South Korea Battery Recycling Market Report and Forecast 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