Albany NY, United States, May 24, 2022 (GLOBE NEWSWIRE) -- The global battery recycling market was worth more than US$ 4.2 Bn in 2020. The market is estimated to rise at a CAGR of 10% during the forecast period, from 2021 to 2031.The global battery recycling market is anticipated to attain valuation of US$ 12.1 Bn by 2031. Lead acid batteries are considered amongst the most often recycled battery forms. The lead collected during the recycling process can be utilized as a raw material in the battery manufacturing process. In addition to that, secondary lead manufacturing is a key source of lead metal production across the globe. Furthermore, it aids in the protection of the environment from the negative effects of lead's toxic nature. As a result, the demand for secondary lead has increased, leading to the expansion of the global battery recycling market.
Many firms in the global market are working toward increasing their recycling capacity. For instance, e-waste recycling company Attero has heavily invested on increasing its existing lithium-ion battery recycling capability by 11 times. As a result of these advancements, the global battery recycling market has a great deal of potential.
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Due to production halts and manpower constraints during the COVID-19 pandemic, shortage of raw material is expected to take place. Nonetheless, organizations in the global battery recycling market are using contingency planning to maintain stock at optimal levels and keep projects on schedule. In order to keep the businesses functioning, stakeholders are assuring business continuity in critical revenue-generating areas such as resource extraction and battery disposal.
Key Findings of Market Report
- Rising concern for the environment and a steady increase in the quantity of outdated lithium-ion batteries is likely to act as key driving force for the global battery recycling market. The rising issue of soil pollution as a result of battery dumping is causing a slew of environmental challenges across the globe. The growing awareness about environmental conservation amongst a substantial chunk of the global populace is likely to provide the market with significant growth opportunities.
- Several market competitors are also attempting to increase their recycling capacity. E-waste recycling companies are intending to invest heavily so as to boost their current lithium-ion battery recycling capacity by many times. As a result of these changes, the battery recycling industry has a lot of room for expansion.
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- The increasing disposable income of several people throughout the world has resulted in a significant growth in consumer electronics demand. Higher standard of living is likely to be a major factor for growing demand for electronics. These technological devices are powered by rechargeable batteries. Tons of electrical garbage are created each year, including these batteries. As a result of the steadily increasing quantity of discarded batteries, the recycling operations is likely to become more prevalent. For the global battery recycling market, these factors are likely to act as catalysts.
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Global Battery Recycling Market: Growth Drivers
- In 2020, the Asia Pacific region led the global battery recycling market. The region’s dominance is likely to be attributed to a rising demand for automobiles due to increasing per capita income. In 2020, almost 11 million passenger light commercial cars were sold in the region.
- Rising environmental concerns and a steady increase in the quantity of outdated lithium-ion batteries is expected to act as major growth driver for the global battery recycling market in the years to come.
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Global Battery Recycling Market: Key Players
Some of the key market players are
- East Penn Manufacturing Company
- Johnson Controls International PLC.
- Retriev Technologies Inc.
- Battery Solutions LLC
- Gravita India Ltd.
- American Manganese Inc
Global Battery Recycling Market: Segmentation
Battery Chemistry
- Lithium-ion
- Lead-acid
- Nickel-cadmium
- Others
Spent Battery Source
- Automotive
- Electronic Appliances
- Others
End Use
- Extraction of Materials
- Disposal
- Repackaging
- Reuse
- Second Life
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