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Battery Recycling Market Expected to Grow at CAGR 10.9% BY 2024
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The rising stringency of government regulations pertaining to reducing the emission of greenhouse gases and the protection and conservation of the environment has given the global battery recycling services market all the push it needs. Growing awareness about recycling among the general population has also resulted in the surge in battery recycling, signaling the immense potential this market possesses. Battery manufacturers around the world have also realized the environmental and health hazards of used batteries and have been setting up their own recycling centers.
Research analysts predict that the global market for battery recycling services will register a steady 10.9% CAGR from 2016 to 2024, with the opportunity in this market rising from US$7.1 bn to be worth US$19.9 bn by the end of the forecast period.
Automotive Industry Largest Source of Spent Batteries
Based on spent battery source, the battery recycling services market is segmented into electronics, automotive, appliances, and others. Spent batteries sourced from the automotive sector enjoyed the largest share in the battery recycling market in 2015 and this segment is projected to retain its lead through 2024. The higher percentage of lead acid batteries used in vehicles is one of the main reasons why this sector has emerged as the leading source for spent batteries. These batteries are comparatively easy to extract and need relatively lesser operational excellence.
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Asia Pacific One of Most Attractive Markets for Battery Recycling Services
The global market for battery recycling services is geographically segmented into North America, South America, Asia Pacific, Europe, and the Middle East and Africa. Leading the global market in 2014, Europe has always been a major implementer of energy conservation technologies. The level of awareness regarding pollution control and energy conservation is rather high among the people in Europe, resulting in the rising demand for battery recycling services. This demand is also supported by the participation of various government institutions. The strict implementation of various rules pertaining to the proper disposal of used batteries and the strong support for recyclers in the form of compensations have greatly boosted the battery recycling services market in Europe.
North America is the second largest market for battery recycling services, fueled mainly by the imposition of stringent environmental norms by several government institutions in the U.S. and Canada. The region is marked by the establishment of streamlined processes from the consumer to the recycler for the flow of spent batteries. This has helped North America better utilize spent batteries as a means of saving the environment and tackling depleting earth metals. While the U.S. leads this regional market for battery recycling services, Mexico is projected to witness the highest growth over the forecast period.
Asia Pacific is one of the fastest growing economies in the world and also one of the most attractive markets for battery recycling services. Stringent environmental regulations and the rising exports from developing and developed countries are anticipated to give the APAC battery recycling services market a significant push in the next few years. Fewer environmental regulations and low labor cost also support this regional market. With the least stringent environmental and labor protection laws, India is expected to increase its share in the Asia Pacific battery recycling services market from 2016 to 2024.
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