Portland, OR, March 22, 2022 (GLOBE NEWSWIRE) -- 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.
Rise in awareness toward environmental pollution due to battery disposal and high recycling rate associated with lead-acid batteries drive the growth of the global battery recycling market. However, increase in focus on lowering cost of lithium-ion battery rather than its recyclability impedes the market growth. On the contrary, surge in adoption and growth of the electric vehicles industry creates new opportunities in the coming years.
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Covid-19 scenario:
- During the pandemic, due to the imposed lockdown and a temporary ban on import, export, and transportation activities, the supply chain and battery demand from automotive and consumer electronics manufacturers were disrupted. This negatively affected the market growth in the second, third, and fourth quarters of 2020.
- The pandemic has had a severe influence on different businesses and countries, resulting in a reduction in global manpower, which has resulted in lower consumer spending, thus lowering demand for electronics, automobiles, and other products.
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.
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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.
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.
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Leading players of the global battery recycling market discussed in the research include Accurec Recycling GmbH, Redwood Materials, Inc., Retriev Technologies, EnerSys, Li-Cycle Holdings Corp., Battery Solutions, Glencore International, Umicore, AkkuSer Oy, and Duesenfeld GmbH.
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