Wilmington, Delaware, United States, June 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The Global Battery Recycling Market size was worth US$ 4.8 Bn in 2021 and is estimated to reach US$ 12.3 Bn by 2031.The global industry is likely to grow at a CAGR of 10.14% between 2022 and 2031.
A rise in environmental concerns, spurred by careless disposal of spent batteries, and escalating market demand for mobile electronic gadgets to boost the global battery industry. The need for battery recycling is likely to rise in the next few years due to a consumer-led economic boom. Battery recycling has increased globally due to environmental advantages and strict government regulations to cut carbon emissions.
Higher demand for consumer electronics such as tablets, laptops, and smartphone batteries presents immense growth opportunities to key players in the battery recycling industry. A rise in vehicle demand, particularly electric vehicles, is projected to boost the automotive segment of this global market.
Utilization of the secondary lead metal recovered from discarded batteries also reduces the total cost associated with the main lead extracted from the ore. Major firms are making considerable investments in battery recycling research and development activities. This is expected to drive market development.
Recycling of batteries contributes to global efforts to lower energy use and cost of production. The need for battery recycling is rising across a range of industries, including those that extract materials, repackage them, utilize them again, and engage in second-life disposal. Batteries that have been improperly disposed of or dumped are contributing to a number of environmental issues and raising worries about contaminated soil.
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Key Findings of Market Report
- Based on battery chemistry, in 2021, the lead-acid segment retained a sizable market share, accounting for 80.25%. Lead-acid battery is considered mature, dependable, long-lasting, and widely accepted energy source. The segment is also likely to dominate the global market between 2022 and 2031.
- Based on spent battery source, the automotive segment accounted for a significant share of 81.8% of the market in 2021. The automotive sector is anticipated to lead the market; as electric vehicles are becoming increasingly popular due to their emission-free operation. As a result, there is a rising demand for battery recycling along with an increase in battery usage.
- Based on end-use, the extraction of materials segment is expected to account for major market share during the forecast period. The segment represented a sizable proportion of 68.1% of the global market in 2021.This is because it is advantageous to extract materials from spent batteries since those materials can be utilized as raw materials for a variety of goods, especially batteries.
Global Battery Recycling Market: Regional Landscape
- Asia Pacific dominated the global industry with 42.6% share in 2021. The market in the region is anticipated to expand significantly between 2022 and 2031. With a market share of over 62.7% in the Asia Pacific region, China represents an important customer base for battery recycling. Growth in demand for vehicles in developing countries, particularly in India and China, is likely to keep this trend going in the next few years
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Global Battery Recycling Market: Growth Drivers
- Several non-profit groups have also launched campaigns to spread knowledge about recycling of batteries. As a result, the flow of lead-acid battery waste for recycling has increased. These non-profit groups have partnered with a range of automotive businesses, battery producers, and service providers for the recycling of EV batteries and disposal of alkaline batteries. As a result, the global battery recycling industry growth is attributed to growing awareness regarding health and environmental risks.
- Over the past few years, there has been a noticeable increase in market demand for electronic devices. Given an improving quality of living and increase in disposable income, usage of portable electronics, including wearable gadgets, portable chargers, mobile phones, laptops, and others, has also been rising quickly.
Rechargeable batteries, which are used in portable gadgets, typically last between two and five years, depending on the type and size of battery. As a result, the market for battery recycling is predicted to observe tremendous growth due to the increase in popularity of portable electronic devices.
Global Battery Recycling Market: Key Players
Some of the key players in the global battery recycling market are as follows
- East Penn Manufacturing Company
- Johnson Controls International PLC.
- Retriev Technologies Inc.
- Battery Solutions LLC
- Umicore N.V.
- American Manganese Inc
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Global Battery Recycling Market: Segmentation
Battery Chemistry
- Lithium-ion
- Lead-acid
- Nickel-cadmium
- Others
Spent Battery Source
- Automotive
- Electronic Appliances
- Others
End-use
- Extraction of Materials
- Disposal
- Repackaging, Reuse, and Second Life
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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