Global Battery Recycling Market Size To Grow At A CAGR Of 7.80% In The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
Battery Recycling Market Size, Share, Trends, Industry, Key Player, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 11.34 billion
• Forecast CAGR (2023-2028): 7.80%
• Forecast Market Size (2028): USD 17.8 billion
The increasing demand for batteries in consumer electronics is driving the demand for battery recycling. Downstream products of lithium-ion batteries such as handheld electronic devices, gadgets, battery-powered toys, and headphones, among others, are fuelling the global battery recycling market.
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The growing need for battery recycling in the transportation sector is another crucial market driving factor. This can be attributed to the fact that battery recycling can reduce the cost of commercial battery production made out of nickel, zinc, or lead, which can enhance the business profitability. It can also reduce the risk of battery misuse. Further, the technological advancements in the automotive sector is another major driving factor of the market propelling the sale of battery electric vehicles.
Over the forecast period, the anticipated increase in concerns pertaining to environment degradation, supported by the favourable policies of various governments are expected to fuel the battery recycling market. Mishandling or improper disposal of batteries can cause severe burns and can damage the health of humans and animals. Hence, the demand for recycled batteries is likely to witness a heightened demand in the forecast period.
Battery Recycling Industry Definition and Major Segments
Battery recycling refers to the process of reusing a battery, reprocessing it, or safely disposing of it. Batteries can contain harmful substances such as cadmium, lead, and sulfuric acid, among others, which need to be handled properly, which is the primary aim of battery recycling processes.
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Based on chemistry, the market is segmented into:
• Lead Acid
By application, the market is divided into:
• Consumer Electronics
On the basis of region, the market is categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Battery Recycling Market Trends
The key trends in the global battery recycling market include the rapid advancements in the industrial sector encouraging the adoption of battery driven technologies. Devices with battery components such as electric bikes, electric wheelchairs, and electric automobiles are witnessing a heightened demand. Moreover, the stringent regulations by various governments aimed towards reducing the emission of greenhouse gases is expected to provide impetus to the market in the forecast period. The declining prices of lithium-ion batteries and the rising application of these batteries across various commercial and domestic sectors are likely to be the crucial trends in the battery recycling market.
Meanwhile, scientists and researchers are currently focusing on developing a circular economy by conserving energy utilised in the transportation sector. The expansion of battery usage across sectors such as power generation and marine are expected to be major trends in the market. Further, the rising investments towards the development of lithium-ion battery producing facilities are expected to fuel the demand for recycled batteries in order to increase profitability and operational efficiency.
In terms of regions, Asia Pacific occupies a significant share in the market, driven by the rapid expansion of the industrial sector across the emerging economies such as India and China, leading to a heightened demand for batteries.
Key Market Players
The major players in the global battery recycling market report are:
• Ecobat, LLC
• Glencore plc
• Li-Cycle Corporation
• American Battery Technology Company (ABTC)
• East Penn Manufacturing
• ERecycLiCo Battery Materials Inc.
• Ganfeng Lithium Group Co., Ltd
• Exide Industries Limited
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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