WILMINGTON, DE / ACCESSWIRE / February 8, 2023 / According to the battery recycling market report by TMR, the global market was worth US$ 4.8 Bn in 2021 and is projected to expand at a CAGR of 10.14% between 2022 and 2031.
Battery recycling involves collecting, sorting, and processing used batteries for the extraction and refining of valuable metals and chemicals. The primary aim of battery recycling is to reduce the environmental impact of battery production and disposal, as well as to recover valuable materials for reuse.
Technological advancements and novel methods of recycling batteries have opened revenue-generation opportunities for the global market. Companies in the battery and recycling industries are working together to improve recycling processes and reduce the environmental impact of battery production, which is anticipated to offer lucrative opportunities for market progress.
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Battery Recycling Market: Growth Drivers
- Growth of the electric vehicle sector has had a significant impact on the battery recycling market. Batteries used in EVs are large, rechargeable lithium-ion batteries that are more complex and hazardous to recycle than traditional lead-acid batteries. As the number of EVs continues to grow, the need for effective and efficient recycling solutions for these batteries would increase, providing business opportunities for the battery recycling industry.
- Government bodies across the world are implementing regulations to promote battery recycling and reduce the environmental impact of battery production. Furthermore, several countries have implemented regulations mandating the proper recycling of EV batteries, which is estimated to augment the battery recycling industry growth.
- The market for second-life batteries, which are reused in stationary energy storage systems, is growing as a cost-effective alternative to new batteries. Thus, the battery recycling market has gained immense traction.
Key Findings of Battery Recycling Market
- The automotive segment is projected to acquire the major market share due to the rise in sales of EVs for their near-zero emission characteristics
- The electronic appliances segment is estimated to witness lucrative growth prospects as a result of high demand for portable electronic devices such as mobile phones, laptops, camcorders, and other wearable devices. This aspect has opened new avenues for the growth of the battery recycling market.
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Battery Recycling Market: Regional Landscape
- Asia Pacific is the fastest-growing region in the battery recycling market, driven by the increase in demand for electric vehicles and renewable energy sources in countries such as China and India. Furthermore, the exponential growth of the automobile industry in these countries has opened multiple growth avenues for the market.
- North America is a key region in the battery recycling market, with the US being a major market for battery recycling. The region has a well-developed recycling infrastructure and strong regulations promoting battery recycling, which boost the battery recycling market in the region.
Battery Recycling Market: Competitive Landscape
Companies are competing based on factors such as cost-effectiveness, technology, and environmental sustainability. Leading players are investing in research and development to improve their recycling processes and reduce the environmental impact of battery production. Advances in battery recycling technology, such as hydrometallurgical processes, are making it easier and more cost-effective to recycle batteries.
The battery recycling market is also expected to witness increased competition in the next few years as new players enter the market and existing players expand their operations. Moreover, the increase in demand for electric vehicles and renewable energy sources is expected to drive further growth and competition in the battery recycling market.
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Key players operating in the global market are:
- G&P Batteries
- Exide Technologies
- Call2Recycle, Inc.
- EnerSys
- Battery Solutions LLC
- Kinsbursky Bros Supply, Inc.
- Lithium-ion
Battery Recycling Market: Segmentation
Battery Chemistry
- Lead-acid
- Nickel-cadmium
- Others
Spent Battery Source
- Automotive
- Electronic Appliances
- Others
End-use
- Extraction of Materials
- Disposal
- Repackaging, Reuse, and Second Life
Regions
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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