The battery recycling market was valued at US$ 15,690.07 million in 2020 and is projected to reach US$ 36,002.73 million by 2028; it is expected to grow at a CAGR of 13.4% from 2021 to 2028.
Battery recycling is an effective way of reprocessing and reusing batteries to diminish hazardous waste.Recycling has a lower environmental impact than the mining of virgin materials.
Direct recycling could substantially decrease the energy consumption and emissions. Several policies and regulations have been imposed that play a vital role in ensuring safety of consumer products as well as in safe handling, storage and treatment, reuse, recycling, and disposal of batteries used across various application bases.
Based on battery source, the battery recycling market is segmented into automotive, industrial, household, consumer electronics, and forklift.In 2020, the consumer electronics segment dominated the battery recycling market.
Various office, household, and entertainment devices, along with lighting systems and tools, are being powered by consumer batteries.Consumer batteries are mostly used for powering small, portable electronic devices such as laptops, cell phones, remote control systems, power tools, and video game systems that require cordless power supply.
Various type of consumer batteries available in market include alkaline, nickel-cadmium, nickel-metal hydride, lead acid, lithium-ion, and primary lithium, and each of them have various applications. Different type of batteries used in consumer electronics have their unique properties, which require unique safety measures and recycling processes.
On the basis of geography, the battery recycling market is broadly segmented into North America, Europe, Asia Pacific (APAC), South and Central America (SAM), and Middle East & Africa (MEA).In 2020, Asia Pacific witnessed growth in the consumption of lithium-ion batteries, which can be attributed to the growth of the automotive sector and the increased penetration of electric vehicles.
Various government policies are supporting the development of the electric vehicle industry in the region.Increased use of batteries in the region encourage the implementation of effective battery management practices, which will include battery recycling, to reduce waste disposal volumes.
Furthermore, increased production of lithium-ion batteries and various government initiatives supporting battery recycling in Asia Pacific drive the market growth in this region. The increase in production and adoption of lithium-ion batteries in the region is attributed to their less self-discharging rate and capability to deliver superior performance relative to other rechargeable batteries.
The COVID-19 pandemic has drastically altered the status of the electronics sector and negatively impacted the growth of the battery recycling market.The implementation of measures to combat the spread of the virus has aggravated the situation and affected the growth of several industrial sectors, including electronics, automotive, and power, which impacted the delivery cycles and increased import-export tariff.
The market has been impacted by the sudden distortion in operational efficiencies and disruptions in value chains due to the sudden shutdown of national and international boundaries.Disruptions in terms of sourcing of raw materials from suppliers and temporarily shuttering of manufacturing plants during indefinite lockdowns impacted the growth of the market.
As per an article published by National Center for Biotechnology Information in December 2020, the pandemic has significantly impacted the recycling chain, which involves shipping of expended batteries for reprocessing stretches across the world.Further, as the economies are planning to revive their operations, the demand for battery recycling is expected to rise globally.
However, the focus over just-in-time production is another concerning factor hindering market growth. The rising demand of battery recycling across automotive, industrial, household, consumer electronics, and other industries, along with significant investment by prominent manufacturers, is expected to drive the battery recycling market growth.
Aqua Metals, Inc.; Call2recycle, Inc.; Clarios. LLC; Com2 Recycling Solutions; East Penn Manufacturing Company; Exide Technologies; G P Batteries; Gopher Resource LLC; Retriev Technologies Inc; and Terrapure Environmental Ltd are among the major players operating in the global battery recycling market.
The overall global battery recycling market size has been derived in accordance with both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants to validate the data as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the global battery recycling market.
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