Market Research Future (MRFR) projects the global battery recycling market size to reach USD 24.50 billion at a CAGR of 5.85% from 2020 to 2026 (forecast period).
Growing environmental concern around the world has made recycling used products a necessary task in order to meet the global demand of reducing humankind's carbon footprint in the long run. Other major factors driving the significant growth of the battery recycling market during the forecast period will be increasing concerns about depleting precious and rare earth metals, rising demand for recycled batteries in general, and stringent government regulations and EPA (Environmental Protection Agency) guidelines directed at minimizing harmful emissions and reducing global warming.
Growing concerns about battery waste disposal, as well as strict government policies in light of the increased use of lithium-ion batteries, are driving the growth of the battery recycling market. This increase in usage can be attributed to the decrease in lithium-ion battery prices as well as the growing adoption of electric vehicles, which rely heavily on this battery type. The toxic waste generated by the manufacturing of new batteries is much greater than the toxic waste generated by recycling them. That is one of the main reasons why many governments have enacted favorable regulations for this industry, and these regulations are expected to keep battery recycling market trends rising.
COVID-19 Impact on the Global Battery Recycling Market
The battery recycling market growth was hampered by widespread supply chain disruptions around the world and manufacturing processes that were hampered and/or suspended during the COVID-19 outbreak. Labor shortages, raw material scarcity, global trade stagnation, and subsequent delays in product installation in the market ecosystem have proven to be key difficulties that the industry will have to overcome. Delayed projects result in price increases, which further impede the battery recycling market outlook.
Call2Recycle, Inc. (US), Battery Solutions, LLC (US), Exide Technologies (US), Umicore (Belgium), Exide Industries Ltd. (India), Contemporary Amperex Technology Co. Ltd. (CATL) (China), GEM Co., Ltd. (China), EnerSys (US), Johnson Controls International plc (US), Aqua Metals, Inc. (US), Retriev Technologies Inc. (US), Gravita India Limited (India), ECOBAT Logistics (UK), Fortum Oyj (Finland), Teck Resources Limited (Canada), American Manganese Inc. (Canada), Glencore International AG (Switzerland), TES-AMM Singapore Pte Ltd (Singapore), RSR Corporation (US), COM2 Recycling Solutions (US), East Penn Manufacturing Company, Inc. (US), The Doe Run Company (US), Raw Materials Company Inc. (RMC) (Canada), Neometals Ltd (Australia), Terrapure Environmental (Canada), Gopher Resource LLC (US).
Region-wise, the global battery recycling market has been segmented into North America, Asia Pacific, Europe, and the rest of the world.
During the forecast period, the Asia Pacific region will be seen leading the battery recycling market with the highest projected CAGR. The Asia Pacific battery recycling market will grow due to rising demand for electric vehicles and tightening environmental regulations in APAC countries. China, India, Japan, and South Korea will be the primary drivers of this market.
The global battery recycling market has been segmented into chemistry, application, and source.
By chemistry, the global battery recycling market has been segmented into lead-acid, nickel-based, lithium-based and others.
By application, the global battery recycling market has been segmented into transportation, consumer electronics, industrial and others.
By source, the global battery recycling market has been segmented into automotive batteries, industrial batteries and consumer electronics appliance batteries.
The global battery recycling market is set to reach USD 24.50 billion at a CAGR of 5.85% from 2020 to 2026 (forecast period). During the forecast year, global environmental awareness will drive global battery recycling market trends. While manufacturing batteries is a less expensive procedure than recycling them, the overall negative environmental impact of manufacturing them is driving governments to invest in recycling projects. Governments have implemented favorable regulations and policies to assist players in the battery recycling market, which will further expand the global battery recycling market share in the coming years.
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