Battery Recycling Market to Stage a Comeback from its Pandemic-Period Stagnation and Grow at a Fascinating CAGR of 14.5% in the 2022-2031 Timeframe | Research Dive
The global battery recycling market is expected to grow primarily due to increasing demand for electric vehicles. Lead Acid Batteries (LAB) sub-segment is expected to flourish immensely. The market in the Asia-Pacific region is predicted to grow at a high CAGR by 2031.
NEW YORK, June 28, 2023 /PRNewswire/ -- Global Battery Recycling Market Forecast Analysis:
As per the report published by Research Dive, the global battery recycling market is expected to register a revenue of $47.2 billion by 2031 at a CAGR of 14.5% during the forecast period 2022-2031.
Segments of the Battery Recycling Market
The report has divided the battery recycling market into the following segments:
- Battery Type: Li-ion Battery, Lead Acid Battery (LAB), nickel-based Battery, Zn-MnO₂ based battery, and others
- Lead Acid Battery (LAB)– Dominant market share in 2021
The impressive recycling rate of lead acid batteries of above 90%, making them the most recycled consumer product, is predicted to boost the growth of this sub-segment by 2031. - Source: consumer electronics, automotive, industrial, and others
- Consumer Electronics– Significant market share by 2031
Growing demand for batteries due to surge in demand for electronic devices is expected to aid the sub-segment to register significant growth numbers by 2031. - Technological: pyrometallurgical, hydrometallurgical, hybrid, and others
- Pyrometallurgical– Significant market share by 2031
The less waste liquid output and high efficiency offered by pyrometallurgical processes is expected to aid the sub-segment to register significant growth numbers by 2031. - Region: North America, Europe, Asia-Pacific, and LAMEA
- Asia-Pacific – Most dominant by 2031
The increase in the number of EV and electronic product sales across India, Japan, South Korea, and Australia is expected to help the battery recycling market to flourish immensely in the forecast period.
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Dynamics of the Global Battery Recycling Market
A growth in the demand for electric vehicles across the globe is expected to make the battery recycling market highly lucrative in the forecast period. Furthermore, increasing adoption of renewable energy sources is anticipated to help the market reach new heights. However, according to market analysts, high initial costs of battery recycling might become a restraint in the growth of the market.
Increasing environmental regulations to reduce greenhouse gas emissions is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, growing demand for lithium-ion batteries is expected to propel the battery recycling market forward in the coming period.
COVID-19 Impact on the Global Battery Recycling Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The battery recycling market, too, experienced a negative impact of the pandemic. Disruptions in global supply chains led to inefficient supply of batteries for electric vehicles. This reduced the demand for battery recycling which affected the growth rate of the market during the pandemic.
Key Players of the Global Battery Recycling Market
The major players of the market include
- GEM Co. Ltd.
- ENERSYS
- The Doe Run Company
- Guangdong Brunp recycling Technology Co. Ltd.
- Glencore
- ACCUREC-Recycling GmbH
- Battery Systems Inc.
- Li-Cycle Corporation
- RecycLiCo Battery Materials Inc.
- Umicore
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.
For instance, in March 2022, Retriev Technologies, a leading lithium battery recycler in North America, announced the acquisition of Battery Solutions, a battery management solutions provider. This acquisition is predicted to offer numerous expansion opportunities to the acquiring company i.e., Retriev Technologies in the near future.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Battery Recycling Market:
- The Overarching Effect of Battery Recycling on Global Ecology and Economy
- Growing Demand for Electric Vehicles Globally Expected to Propel the Growth of the Global Battery Recycling Market by 2031
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About Research Dive
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