New York, Nov. 08, 2021 (GLOBE NEWSWIRE) — Battery Recycling Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Battery Recycling Market Research Report, Chemistry, Application, Source and Region – Forecast till 2030” the market is projected to be worth USD 34.77 billion by 2030, registering a CAGR of 12.49% during the forecast period (2022 – 2030), The market was valued at USD 18.14 billion in 2021.
List of the companies profiled in the Battery Recycling Market Research Report are–
Exide Technologies (US)
Call2Recylce Inc. (US)
Battery Solutions LLC (US)
Exide Industries Ltd (India)
Contemporary Amperex Technology Co. Ltd (CATL – China)
Aqua Metals Inc. (US)
Johnson Controls International plc (US)
Gravita India Ltd (India)
Retriev Technologies Inc. (US)
Ecobat Logistics (US)
Teck Resources Limited (Canada)
Fortum Oyj (Finland)
American Manganese Inc. (Canada)
TES-AMM Singapore Pte Ltd (Singapore)
Neometals Ltd (Australia)
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The battery recycling market is experiencing implementations of several strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product launches. Many major players are actively participating in battery recycling development projects. Mature industry players are making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on Oct. 28, 2021, Elemental Holding announced its plan to build its first car battery recycling plant in EU. The company has decided that its new facility would treat used lithium-ion batteries for electric vehicles and other waste containing precious metals vital for e-mobility.
Market Research Future’s Review on Battery Recycling Market
The battery recycling market outlook appears promising. The unsafe handling of irresponsibly dumped discarded batteries can cause serious harm to human health and the environment. The rapidly spreading awareness for rising environmental concerns drives market growth.
Moreover, concerns regarding depleting rare earth metals and growing demand for recycled batteries due to stringent government regulations and environmental protection guidelines are key trends ensuring the market rise. Batteries contain various rare minerals and precious metals mined in socially and ecologically vulnerable parts of the world. There’s a clear need to recycle batteries to protect public health and recover valuable metals.
Battery recycling can create a circular economy and reduce the conflict minerals’ demand. Also, battery manufacturing companies are focusing more on using recycling batteries to reduce environmental pollution. Therefore, the battery recycling technology is projected to offer significant opportunities for the market players and the economy.
Browse In-depth Market Research Report (188 pages) on Battery Recycling
COVID-19 Impact on the Market
COVID-19 pandemic impacted the battery recycling market revenues positively. On one side, recyclers faced various problems, such as attracting workers during the lockdown to collect discarded batteries, segregate and recycle them to deliver recycled products. On the other hand, the pandemic impact on the e-waste recycling industry was swift & positive and projected to remain with changes to both supply and demand.
The amount of e-waste produced has grown substantially over the past few months due to the lockdown mandates and the purchase of new IT equipment for home working. Moreover, the pandemic has prompted the world to focus more on hygiene and sanitization, which escalated the use of battery-operated devices such as air purifiers and sanitizer dispensers.
Considering the rapid Coronavirus spread, people are opting for a healthy and sustainable lifestyle. This, as a result, is expected to increase battery recycling market opportunities. Initiatives from various public and private organizations worldwide to prioritize the production, segregation, and recycling of discarded batteries are expected to foster market growth.
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The battery recycling market analysis is segmented into chemistry, application, source, and regions. The chemistry segment is sub-segmented into lead-acid, nickel-based, lithium-based, and others. The application segment is sub-segmented into transportation, consumer electronics, industrial, and others. The source segment is sub-segmented into automotive batteries, industrial batteries, consumer electronic appliance batteries, and others.
The Asia Pacific region dominates the global battery recycling market. The region is estimated to retain its market position in the coming years as well. The availability of low-cost recycling processes and increasing environmental regulations in countries such as China, Japan, Southeast Asian countries, and India fosters the battery recycling market size.
Besides, increasing uses of battery-operated electronic devices led by the region’s growing population and economic growth drive the battery recycling industry. Moreover, the growing awareness of battery recycling and government initiatives in the region influences the market’s growth.
Segmentation of Market covered in the research:
Battery Recycling Market Research Report: Information by Chemistry (Lead-Acid, Nickel-Based, Lithium-Based and others), Application (Transportation, Consumer Electronics, Industrial and Others), Source (Automotive Batteries, Industrial Batteries and Consumer & Electronics Appliance Batteries) and Region – Forecast till 2030
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