- Lead acid batteries are at the forefront of recycling technology market and the segment also accounted for the major share in 2018, massive pace of adoption of electric vehicles spur the demand
- Automotive industry a prominent contributor of spent battery source, mushrooming battery recycling facilities invigorate growth in Asia Pacific
ALBANY, N.Y., Nov. 4, 2020 /PRNewswire/ -- Recycling and disposal of spent batteries are key concern for economies in the light of reducing environmental impact of battery industry as well as the mining of key minerals used in the battery making. They have framed numerous regulations, and stakeholders in the value chain are leaning on complying with those. This has spurred opening of new recycling plants and, more importantly, has fueled constant technological advances in older plants.
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The automotive industry is a prominent generator of demand for battery recycling.
TMR analysts contend that rising use of lithium-ion batteries will consistently generate revenues in the battery recycling market. They further assert that it is imperative that stakeholders and governments should make concerted efforts to raise awareness about the importance of battery recycling and frame policies accordingly.
Asia Pacific and Europe will see rapid growth of recycling plants and spurt in number of e-waste management companies, which will help the battery recycling market to expand at CAGR of ~10% during 2019 – 2027. The forecast valuation by the end of the period is ~US$8 Bn.
Key Findings of Battery Recycling Market Report
- The global valuation of the battery recycling market was pegged at US$ 3.45 Bn in 2018
- Of the various types of battery chemistry, lead acid battery accounted for the leading share
- Based on spent battery source, the automotive industry accounted for the major market share in 2018
- Of the various end uses, extraction of materials held a promising share in the battery recycling market in 2018
- Asia Pacific accounted for the leading share in the global battery recycling market
- The Asia Pacific market is expected to garner at rapid growth rate during 2019 – 2027
- Europe expected to be a remarkably attractive market
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Battery Recycling Market: Key Driving Factors and Promising Avenues
- Strides being made by e-waste recycling for disposed electronics is a key driver for massive demand in the battery recycling market. Rise in disposal of consumer electronics from around the world is boosting the growth
- The battery recycling market has witnessed steady impetus on the back of the rapid pace of commercialization of electric vehicles and electrification of transport. Disposal of lead-acid and secondary batteries is likely to get thrust on the back of this trend.
- Regulations pertaining to the disposal of waste battery materials by policy makers in several countries are a key underpinning to the expansion of the battery recycling market.
- Growing investments by battery mineral miners has strengthened the value chain in the battery recycling market.
- Numerous markets in key lucrative regions are supporting and promoting the battery recycling. To this end, stakeholders are leaning on creating awareness about the environmental benefits of battery recycling.
- Change in regulations has also stimulated recycling plants to upgrade the existing technologies, thereby unlocking new prospects in the market.
- Proliferating number of e-waste management companies is boosting the prospects in the battery recycling market.
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Battery Recycling Market: Regional Assessment
Asia Pacific has been a key generator of opportunities to stakeholders in the battery recycling market. The rapidly expanding regional market has witnessed a massive momentum on the back of stringent implementation of environmental regulations pertaining to battery making and disposal. The opportunities in the regional market has also thrived on the back of large number of battery recycling facilities in India, China, and Singapore. These countries are prominent manufacturers as well as consumer of consumer electronics, which has spurred the opportunities. Steady rise in retired lithium-ion batteries has catapulted the need for increasing the battery-recycling rate.
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Key Impediments to Battery Recycling Market Stakeholders
One of the consistent challenges faced by stakeholders in the battery recycling market is the lack of sufficient awareness about the battery recycling infrastructure. Particularly among end users, the awareness is low. A large part of battery recycling is done at industrial and commercial level, without the active participation of other end users. Also, the market in some regions suffers from the widespread adoption of advanced recycling technologies.
Nevertheless, all the stakeholders including policy makers in various countries are expected to ramp up their efforts to boost the battery recycling rate.
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The Battery Recycling Market has been segmented as follows:
Battery Recycling Market, by Battery Chemistry
- Others (Alkaline, NiMH, and Lithium Primary Batteries)
Battery Recycling Market, by Spent Battery Source
- Electronic Appliances
- Others (including Industrial Sources)
Battery Recycling Market, by End Use
- Extraction of Materials
- Repackaging, Reuse, and Second Life
Battery Recycling Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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