Global battery recycling market projected to driving due to the rapid growth in the electrification of transportation solutions, the presence of stringent government regulations, and the growing demand for recycled batteries
battery recycling
The global battery recycling market size was valued at USD 16.6 billion in 2019 and projected to reach USD 24.80 Billion by 2027, registering a CAGR of 4.85%. It is primarily attributed to the growing use of recovered metal for recycled battery production to help in the reduction of CO2 emissions to a large extent and energy requirements related to mining, which leads to the robust growth of the market. Additionally, the increasing government regulations and policy to bring down the level of pollution and keeping the emission of greenhouse gases under check would propel the market growth. Further, the growing concerns regarding depleting precious and rare earth metals and stringent EPA (Environmental Protection Agency) guidelines will foster the growth of the global battery recycling market share in future periods.
Moreover, the surge in the recycling of utilized materials such as the consumption of primary resources such as lead and lithium to conserve natural resources and reduce environmental footprint is anticipated to influence the global battery recycling industry. Furthermore, the growing interest in battery recycling from the mining sector is strengthening the market growth. Also, the upsurge in environmental concerns, consistent increase in the number of retired lithium-ion batteries, and the development of new battery recycling facilities units are positively impacting the demand. Additionally, the increasing demand for usage of a secondary battery as it saves the environment from potential hazards, and the cost of the primary battery is expected to witness remarkable growth of the market.
Chemistry Overview in the Global Battery Recycling Market
Based on Chemistry, the global battery recycling market classified into lithium-ion battery, lead-acid battery, nickel-cadmium battery, and others. The lead-acid battery will be the fastest-growing segment in the forecast period. It is attributable to the lead-acid battery are highly recyclable, and it is used in motorized vehicles, for storage of energy generated devices, and lighting and electrical appliances.
Source Overview in the Global Battery Recycling market
Based on the source, the global battery recycling market segregated into automotive batteries, industrial batteries, and consumer & electronic appliance batteries. The industrial batteries segment held for the highest revenue in 2019 due to the surge in demand for industries batteries in transport vehicles, power backup systems, and heavy construction machinery and manufacturing machinery.
Application Overview in the Global Battery Recycling Market
Based on the application, the global battery recycling market segmented into transport, consumer electronics, industrial, and others. The transport segment accounted for a larger market share in 2019 and projected to lead the market by 2027. It is due to increasing income levels across the globe, rapid urbanization, and a shift in consumer preferences toward electric vehicles along with the various government supportive regulatory policies for the rising sales of the electric vehicle.
Processing State Overview in the Global Battery Recycling Market
Based on the processing state, the global battery recycling market categorized into the extraction of materials, disposal, and repackaging, reuse, and second life. The repackaging, reuse, and second life generated the largest revenue in 2019, as it is processed through the various process such as heat treatment, wet treatment, and vacuum heat treatment method.
Regional Overview in the Global Battery Recycling Market
By geography, the global battery recycling market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America gained maximum revenue share in 2019. It is owing to the presence of keys players in these regions, and the upsurge in investments, government initiatives to safeguard the environment, entry of multiple e-waste management startups, and incentive structures for participants those are involved in the battery recycling market.
Global Battery Recycling Market: Competitive Landscape
Companies such as Call2Recycle, Inc, Battery Solutions, LLC, Exide Technologies, Umicore, Exide Industries Ltd., Contemporary Amperex Technology Co. Ltd. (CATL), GEM Co., Ltd., EnerSys, Johnson Controls International plc, Aqua Metals, Inc., Retriev Technologies Inc., Gravita India Limited, ECOBAT Logistics, Fortum Oyj, Teck Resources Limited, American Manganese Inc., Glencore International AG, TES-AMM Singapore Pte Ltd, RSR Corporation, COM2 Recycling Solutions, are the key players in the global battery recycling market.
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