According to a recent analysis by Emergen Research, the global Battery Recycling Market is anticipated to reach USD 24.57 billion by 2027. Due to the scarcity of raw materials like lithium, nickel, cobalt, and manganese used to make the cathode of batteries, the market for battery recycling is experiencing a rapid increase in demand.
The global battery recycling market is anticipated to expand as a result of elements including governmental restrictions, environmental safety, and public awareness. However, poor disassembly, inappropriate dismantling, and improper shredding are anticipated to restrain the growth of the battery recycling market during the anticipated time frame. The availability of protective layers to reduce the risk of fire and short circuiting, as well as the attractive design of batteries, are predicted to open up new growth potential in the global market.
Governmental restrictions, environmental safety concerns, and increased public awareness are some of the factors contributing to the anticipated growth of the global battery recycling market. However, during the predicted time period, it is anticipated that inadequate disassembly, incorrect dismantling, and improper shredding will hinder the growth of the battery recycling market. It is anticipated that new growth potential in the global market will be created by the availability of protective layers to lower the risk of fire and short circuiting as well as the appealing design of batteries.
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Increasing demand for consumer electronics is driving the market growth.
A growing number of individuals around the world have more discretionary income, which has increased demand for consumer electronics. The general high standard of living is a big contributor to the rising demand for electronics. Portable batteries are used by these electronics. These batteries are among the tonnes of electronic waste generated each year. Due to the rising quantity of batteries being disposed of, there may be more battery recycling facilities. These factors fuel the market for recycled batteries.
Some Key Highlights from the Report
One of the most common battery types to be recycled is the lead acid battery. The lead that is extracted during the recycling process can be used as a raw material to make batteries. Additionally, a significant source of lead metal production worldwide is secondary lead production. Additionally, it aids in defending the environment against damage brought on by lead’s dangerous properties. As a result, these elements are increasing the demand for secondary lead, which ultimately aids in the expansion of the battery recycling industry.
The market in North America, which in 2019 had the second-largest market share, is anticipated to expand at a 4.8% CAGR over the projected period. The region’s increasing demand is a result of the growing popularity of electric vehicles, particularly in the US. The government concern about the health risks associated with lithium-ion batteries is significantly driving the demand for battery recycling.
Key participants include Ecobat Logistics, East Penn Manufacturing Company Inc., Gopher Resource LLC, Retriev Technoloies Inc., Battery Solutions Inc., RSR Corporation, Glencore International AG, Fortum Oyj, Call2Recycle Inc., and Doe Run Company, among others.
Emergen Research has segmented the global battery recycling market on the basis of type, processing state, application, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Lithium-Based
- Nickel-Based
- Lead-Acid
- Others
Battery Recycling Outlook (Revenue, USD Billion; 2017-2027)
- Extraction of Materials
- Reuse, Repackaging, & Second Life
- Disposal
Application Outlook (Revenue, USD Billion; 2017-2027)
- Automotive & Transportation
- Consumer Electronics
- Industrial
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- US.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/battery-recycling-market
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