Battery Recycling Market Size to Reach USD 24.57 Billion by 2027 | Innovative Efforts to Enhance the Efficiency of the Recycling Process and Consistent Advancements in the Lithium-Ion Battery Recycling are Some Key Factors Driving Industry Growth, Says Emergen Research
VANCOUVER, BC, July 29, 2021 /PRNewswire/ -- The global battery recycling market size was USD 16.19 Billion in 2019 and is expected to reach USD 24.57 billion in 2027 at a CAGR of 5.3%, according to the latest report by Emergen Research. Market revenue growth is primarily driven by increasing awareness regarding the detrimental nature of raw material used in the manufacturing of batteries and rising focus on recycling and reusing the used battery components to conserve natural resources.
Raw materials such as lithium, nickel, cobalt, and manganese are used in the manufacturing of battery cathodes. These materials are in high demand from the end-user verticals, including consumer electronics, automotive & transportation, and various other industries. However, the raw materials used in the making of batteries are lethal for the environment. Increasing efforts to utilize recycled lithium-ion batteries in electric and hybrid electric vehicles for cost-cutting as well as preservation of natural resources will reinforce battery recycling market trends through 2028.
Based on type, the lead-acid batteries segment is expected to register significant revenue growth during the forecast period. This can be attributed to extensive usage of these batteries by several end-users due its advantages, including overcharging & self-discharge protection, better corrosion & gassing resistance, lower cost and enhanced energy efficiency.
Based on application, the extraction of materials segment held a considerable market share in 2019 and is expected to account for largest revenue share in the global market by 2028. The growing trend for electric vehicles and efforts to eliminate the adverse effect of landfills with cobalt, lithium, and nickel-based batteries is fuelling the demand for recycled and second life battery manufacturing for electric vehicles. This in turn will boost revenue growth of this segment during the forecast period.
Based on application, the consumer electronics segment accounted for the second-largest market share in 2019 and is expected to register robust revenue CAGR through 2028. This can be attributed to the surging demand for smart devices, laptops, UPS, mobile phones, and others among other consumer electronics devices that require batteries for operation and or for portability abilities.
North America accounted for the second-largest share of the battery recycling market in 2019 and is expected to register a CAGR of 4.8% during the forecast period. Robust revenue growth can be attributed to growing adoption of electric vehicles, primarily in the U.S. In addition, increasing environmental concerns related to health hazards associated with manufacturing of lithium-ion battery is contributing to revenue growth of the North America battery recycling market.
Key participants in the global battery recycling market include East Penn Manufacturing Company Inc., Ecobat Logistics, Gopher Resource LLC, Battery Solutions Inc., Retriev Technoloies Inc., RSR Corporation, Fortum Oyj, Glencore International AG, Doe Run Company, and Call2Recycle Inc., among others.
Regional Outlook (Revenue, USD Billion; 2017-2027)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
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