Pune, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Battery Recycling Market Analysis/Battery Recycling Market Trends
The global battery recycling industry is highly lucrative and predicted to witness significant growth at a healthy 5.85% CAGR over the forecast period (2020- 2026), reveals the Market Research Future (MRFR) report. Battery recycling is the collection of batteries through different sources like electronic, consumer, industrial, and automotive appliances and the recovery of metals of element with recycling.
Fascinating Features that Spur Market Growth
As per the Market Research Future report, there are numerous factors that are propelling the battery recycling market size. These include the growing concerns for depleting rare earth metals, need for recycled batteries owing to environmental protection guidelines and stringent government regulations, need to reduce environmental pollution, need to reduce the toxic effects of metals used in batteries and the second use of similar metals with the help of recycling, high recycling rate related to lead-acid battery, and rising focus on lithium-ion battery. Besides, the rise in standard of living, increase in consumer’s disposable income, and rise in the consumption of portable electronics like wearable devices, portable chargers, camcorders, digital cameras, tablets, mobile phones, and tablets are also adding to the battery recycling market revenue.
On the contrary, safety issues associated with the disposal of spent batteries, complication related to lithium-ion batteries, high cost, low yield related to battery recycling, and lack of strong supply chain may have a negative impact on the battery recycling market outlook over the forecast period.
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COVID-19 Analysis
The global coronavirus outbreak has changed lives irrevocably, affecting the economy worldwide and casting its shadow on almost every industry, including the battery recycling market. In the lithium battery supply chain, China figures predominantly. China dominated the battery supply chain from raw materials and production of electrode material to pack and battery production. But this crisis led to key disruptions in the supply chain and sales of battery-operated products. Stay at home orders and quarantines barred workers to operate automobile and battery production facilities, closed down refineries and mines, and froze the shipments of manufactured goods. Mass layoffs and economic uncertainty have curtailed the spending of consumers and thus pulled down the need for tablets and mobile phones. This may possess a negative effect on the battery recycling market share. The market, however, is likely to get back to normalcy soon.
Market Segmentation
The MRFR report offers an inclusive analysis of the battery recycling market based on source, application, and chemistry.
By chemistry, the global battery recycling market is segmented into lithium-based, nickel-based, lead-acid, and others. Of these, the lead-acid segment will lead the market over the forecast period, while the lithium-based segment will have a significant share during the forecast period for its wide application.
By application, the global battery recycling market is segmented into industrial, consumer electronics, transportation, and others. Of these, the industrial segment will dominate the market over the forecast period, while the transportation segment will grow at the fastest pace over the forecast period for the growing adoption of batteries in electric cars.
By source, the global battery recycling market is segmented into consumer electronic appliance batteries, industrial batteries, and automotive batteries. Of these, automotive batteries will spearhead the market over the forecast period.
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Regional Analysis
APAC to Dominate Battery Recycling Market
By region, the global battery recycling market covers growth opportunities and the latest trends across Europe, the Asia Pacific (APAC), North America, the Middle East and Africa (MEA), and South America. Of these, the APAC region will dominate the market over the forecast period. Low cost of production, rising environmental regulations in India, South East Asian countries, Japan, and China, and the growing need for electric vehicles are adding to the battery recycling market growth in the region. China has the utmost market share, followed by India, South Korea, and Japan.
Europe to Grab Second-Largest Share in Battery Recycling Market
In Europe, the battery recycling market is predicted to grab the second-largest share over the forecast period. Significant support by the EU government and regulatory bodies, favorable policies for recycling, directive passed by the EU for high battery recycling rate, and battery recycling considered a legislative approach are adding to the global battery recycling market value in the region.
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Competitive Landscape
The prominent players profiled in the global battery recycling market report include:
- TES-AMM Singapore Pte Ltd (Singapore)
- Neometals Ltd (Australia)
- American Manganese Inc. (Canada)
- Teck Resources Limited (Canada)
- Fortum Oyj (Finland)
- Ecobat Logistics (US)
- Gravita India Ltd (India)
- Retriev Technologies, Inc. (US)
- Johnson Controls International plc (US)
- Enersys (US)
- Aqua Metals, Inc. (US)
- Contemporary Amperex Technology Co. Ltd (CATL) (China)
- Exide Industries Ltd (India)
- Umicore (Belgium)
- Battery Solutions, LLC (US)
- Exide Technologies (US), and
- Call2Recylce, Inc. (US). , among others
The battery recycling market is competitive and fragmented in nature with the presence of several well-established domestic and international players. These key players have encompassed several strategies to stay at the forefront and also cater to the burgeoning needs of the consumers, such as M&A, partnerships and collaborations, joint ventures, new product launches, R&D, and many others.
Industry Updates
- February 2021- A battery-lifecycle management company based in Illinois, Renewance has received an award for innovations in battery recycling, reuse, and collection.
- February 2021- Fortum has expanded EV battery recycling operations in Finland with a mechanical processing plant.
- January 2021- Volkswagen Group Components have begun battery recycling for recovering valuable raw materials.
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