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Battery Recycling Market Expected to Grow Substantially by 2031 Owing to Growing Demand for EVs Across the Globe
Battery Recycling Market
Press Release:
Research Dive has added a new report to its offering titled, Battery Recycling Market by Battery Type (Li-ion Battery, Lead Acid Battery (LAB), Nickel-based Battery, Zn-MnO₂ based battery, and Others), Source (Consumer Electronics, Automotive, Industrial, and Others), Technology (Pyrometallurgical, Hydrometallurgical, Hybrid, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031
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As per the most recent report published by Research Dive, the global battery recycling market is envisioned to generate a revenue of $47.2 billion and rise at a CAGR of 14.5% throughout the analysis period from 2022 to 2031.
Dynamics of the Market
Drivers: A growth in the demand for electric vehicles across the globe is expected to make the battery recycling market highly lucrative during the forecast period. In addition, increasing adoption of renewable energy sources is anticipated to help the market reach new heights.
Opportunities: Increasing environmental regulations to reduce greenhouse gas emissions is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, growing demand for lithium-ion batteries is expected to propel the battery recycling market forward in the coming period.
Restraints: The high initial costs of battery recycling may impede the growth of the market throughout the growth of the market.
COVID-19 Impact on the Global Battery Recycling Market
The COVID-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The battery recycling market, too, experienced a negative impact of the pandemic. Disruptions in global supply chains led to inefficient supply of batteries for electric vehicles. This reduced the demand for battery recycling which affected the growth rate of the market during the pandemic.
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Segments of the Market
The report has divided the battery recycling market into various segments based on type, source, technology, and region.
Based on type, the lead acid battery (LAB) sub-segment is held the dominant market share in 2021. The impressive recycling rate of lead acid batteries of above 90%, making them the most recycled consumer product, is predicted to boost the growth of this sub-segment by 2031.
Based on source, the consumer electronics sub-segment is predicted to hold significant market share by 2031. Significant market share by 2031. Growing demand for batteries due to the surge in demand for electronic devices is expected to boost the sub-segment's growth.
Based on technology, the pyrometallurgical sub-segment is predicted to be the most dominant during the forecast period. The less waste liquid output and high efficiency offered by pyrometallurgical processes is expected to boost the sub-segment's growth by 2031.
Based on region, the Asia-Pacific battery recycling market held the largest market share in 2021. The increase in the number of EV and electronic product sales across India, Japan, South Korea, and Australia is expected to help the industry to flourish immensely during the forecast period.
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Key Players of the Global Market
The major players of the market include GEM Co., Ltd., ENERSYS, The Doe Run Company, Guangdong Brunp recycling Technology Co., Ltd., Glencore, ACCUREC-Recycling GmbH, Battery Systems Inc., Li-Cycle Corporation, RecycLiCo Battery Materials Inc., and Umicore. These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.
For instance, in March 2022, Retriev Technologies, a leading lithium battery recycler in North America, announced the acquisition of Battery Solutions, a battery management solutions provider. This acquisition is predicted to offer numerous expansion opportunities to the acquiring company i.e., Retriev Technologies in the near future.
The report also presents other important aspects, such as the financial performance of the key players, SWOT analysis, latest strategic developments, and product portfolio.
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