As per the South Korea battery recycling market analysis, metals are expected to be the major recycling output. This is because they are used to manufacture second life batteries which are in huge demand in telecom and data centre backup services, behind the metre storage services, and front of the metre storage service sectors. They can also be used to power small electric vehicles like forklifts and golf carts to move goods and sporting equipment.
Lithium batteries are expected to account for a significant share of the battery recycling market due to their widespread use in electrical energy storage systems and consumer electronics products like wireless headphones, smartphones, hand-held power tools, toys, and small kitchen appliances, among others. They are also used in electric vehicles to power engines and reduce emissions. The South Korean company SungEel HiTech processes more than 8000 tonnes of lithium-ion batteries and metal scraps annually. It draws 830 tonnes of lithium phosphate from it which is deployed for other purposes across diverse industries.
Market Segmentation
South Korea Battery Recycling Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Material
- Metals
- Electrolytes
- Plastics
- Others
Market Breakup by Recycling Process
- Hydrometallurgy
- Pyrometallurgy
- Pyrometallurgy
- Lead-Acid Battery Recycling Process
Market Breakup by Processing State
- Extraction of Material
- Reuse, Repackaging and Second Life
- Disposal
Market Breakup by Chemistry
- Lead-Acid
- Nickel Based
- Lithium Based
- Others
Market Breakup by Source
- Automotive Batteries
- Industrial Batteries
- Consumer and Electronic Appliance Batteries
Competitive Landscape
The market players are heavily investing in recycling infrastructure and facilities to enhance their capabilities and accelerate the transition towards circular economy.
- LG Corp. (LG Energy Solutions Ltd.)
- Samsung SDI Co. Ltd.
- SungEel Hitech Co. Ltd.
- Young Poong Co., Ltd.
- SK Ecoplant Co. Ltd.
- COSMO & Company Inc.
- Korea Zinc Inc.
- JaeYoungTech. Ltd.
- Green Li-ion Pte Ltd.
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Material |
|
| Breakup by Recycling Process |
|
| Breakup by Processing State |
|
| Breakup by Chemistry |
|
| Breakup by Source |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Battery Recycling Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Battery Recycling Historical Market (2018-2023)
8.3 Asia Pacific Battery Recycling Market Forecast (2024-2032)
8.4 Asia Pacific Battery Recycling Market Breakup by Country
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 ASEAN
8.4.5 Australia
8.4.6 South Korea
8.4.7 Others
9 South Korea Battery Recycling Market Overview
9.1 Key Industry Highlights
9.2 South Korea Battery Recycling Historical Market (2018-2023)
9.3 South Korea Battery Recycling Market Forecast (2024-2032)
10 South Korea Battery Recycling Market by Material
10.1 Metals
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Electrolytes
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Plastics
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Others
11 South Korea Battery Recycling Market by Recycling Process
11.1 Hydrometallurgy
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Pyrometallurgy
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Lithium-Ion Battery Recycling Process
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Lead-Acid Battery Recycling Process
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
12 South Korea Battery Recycling Market by Processing State
12.1 Extraction of Material
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Reuse, Repackaging and Second Life
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Disposal
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
13 South Korea Battery Recycling Market by Chemistry
13.1 Lead-Acid
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Nickel Based
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Lithium Based
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Others
14 South Korea Battery Recycling Market by Source
14.1 Automotive Batteries
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 Industrial Batteries
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
14.3 Consumer and Electronic Appliance Batteries
14.3.1 Historical Trend (2018-2023)
14.3.2 Forecast Trend (2024-2032)
15 Market Dynamics
15.1 SWOT Analysis
15.1.1 Strengths
15.1.2 Weaknesses
15.1.3 Opportunities
15.1.4 Threats
15.2 Porter’s Five Forces Analysis
15.2.1 Supplier’s Power
15.2.2 Buyer’s Power
15.2.3 Threat of New Entrants
15.2.4 Degree of Rivalry
15.2.5 Threat of Substitutes
15.3 Key Indicators for Demand
15.4 Key Indicators for Price
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 LG Corp. (LG Energy Solutions Ltd.)
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Samsung SDI Co. Ltd.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 SungEel Hitech Co. Ltd.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Young Poong Co., Ltd.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 SK Ecoplant Co. Ltd.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 COSMO & Company Inc.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Korea Zinc Inc.
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 JaeYoungTech. Ltd.
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Green Li-ion Pte Ltd.
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Battery Recycling Market: Key Industry Highlights, 2018 and 2032
2. South Korea Battery Recycling Market: Key Industry Highlights, 2018 and 2032
3. South Korea Battery Recycling Historical Market: Breakup by Material (USD Million), 2018-2023
4. South Korea Battery Recycling Market Forecast: Breakup by Material (USD Million), 2024-2032
5. South Korea Battery Recycling Historical Market: Breakup by Recycling Process (USD Million), 2018-2023
6. South Korea Battery Recycling Market Forecast: Breakup by Recycling Process (USD Million), 2024-2032
7. South Korea Battery Recycling Historical Market: Breakup by Processing State (USD Million), 2018-2023
8. South Korea Battery Recycling Market Forecast: Breakup by Processing State (USD Million), 2024-2032
9. South Korea Battery Recycling Historical Market: Breakup by Chemistry (USD Million), 2018-2023
10. South Korea Battery Recycling Market Forecast: Breakup by Chemistry (USD Million), 2024-2032
11. South Korea Battery Recycling Historical Market: Breakup by Source (USD Million), 2018-2023
12. South Korea Battery Recycling Market Forecast: Breakup by Source (USD Million), 2024-2032
13. South Korea Battery Recycling Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 202.47 million.
The market is estimated to grow at a CAGR of 6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 344.33 million by 2032.
The market is driven by the growing research on the uses and applications of second life batteries and the growing need for sustainability in the battery manufacturing sector.
The key trends aiding the market expansion include the establishment of battery recycling units by companies, technological innovations, and increasing environmental concerns.
The different recycling processes are hydrometallurgy, pyrometallurgy, lithium-ion battery recycling process, and lead-acid battery recycling process.
The major segments based on battery chemistry are lead-acid battery, nickel based, and lithium based, among others.
The major players in the market are LG Corp. (LG Energy Solutions Ltd.), Samsung SDI Co. Ltd., SungEel Hitech Co. Ltd., Young Poong Co., Ltd., SK Ecoplant Co. Ltd., COSMO & Company Inc., Korea Zinc Inc., JaeYoungTech. Ltd., and Green Li-ion Pte Ltd., among others.
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