New York, United States , March 15, 2023 (GLOBE NEWSWIRE) -- The Global Battery Recycling Market Size is to Grow from USD 13.09 Billion in 2021 to USD 41.08 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 9.74% during the forecast period. Reasons for growth of the market include rising concerns regarding depleting precious and rare earth metals, growing demand for recycled batteries and other materials, and stringent government regulations and EPA guidelines. Due to the rising population consumption of the primary resources such as lead and lithium is expected to grow, in the coming years. This necessitates the need to recycle utilized materials to conserve natural resources and reduce environmental footprint. Lead acid batteries are among the world’s most recycled products and account for over 75% of the worldwide lead usage with a high recycling rate across the globe.
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Factors such as government regulations, environmental safety, and awareness among people are expected to drive growth of the global battery recycling market. Batteries must be recycled because of waste management requirements and environmental concerns. Since batteries carry several heavy metals and environmental risks, disposing of them along with other home waste has prompted concerns regarding water and environmental contamination. Increased attention is being focused on environmentally friendly resource management as the public's understanding of environmental issues grows.
The world demand for recycling batteries is anticipated to expand owing to variables such as stringent governmental limitations, environmental safety, and growing public awareness. Fully electric automotive demand is expected to expand as infrastructure and technology improve in the developed countries of Europe and North America. Lead-acid cells constitute one of the most recycled products around the globe, contributing to more than 85% of all lead usage worldwide and having a high global recycling rate. These elements are anticipated to fuel growth in the battery recycling market during the forecasting period. Also, with the rising demand for portable electronic devices, the battery recycling industry is predicted to offer huge potential over the projection period.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report TOC on the “Global Battery Recycling Market Size, Share, and COVID-19 Impact Analysis, By Battery Type (Lead Acid Battery, Nickel Cadmium Battery, Nickel Metal Hydride Battery, Lithium-Ion Battery, Other Battery Types), By Battery Recycling (Extraction of Materials, Reuse, Repackaging & Second Life, Disposal, Others), By Application (Industrial, Consumer & Electronic Appliance, Automotive & Transportation, Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030”. Get Detailed Report Description Here:
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The lithium-ion battery segment is witnessing significant CAGR growth over the forecast period.
On the basis of battery type, the Global Battery Recycling Market is segmented into lead acid battery, nickel cadmium batteries, nickel metal hydride batteries, lithium-ion batteries, and other battery types. Among these, the lithium-ion battery is expected to increase at a significant CAGR during the forecast period. One of the important reasons influencing the expansion of this market is the increasing use of lithium-based batteries in applications such as electronic appliances, transportation, and others.
The extraction of materials segment is dominating the market over the forecast period.
On the basis of battery recycling, the Global Battery Recycling Market is segmented into the extraction of materials, reuse, repackaging & second Life, disposal, and others. Among these, as a result of rising efforts by government and non-government organizations to construct power from renewable sources facilities, the extraction of materials segment is predicted to grow at a significant CAGR over the forecast period. One of the key factors driving this segment's growth is the rising use of battery-powered electric vehicles as an alternative to conventional fuel-powered automobiles.
The automotive & transportation segment is dominating the market with the largest market share of 58% over the forecast period.
Based on the vehicle type, the Global Battery Recycling Market is segmented into industrial, consumer & electronic appliance, automotive & transportation, and others. Among these, owing to recent developments in the automotive industry's technical features, the automotive & transportation category would dominate the market with the biggest market share of 58% over the projection period.
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Asia Pacific is dominating the market with the largest market share of 44%.
Asia Pacific, with a 44% market share, is expected to remain the industry's leading region during the projection period. The growing number of government policy initiatives made by industrialized nations in this region to encourage the adoption of electric vehicles is a key factor driving the battery recycling market growth. Furthermore, a growing number of ecologically conscious people is driving up demand for electric automobiles in this region. Europe is expected to grow the fastest throughout the projected period due to a surge in start-ups in the battery recycling business.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Battery Recycling Market include Raw Materials Company Inc., Retriev Technologies Inc., American Manganese Inc., Contemporary Amperex Technology Co., ACCUREC-Recycling GmbH, Glencore, Call2Recycle, Inc., Envirostream Australia Pty Ltd, Neometals Ltd., Exide Technologies, Battery Solutions, LLC, Li-Cycle Corp., ECOBAT Logistics, Johnson Controls International plc, EnerSys, Fortum Oyj, Aqua Metals, Inc., Cirba Solutions, Gravita India Ltd., TES-AMM Singapore Pte Ltd, Umicore, Duesenfeld, OnTo Technology LLC, East Penn Manufacturing Company, and among others.
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Recent Development
In April 2022, Call2Recycle and Li Industries established a collaboration to use Li Industries' breakthrough technology to supplement their battery sorting and recycling. The collaboration will initially focus on commercializing Li Industries' proprietary battery sorting technology, which will allow end-of-life batteries to be sorted more efficiently and correctly per battery chemistry.
In May 2022, the brand-new EU-funded effort ECO2LIB aims to make lithium-ion battery recycling and manufacture feasible. ACCUREC will be in charge of the recycling work package for the project and will investigate a cutting-edge recycling technology that is both materials efficient and economically viable.
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