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Battery Recycling Market Report- Demand, Cost Structures, Latest trends, and Forecasts by 2030
According to the report published by Allied Market Research, the global battery recycling market generated $11.1 billion in 2020, and is estimated to generate $66.6 billion by 2030, witnessing a CAGR of 19.5% from 2021 to 2030. The report offers a detailed analysis of changing market trends, value chain, top segments, key investment pockets, regional scenarios, and competitive landscape.The global battery recycling market is anticipated to witness rapid growth, owing to increase in use of various automobiles such as electric & hybrid vehicles, which, in turn, is anticipated to fuel growth of the battery recycling market in upcoming years. Currently, there are established patented recycling methods that are available in the market. Therefore, battery recycling is done by patented methods of individual manufacturers or other organizations. Besides this, favorable government policies to support battery recycling infrastructure is driving the growth of this market. Whereas, complications related to lithium-ion batteries is the key growth barrier in this market.
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Depending on chemistry, the lead-acid battery segment held highest position in battery recycling market share of about 63.9% in 2020, and is expected to maintain its dominance during the forecast period. This is attributed to the fact that lead-acid battery is highly profitable in terms of recycling, has low cost over other battery types, and its greater adoption as it is the first commercial battery in energy storage applications. On the other hand, lithium-ion battery recycling may gather great momentum during the forecast period in response to the growing efforts to develop patented recycling methods.
The report offers detailed segmentation of the global battery recycling market based on chemistry, source, application, and region.
Based on chemistry, the lead-acid battery segment held the highest market share in 2020, accounting for nearly two-thirds of the total share, and is projected to maintain its leadership status during the forecast period. However, the lithium-based battery segment is estimated to grow at the fastest CAGR of 30.5% from 2021 to 2030.
Based on source, the industrial batteries segment accounted for the largest share in 2020, contributing to more than half of the global battery recycling market, and is expected to maintain its lead position during the forecast period. However, the automotive batteries segment is projected to portray the highest CAGR of 19.9% from 2021 to 2030.
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Based on region, Europe contributed to the highest share in 2020, accounting for more than one-third of the total share, and is expected to continue its dominant share in terms of revenue by 2030. However, Asia-Pacific is projected to manifest the largest CAGR of 20.2% during the forecast period.
The global battery recycling market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include • LI-CYCLE CORP., Accurec Recycling GmbH, Battery Solutions, Redwood Materials, Inc., Glencore International, Retriev Technologies, Umicore, Enersys, AkkuSer Oy, and Duesenfeld GmbH.
Other players operating in the value chain of the global battery recycling industry are Neometals Ltd., Primobius, Green Li-ion Pvt., Ltd., SungEel MCC Americas, Redux GmbH, and others.
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COVID-19 impact on the market
The global battery recycling market has witnessed steady growth in 2020, owing to the outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries and countries, thereby decreasing manpower across the globe, which, in turn, decreased consumer spending and thus, decreased demand for electronics, automotive, and other products. However, owing to lockdown imposed across the globe, there is a supply-demand gap, which resulted in halt in supply for equipment or batteries used in recycling processes. In Europe, economies, such as Germany, France, Spain, and Italy, are following stringent measures, such as maintaining social distance and limiting movements to prevent spread of coronavirus. Moreover, such safety measures have been witnessed across the globe, which further impacted the global battery recycling market growth.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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