Battery Recycling Market: Introduction
The global battery recycling market was valued at US$ 4.2 Bn in 2020 and is anticipated to expand at a CAGR of 10% during the forecast period. Based on battery chemistry, the lead-acid segment held the dominant share of the global battery recycling market in 2020. Secondary lead obtained from recycling is of high quality and low cost.
In terms of spent battery source, the automotive segment accounted for major share of the global battery recycling market in 2020. Increase in demand for automobiles, especially electric vehicles, across the globe is anticipated to boost the automotive segment of the battery recycling market during the forecast period.
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Based on end-use, the extraction of materials segment constituted major share of the global battery recycling market in 2020. This can be ascribed to benefits of extraction of materials from used batteries, as extracted materials can once again be used as raw materials for various products (including batteries).
The battery recycling market in Asia Pacific is likely to expand at a rapid pace during the forecast period, owing to high investments in the automobile sector in countries such as China and India.
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Battery Recycling Market: Dynamics
Lead acid batteries are one of the most prominent battery types to be recycled. The extracted lead from the recycling procedure can be reused as a raw material in the production process of batteries. Furthermore, secondary lead production is a major source of lead metal production across the globe. In addition, it helps in protecting the environment from the harm caused due to the hazardous nature of lead. Thus, demand for secondary lead has been rising, thus contributing to the growth of the battery recycling market.
Many players in the battery recycling market are also striving to expand their recycling capacities. For instance, Attero, an e-waste recycling firm, has invested significantly in expanding its present lithium-ion battery recycling capacity by 11 times. Such developments bring extensive growth prospects for the battery recycling market.
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Battery Recycling Market: Prominent Regions
Asia Pacific dominated the global battery recycling market in 2020. The dominance of Asia Pacific can be ascribed to the increase in demand for motor vehicles in the region, owing to the rise in the per capita income. Approximately 11 million passenger light commercial vehicles were sold in Asia Pacific in 2020.
China accounted for a leading share of the battery recycling market in Asia Pacific in 2020. This was primarily ascribed to the introduction of stringent regulations for setting up recycling facilities for batteries of electric cars. In 2020, the Chinese Ministry issued provisional regulations mandating manufacturers of electric vehicles to set up a network for the collection and recycling of used batteries.
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In terms of market share, Europe follows Asia Pacific in the global battery recycling market. Enactment of stringent government regulations to minimize environmental impact is a key factor boosting the battery recycling market in the region. Furthermore, rise in awareness about the benefits associated with battery recycling is expected to propel the battery recycling market in Europe.
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Battery Recycling Market: Key Players
The global battery recycling market is dominated by several mid & large size players operating across the globe. Prominent players functioning in the global battery recycling market are Johnson Controls International PLC, Battery Solutions LLC, East Penn Manufacturing Company, G&P Batteries, Retriev Technologies Inc., EnerSys, Umicore N.V., Exide Technologies, LI-CYCLE CORP., American Manganese Inc., Kinsbursky Bros. Supply, Inc., Call2Recycle, Inc., Gravita India Ltd., and uRecycle.
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